Business - page 4

Insurance Post Brexit

The Government has introduced new legislation to permit EEA insurers to continue to provide specified insurance policies to the Gibraltar market after the end of the EU transition period.

Albert Isola MP, Gibraltar’s Minister for Digital and Financial Services stated “The new regulations will enable EEA insurers to continue to provide insurance services to Gibraltar businesses and indi- viduals in 2021.

We have agreed that whilst EEA insurers can continue to provide insurance cover they must work with a Gibraltar insurance intermediary. The regulations have been introduced to ensure we main- tain competition and consumer choice in Gibraltar. During 2021 a long-term legal framework for EEA insurers will replace these temporary arrangements.”

UK insurance companies and intermediaries do, of course, have the right to continue business on the Rock.

UK Parliament Financial Services Bill

The UK Financial Services Bill had its Second Reading debate in the UK House of Commons on 9th November, and is being scrutinised in a Public Bill Committee.

As part of that level of scrutiny, the Minister for Financial Services for HM Government of Gibraltar, the Hon Albert Isola gave evidence to the Committee.

Questions focused on the Gibraltar Authorisation Regime which is contained within the Bill. As the United Kingdom and Gibraltar will no longer be subject to EU arrangements from 31 December 2020, the Bill establishes a new Gibraltar Authorisation Regime to allow financial services firms based in Gibraltar to continue to offer regulated activities in the UK.

The Bill sets out arrangements for implementing and running the new regime, which is based on compliance with the objectives of the Bill, alignment of law and regulatory oversight in both jurisdictions, and cooperation between parties on both sides.

Sovereign Guarantee Announced

The UK Government has agreed to provide HM Government of Gibraltar with a loan guarantee for lending up to £500m.

Gibraltar is the first such Overseas Territory to take this course of action, in light of the challenges presented by the COVID pandemic.

The Chief Minister of Gibraltar, the Hon Fabian Picardo QC MP said, “I warmly welcome the support for Gibraltar that this sovereign guarantee represents.

“I want to specifically thank the Prime Minister, the Chancellor and the Foreign Secretary for their understanding and support in these difficult times.

“This guarantee is the result of the work which started when I spoke at length to Financial Secretary to the Treasury, the Rt Hon Jesse Norman MP, late in the evening of the 19th March this year. At that very early stage, pre-lockdown, he understood how the COVID pandemic was likely to affect our finances and was quickly running with the need for support that Gibraltar was going to need.

“This is excellent news and I am delighted to be able to inform the community of this massive show of support from the United Kingdom at this difficult time.”

House Of Lords Brexit Questions

Lord Kinnoull, Chair of the European Union Committee, has recently written to Rt Hon Michael Gove MP regarding the provisions made available to the British Overseas Territories regarding Brexit. Gibraltar has an additional, specific special report, but the reply to this particular letter should be available around the time of going to press.

Sister Cities Meeting

After celebrating the start of their Sister City relationship in September 2020, Raleigh and Gibraltar elected officials connected via Zoom, discussing pandemic-related legislative challenges, transportation needs, and a mutual lifelong desire to serve the communities they represent.

The Minister for Business, Tourism, Transport and the Port in Gibraltar, the Hon Vijay Daryanani expressed that he was optimistic that 2021 will see Gibraltar return to a bustling city center, full of pedestrians and cyclists, along with cruise ship visitors making their stop at the Port. Prior to the COVID pandemic the cruise ship traffic in the Port of Gibraltar averaged 230+ visits annually and the Minister is positive that when the pandemic ends, Gibraltar will be able to adapt very quickly to a different situation.

James Lasry, President of Amcham Gibraltar commented “Sister Cities Gibraltar strives to build meaningful partnerships with Raleigh and its citizens, highlighting each location’s commitment to education, innovation, sustainability, and diversity. In the coming months, events will include Gibraltar Week, virtual events with local stakeholders.

