Gibraltar

As detailed in the Economic Crime (Transparency and Enforcement) Act 2022 (the "Act") introduces a new register, the Register of Overseas Entities (“ROE”) to keep track of the UK property owned by overseas entities. The register includes the details of overseas entities and registrable beneficial owners.

Consequences of Not Registering Your GIBRALTAR Entity in the Companies House?

• Prison sentence up to 5 years
• Inability to buy, sell or transfer any UK properties.

Types of GIBRALTAR Entities that Require Company House Registration

GIBRALTAR Companies

Companies Act 2014 is the current law governing companies in Gibraltar. It was enacted on 31 October 2014 and came into force on 1 November 2014.

The new Act provides a range of amendments to streamline and improve Gibraltar company law, including e-filing options and allowing companies to publish certain information on web portals

• General Partnership
• Limited Liability Partnership
• Companies
• Protected Cell Company
• Trust

General Partnerships in GIBRALTAR

The Partnership Act 1895 is a law in Gibraltar that governs the formation and operation of partnerships. The act also sets out the general rules of law and equity that apply to limited partnerships, except in so far as they are modified by the act itself.

The Limited Partnerships Act 1927 was later passed to supplement the Partnership Act 1895

GIBRALTAR Trusts

In Gibraltar, the primary legislation governing trusts is the Trustee Act 1895, which draws upon various elements of the English Trustee Act 1893, the English Trustee Act 1925, and the English Trustees Investment Act 1961.

This act provides a comprehensive framework for the administration of trusts in Gibraltar, including the statutory duties and responsibilities of trustees, their investment powers, and the jurisdiction of the courts over trusts. The Trustee Act 1895 serves as a key resource for those involved in the establishment and management of trusts in Gibraltar.

Various Types of Trusts in GIBRALTAR include:

• Discretionary Trust
• Fixed Interest Trust
• Accumulation and maintenance trust
• Purpose trust
• Settlor reserved powers trust

GIBRALTAR Limited Partnerships (LP)

The Limited Partnerships Act 2020 is the new law governing Limited Partnerships in Gibraltar. It replaces the existing Limited Partnership Act 1927 and creates a more modern path to approach the partnerships.

 It provides a clear framework for individuals to participate in partnerships with limited financial liability.

Gibraltar Limited Liability Partnerships (LLP)

The Limited Liability Partnerships Act 2009 act establishes the legal framework for the formation and operation of LLPs in Gibraltar and sets out the rules and regulations governing these entities, including their organizational structure, liability of partners, and reporting requirements.

The Limited Liability Partnerships Act 2009 is enforced by the Gibraltar Financial Services Commission (GFSC), which is the primary regulatory body responsible for overseeing LLPs in Gibraltar.

Protected Cell Limited Partnerships in Gibraltar

The Protected Cell Limited Partnerships Act 2020 provides the ability for Limited Partnerships that have been authorized as an Experienced Investor Fund to establish one or more "cells".

This allows for the segregation and protection of cellular assets from non-cellular assets and ensures that each cell is maintained as a distinct and separately identifiable entity from other cells.

Types of UK Properties Owned by GIBRALTAR Companies that Fall Under The Scope of ROE

The types of properties under the scope of ROE is slightly different based on the location of the property:

England & Wales

Following properties purchased on or after 1 January 1999:

• Freehold properties
• Leasehold properties with term longer than 7 years

Scotland

Following properties purchased on or after 8 December 2014:

• Registered plot of land
• Tenancy on a registered lease

Northern Ireland

Following properties purchased on or after 1 August 2022:

• Freehold properties
• Leasehold properties with the term longer than 21 years

At UK Property Accountants, we have specialist ROE team who have dealt with a lot of GIBRALTAR entities and can get your overseas entities registered at speed. 

If you are living in Gibraltar and involved in the UK Property and real estate, UK Property Accountants will provide expert UK tax and accounting solutions tailored to the residents of Gibraltar . The property taxes applicable in the UK is quite complex and can be very difficult to understand for Gibraltar based businesses and individuals. The UK tax system is drastically different from the tax system of Gibraltar.

Following are the most common forms of ownership structure commonly used by the investors and businesses based in Gibraltar for property ownership and property development projects:

• UK limited company with residents of Gibraltar as shareholders
  
• Private Limited Liability Company (LLC) registered in Gibraltar
  
• Direct ownership by individual investors
• Other complex structures such as trusts and entities based in Gibraltar
  

Tax experts and accountants at UK Property Accountants with experience and expertise in dealing with Gibraltarians residents will be able to advise you on the best structure and execute the chosen structure. We also understand the reliefs and tax implication of the double taxation treaty between the UK and Gibraltar(UK/Gibraltar Double Taxation Treaty) signed on 15 October 2019.