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Gibraltar is a British overseas territory located near thesouthernmost tip of the Iberian Peninsula overlooking the Strait of Gibraltar.The territory shares a border with Spain to the north. Gibraltar hashistorically been an important base for the British Armed Forces and is thesite of a Royal Navy base. The territory covers 6.843 square kilometers(2.642 sq mi). It shares a 1.2 km (0.75 mi) land borderwith Spain. Gibraltar is one of the most densely populated territories in theworld, with approximately 4,290 inhabitants per square kilometer(11,100 /sq mi). The growing demand for space is being increasinglymet by land reclamation; reclaimed land currently comprises approximately onetenth of the territory’s total area. The climate is Mediterranean with mildwinters and warm summers.
Self-sufficient Gibraltar benefits from an extensiveshipping trade, offshore banking, and its position as an internationalconference center. The British military presence has been sharply reduced andnow contributes about 7% to the local economy, compared with 60% in 1984. Thefinancial sector, tourism, shipping services fees, and duties on consumer goodsalso generate revenue. The financial sector, the shipping sector, and tourismeach contribute 25%-30% of GDP. Telecommunications accounts for another 10%.
A number of British and international banks have operationsbased in Gibraltar. Recently, many bookmakers and online gaming operators haverelocated to Gibraltar to benefit from operating in a regulated jurisdictionwith a favorable corporate tax regime. Tourism is also a significant industry.Gibraltar is a popular stop for cruise ships and attracts day visitors fromresorts in Spain. The Rock is a popular tourist attraction, particularly amongBritish tourists and residents in the southern coast of Spain. It is also apopular shopping destination, and all goods and services are VAT free.
Reat estate in Gibraltar is booming and the properties arein high demand. There are a number of reasons for that. In the first place,space is extremely limited. Secondly, many of the newer developments fall intothe high quality, luxury category and are sought after by both locals andoutsiders alike. Also, thanks to a wonderful climate and favorable taxsituation it is attractive to those wishing to relocate themselves and theirwealth. There are more than a dozen entities acting as real estate brokers inGibraltar.