Minister for Tourism and Transport, the Hon Vijay Daryanani MP said: “I was delighted to be able to participate in a virtual meeting, organised by AmCham Gibraltar through its affiliate Sister Cities Gibraltar, with Council Member Jonathan Melton from Raleigh City Council. We exchanged views on tourism, transport and related matters and I look forward to future collaborations with the city of Raleigh, post COVID.”

Wizz Air Resumes Luton Route

In a positive development for Gibraltar’s flight connections, the route to London Luton – last operated by Monarch – will resume in December, run by Wizz Air.

Minister for Business, Tourism, Transport and the Port the Hon Vijay Daryanani MP said, “I’m delighted to welcome a new airline to Gibraltar and to see the resumption of services from Luton for this winter. In these challenging times it is encouraging to see an operator such as Wizz Air UK putting their faith in Gibraltar as a destination. The service will open up the North London catchment area once again, providing more options to our existing air services. Gibraltar International Airport has been performing very well considering the current pandemic and we hope that this service and Wizz Air UK’s relationship with us will grow and evolve. This Government is committed to attracting new carriers and to the expansion of air services and will continue to pursue these, even whilst facing one of the most testing times the travel and tourism industry has ever encountered.”

Wizz Air will promote Gibraltar as a destination to its existing customers, as well as raise awareness of the Rock through other marketing materials available at its disposal.

Owain Jones, Managing Director, Wizz Air UK, added, “We are delighted to be announcing yet more new routes for our UK customers, who we know want to travel, especially with the winter months looming. That’s why we are wasting no time by introducing exciting holiday destinations to our UK network, with genuinely affordable fares. Passengers have even more opportunity to escape to their dream destination, including discovering the unique Mediterranean peninsula of Gibraltar.”

The flights will operate on a Monday and Friday from 11th December 2020 and can be booked on wizzair.com.

Come to Gibraltar Launches

“Come To Gibraltar” is the latest initiative to heighten awareness to the business community overseas of the many positives that the Rock can offer, to facilitate growth and success.

Taking the form of a website, cometogibraltar.com, it has been supported by the Ministry of Economic Development, Business, Telecommunications and Gibraltar Savings Bank.

The overall aim is to bring further investment – whether corporate or individual – to Gibraltar from all over the world. Although Brexit is not the primary driver behind the website, heightened awareness about Gibraltar’s relationship with the EU, the Frontier and Spain means its inception is timely.

The project has been driven by Blue Consulting which has its own offices here in Gibraltar and London, Dublin, Barcelona, Madrid, St. Julian’s, Andorra la Vella and Tallin, plus a further global footprint of correspondents.

Limited partnerships law refreshed

Gibraltar’s law concerning the operation of Limited Partnerships has been updated.

The new Limited Partnerships Act 2020, is the product of a joint effort between HMGoG, the Gibraltar Financial Services Commission (GFSC) and the Gibraltar Funds and Investments Association (GFIA) and resulted from a survey of multi-strategy credit structuring solutions requested by HMGoG and undertaken by Paul Hastings LLP in London. The Act will repeal the existing Limited Partnerships Act 1927, paving the way for significant modernisation, as well as restating previous rules for the sector.

In one of the most significant changes, Limited Partnerships will no longer be required to have legal personality. The Act will allow general partners, upon registering a limited partnership or re-registering a company as a Limited Partnership, to choose whether or not a Limited Partnership has legal personality.

Jonathan Garcia, Partner at Isolas LLP led the process in his capacity as Head of Technical at GFIA.

Talking about the legislative revision, he said, “This new legislation is an important step forward for “Gibraltar PLC”; it showcases our commitment to the future of the funds industry by bringing the legislation up to date with the modern uses of Limited Partnerships, showcasing our regulatory dynamism.

“It was a pleasure to work alongside the Government and be part of bringing this all together. HMGoG understands the need to work with local industry and their representative bodies in order to enact meaningful changes to legislation, in dramatically lower timescales than our competitors. I am proud to have played a part in bringing about these important changes.

“The legislation is in keeping with ‘right touch, not light touch’ regulation, as the regulator will not be required to sign off small changes. Coupled with our favourable tax system, the new legislation serves as another reason for many global entities to consider Gibraltar as the perfect location the investment funds industry.”

