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Information On The Offshore Banking System In Gibraltar
Country name: Gibraltar
Geographic location: The country of Gibraltar covers only 2.642 sq. miles of land, an area roughly half the size of Rhode Island.
It is a British territory located near the entrance of the Mediterranean, it overlooks the Straites of Gibraltar, and is on the southern end of the Iberian Peninsula and Europe. Land on its northern border is shared with Spain.
Official language: English is the official language, but because of its location and the varied ethnic and cultural background of its citizens, it is not unusual too hear Spanish, as well as Arabic, Italian, Russian and Portuguese spoken there.
Languages commonly spoken in offshore banks: English
Population: 28,002 (July 2008 est.)
GDP per capita: $38,200 (2005 est.) According to the most recent information available.
Currency: The Gibraltar Pound is the currency in Gibraltar (GI, GIB). The symbol for GIP can be written £G. The Gibraltar Pound is divided into 100 pence. The exchange rate with the dollar is GIP 1.00 = US$ 1.59
Summary: Gibraltar has long been known as a tax shelter, with a reputation for stability and low corporate taxes earned over many decades. Gambling has taken center stage as a new up-and-coming source of revenue.
Infrastructure and economy: The infrastructure for business in Gibraltar is excellent, with a well developed telecommunications system and a professional services sector that includes jobs in the banking, mutual funds and trust management.
Gibraltar has an economy supported by shipping and offshore banking, with tourism adding even more to its coffers via the estimated 7 million tourist who make it their destination each year.
Partnered with Germany, UK, Switzerland, Spain, Italy and Turkmenistan, Gibraltar exports petroleum and manufactured goods also.
Legal system: Gibraltar's legal system finds it basis in British common-law.
An overseas territory of the United Kingdom, Gibraltar has a parliamentary representative democratic form of government. Under its 2006 constitution it is self-governing.
As an overseas territory of the UK, the head of state is Queen Elizabeth II, who is represented by the Governor of Gibraltar whom she appoints.
The Chief Minister is both the head of the government, and head of the multi-party system.
There are 17 elected members of Gibraltar's Parliament, including a Speaker.
The political parties each put forth 10 candidates. Voters then cast ballots for 10 out of the 20 candidates. The party who gets at least 10 of their candidates elected, takes the role of the majority party. The other party's elected members form the minority party.
Did you know? / Special services: Low gambling tax (1% on all winnings), low taxes on offshore corporations. There is no taxation on wealth, inheritances and gifts, and becoming a resident of Gibraltar requires no physical presence.
Links to bank websites:
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