Open Door Policy

in Business Insight

John Cortes, who has taken on the Education portfolio, met with the Executive Committee of Teachers’ Union NASUWT, together with the Director Education and the Senior Education Advisor.

The Minister highlighted his intention to consult extensively with the Union on pending and new matters and to establish an open door policy with them.

A number of pressing issues were discussed in relation to the schools opening next week, with a commitment to keep COVID-related policy under continuous review with the Department, the Union and Public Health Gibraltar.


INX Token milestone

Gibraltar-based company INX has achieved a significant milestone with the US Securities and Exchange Commission.

The company domiciled in the Rock has achieved clearance with the SEC to issue a security token IPO.

The INX team comprises a number of professionals from the regulated trading, capital markets, and blockchain spheres.

Gibraltar’s Minister for Digital and Financial Services, the Hon Albert Isola MP, said, “The news that the Gibraltar-domiciled INX platform has become the first SEC-cleared security token IPO is a hugely important moment for INX, but also for our jurisdiction’s burgeoning ecosystem. Here in Gibraltar, we continue to break new ground with regard to blockchain and crypto innovation, and INX has contributed significantly to this collective effort. I would like to congratulate the INX team who have worked relentlessly to reach today’s milestone.”

Shy Datika, Founder and President of INX commented, “Our vision for INX and the INX Token required a solid foundation of regulatory clarity for security tokens and cryptocurrencies. Gibraltar’s regulators were ahead of other jurisdictions on forging a path in this respect, and so INX was glad to make it our home.”

Aaron Payas, Partner with Gibraltar based Hassans International Law Firm continued, “It is a matter of some pride for Hassans, INX and for Gibraltar that the first security token offering approved by the SEC for distribution to the US public isn’t a US entity – it is a Gibraltar company, constituted and operating under the Laws of Gibraltar. This is an excellent development for the jurisdiction, the efforts of which in the DLT and wider fintech space are being validated by the successful filing of the INX security token – making a public offering of tokens in the US had long been the ambition of many projects in the industry, something that was thought by many to be impossible. We now know, as a firm, that it is not.”


Covid impacts TAX

In a ruling that could have widespread consequences for people in Gibraltar, tax officials over the Frontier have ruled that any extra time spent in Spain as a result of lockdown should count towards domiciled days for tax purposes.

This comes as a Lebanese family found themselves in lockdown in Spain, the crux of which is the lack of a double-tax treaty between the two countries and the added issue of Madrid viewing Lebanon as a tax haven.

The UK-Spain-Gibraltar tax agreement is still unratified in Spain since it is still going through the legislature. This means that the de facto position in relation to the Rock remains as a tax haven in the eyes of Spain.

The issue of cross-Frontier property ownership has had a light shined on it even more so since COVID. In recent months, Gibraltar-registered cars have either been impounded by the Spanish authorities, often with claims for unpaid duties being applied in a more aggressive manner.

183 days is the statutory minimum to demonstrate bona fide tax residency in Gibraltar.


Sovereign’s new premises

Sovereign Trust (Gibraltar) Limited moved to new office premises on 1 September 2020. Their new address will be: Sovereign Place, 117 Main Street, Gibraltar.  Their contact numbers remain unchanged. The registered office address for all of their Gibraltar based subsidiaries and client companies was made effective on the 3 August 2020. The move to brand new offices represents Sovereign’s commitment to Gibraltar; the birthplace over 30 years ago of its global operations. 

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