The Finalists for the Gibraltar Sustainability Awards have been announced. The Awards are informed by the UNSustainable Development Goals (SDGs) and celebrate local and regional best practice.

1. ENGAGEMENT FOR SUSTAINABILITY: COMMUNITY

• Action on Poverty | “Ending Relative Poverty”
• Sustainable Gibraltar | “TrafficFreeTuesdays and Sustainable Living”
• GBC Viewpoint and Action for Housing | “Dignified and Safe Housing for all”
• AWCP, GHA Health Promotions, Thinking Green | “Conscious Eating: Habits for Habitats”

2. ENGAGEMENT FOR SUSTAINABILITY: BUSINESS

• Chestertons | “Carbon Footprints: Sustainable Transport”
• Kindred Group Gibraltar Plc | “Engagement in Mental Health Awareness”
• OTWO Magazine | “Sustainable Communities”
• Carmel Khalilian | “Engagement in Sustainable Planning & Design”

3. SUSTAINABLE EVENTS

• Calentita Festival
• BrightMed
• Gibraltar 2019 NatWest International Island Games

4. SUSTAINABLE TECHNOLOGY

• Bayside School Cyber Club
• Girls in Tech, Gibraltar
• Energy Vision Group

5. PLANNING, DESIGN AND CONSTRUCTION FOR SUSTAINABILITY

• GC Architects, E&M Engineers Ltd, Carduus and Casais | Bayside and Westside Comprehensive Schools
• North Gorge Ltd | Eco Sustainable Residential Development

6. FOOD FOR SUSTAINABILITY

• Calentita Festival
• Nosha’s Healthy Options
• Vicky’s Natural Kitchens

7. REGIONAL IMPACT FOR SUSTAINABILITY

• Gibraltar Morocco Business Association
• AmCham – Gibraltar-American Chamber of Commerce
• Instituto de Estudios Campogibraltareños

8. EDUCATION FOR SUSTAINABILITY

• Young Enterprise, Gibraltar
• St Bernard’s First School
• Loreto Convent School
• Marlene Dali

9. SUSTAINABILITY IN SPORT AND LEISURE

• Europa Point Football Club
• Gibraltar 2019 NatWest International Island Games

10. SUSTAINABILITY IN BUSINESS

• TSN
• Shine Easy Ltd

11. GIBRALTAR’S 2020 YOUNG CHAMPION AWARD

• Iona Sacarello

12.. MINISTER’S FUTURE GENERATIONS AWARD

• Joyful Riot Urban Garden Initiative

#GibraltarSchoolStrike4Climate
Good luck to all the nominees.

Ocean Village Airport Donation

Ocean Village has rallied round one of Gibraltar’s most important trading hubs – the airport – by donating complimentary hand sanitisers to help battle  COVID-19.

Emilia Hazell-Smith, from Ocean Village said, “We are delighted to be able to donate our hand sanitizers to Gibraltar Airport to help keep travellers safe. We have donated over 30,000 hand sanitizers throughout Gibraltar since we started distribution at the beginning of August.”

The CEO of Gibraltar Airport, Terence Lopez added, “Despite the reduction in passenger figures this year, we are equally concerned for the health and wellbeing of all our passengers and staff, and look forward to Gibraltar’s safe and profitable return to normality.”

Hero Hire

…is a new free app that acts as an interactive directory designed by local company Koffee Studios, run by Aidan Serra and James Linares, who specialise in web/app/software design and development. Hero Hire itself is a simple proposition that uses integration with social media as well as word-of-mouth recommendations to put the user in touch with the right person for the services required, an electrician for example. Extra features will be added over time, and there are plans to expand beyond Gibraltar.

A Perfect Storm?

The Deputy Chief Minister Dr Joseph Garcia said that the combination of leaving the EU and the COVID-19 pandemic had the potential makings of a perfect storm, during a virtual panel discussion entitled “Brexit in times of COVID-19” at the online conference of the UK’s Liberal Democrats.

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. 

About us

Here at Grasp we are people who get people, we are down to Earth professionals striving to enrich the lives of locals by offering personal and professional development. Our services are relative to our experience, showcasing our power to understand your needs and to offer solutions that work for you.

Our HR Consultants are CIPD qualified and can cater for all your HR needs. Our trainers are Microsoft and Prince2 certified. Our recruiters are MREC qualified.

Giving you peace of mind in our…

Our Services

Grasp offers a one stop shop for all your HR needs:

• HR Consultancy
• Recruitment
• Payroll
• Training and Development

What’s new at Grasp Training?

Our brand-new Training Division launched on 1st July 2020 offering a wide range of courses including:

• IT Skills
• Microsoft: Word, Excel, PowerPoint, Teams and much more
• Management
• Personal Development 
• Project Management

We offer on-site training, virtual classroom and classroom training at the Grasp training centre. Our training delivery solutions cater for all businesses and individual preference.

We are using one of the best virtual classroom platforms that offer:

• Premium virtual classroom individual account for each delegate
• Online quizzes and exercises
• Virtual Trainer
• Course Material
• Comments Section
• Attendee tracking
• Much more

Training Needs Analysis

How do you Identify Performance Gaps in your Organization with regards to Training and Development?

Do you want to offer training and development to your staff but due to time constraints are you unable to identify what training is required?

Does your current on boarding scheme address performance issues that hinder employee productivity daily?

As part of our training launch, we are now offering a TNA process where we can visit you onsite to aid and support you in identifying performance gaps in your organisation through an in-depth training needs analysis.

What’s new at Grasp Recruitment?

Covid-19 has taken its toll on internal and external recruitment at almost every business. We offer a range of recruitment solutions that can ease the burden for you, your employees and potential candidates.

As we know recruitment budgets have been cut, we are now offering Gibraltar’s only job board: – a brand-new solution where you can post open vacancies and applications will be sent directly to your inbox.

Temporary recruitment

Our temporary staffing solutions give you the peace of mind that your employees are looked after and we become the employer but you remain the boss.

We find the best temporary staff available for your job. Leveraging local temp services, we take care of all administration and payroll of the temporary role freeing you up to run your business safe in the knowledge that your shifts are covered.

• Temp solutions come in handy when you:
• Need extra coverage for a busy period
• Need cover for an employee who is off work
• To trial a role to ensure it is paramount for the business

Grasp now offers a one-stop shop for all your needs. We are on hand to support your people strategy.

Why use a job board?

• Branding Our job board allows all recruiters to add a company profile section.  This represents a branding opportunity for your company as you can present yourself, your values and mission statements and objectives.  
• Company Logo You can display your company logo, company industry and history.  
• Save Money Posting adverts on job boards is much more cost-effective 
• Variety of candidate applications
• 100s of available candidates 
• Job Board special offer
• For the month of August only 1 job posting will only cost £50.

The words of Deputy Chief Minister Dr Joseph Garcia have appeared in a publication distributed across the Commonwealth.

The 100th anniversary edition of “The Parliamentarian” carried a four page feature on Gibraltar and its links with the organisation.

The journal of the Commonwealth Parliamentary Association (CPA) aims to allow Parliamentarians to collaborate on issues of mutual interest and to share good practice.

The CPA itself is present at national, state, provincial and territorial levels across the Commonwealth and has 180 individual branches.

The CPA was founded in 1911 and is the parliamentary wing of the Commonwealth. Its membership is made up of CPA Branches in 180 Commonwealth Parliaments and Legislatures at national, state, provincial and territorial levels and it offers a vast opportunity for Parliamentarians to collaborate on issues of mutual interest and to share good practice.

The Deputy Chief Minister, who is the Minister for relations with the Commonwealth, pointed out that Gibraltar was proud of its long and historic relationship with the institutions and organisations of the Commonwealth.

He added, “Like many of our friends across the Commonwealth, Gibraltarians boast a unique cultural identity. We have lived on this Rock for more than three hundred years. We are a British Overseas Territory, a modern nation in our own right”.

New GibAPP Partnership

Ocean Village and World Trade Center Gibraltar has partnered with local smartphone application and business, GibAPP. The brainchild of Alan Pereira, it’s been a mainstay resource for locals and tourists over the past 5 yearS.

In announcing the partnership, Ocean Village will be investing in additional functionality and scale.

GibAPP founder and developer, Alan Pereira said: “GibAPP has become a household name in Gibraltar delivering its services free of charge for over 5 years. This partnership is a new and exciting evolution to an app that has become “The Portal for all things Gibraltar” which will build on its ethos of delivering high quality content to the local and tourist market. I am very excited to show off our new developments that will form part of this partnership, allowing the World Trade Center & Ocean Village brand to enter a new dimension in delivering its services to Gibraltar and abroad – promoting its brand and enhancing its business reach”.

Governor Gets The Lowdown

As part of a whirlwind orientation of Gibraltar, His Excellency the Governor Sir David Steel visited Minister Albert Isola at the offices of the Ministry for Digital and Financial Services.

Minister Isola briefed Sir David on all aspects of Gibraltar’s important Financial Services and Gaming Industries including the impact of COVID-19. Sir David probed the Minister on possible new areas of business for the Jurisdiction and the importance of technology and innovation in modern business.

In their first formal meeting since the Governor’s arrival to Gibraltar, Minister Isola also briefed Sir David on his other areas of responsibility including Digital Services, Broadcasting and Town Planning.

Sensible Brexit

HM Government of Gibraltar has said that it is ploughing ahead with constructive engagement regarding Brexit and what it means for the Rock.

Four years after the seismic vote, and despite COVID-19, efforts have been continuing with the UK Government, the EU – and Spain – to deliver a positive framework after 31st December 2020. The core Brexit team, which remains to this day, consists of the Chief Minister, the Deputy Chief Minister, the Attorney General and the Financial Secretary. The huge logistical exercise in respect of EU exit included many other public servants, countless documents and over five hundred meetings in Gibraltar, London, Brussels and Spain. Some of the protocols put in place for Brexit have also actually found themselves being deployed in the face of the challenges created by COVID-19.

HMGoG has been keen to stress the raw economic numbers of cross-Frontier interdependence. There are approximately 15,000 people who live in Spain but work in Gibraltar, making the Rock the second largest employer for the region of Andalucia, after their regional administration. Gibraltar residents also spend over £70 million a year in goods and services across the Frontier. Gibraltarians with second homes in Spain make an annual contribution of over £62 million to the Spanish economy, and Gibraltar imports over €1.5 billion a year from Spain. This makes Gibraltar the largest export market for the province of Cadiz, ahead of the UK and France.

Vice Admiral Sir David Steel KBE, DL has been appointed Governor of Gibraltar in succession to Lieutenant General Edward Davis CB CBE.

2014 – Present

Deputy Lieutenant for Hampshire; (from 2015) Chief Executive Officer, Leeds Castle Foundation and Enterprises Ltd; President, Union Jack Club London

2012 – 2015

Second Sea Lord and Chief of Naval Personnel, Training and Infrastructure (Vice Admiral)

2010 – 2012

Naval Secretary and Director of Personnel and Career Management

2009 – 2010

Ministry of Defence, Director, Armed Forces Pay and Manning

2005 – 2008

Chief Executive and Naval Base Commander Portsmouth. Sea Area Commander English Channel

2002 – 2005

Executive Assistant to the First Sea Lord and Chief of Naval Staff

1998 – 2002

Royal Navy, Director of Logistics

1994 – 1998

Royal Navy, Director, Legal and Personnel Services

1979 – 1994

Variety of appointments at Sea including Aircraft carrier Logistics Commander

Local law firm, Signature Litigation, has announced that one of its Gibraltar partners has made a global “Top 100” trusts litigators list.

Elliott Phillips is a founding partner of the Gibraltar office, and is also an MP, with the portfolio of Shadow Minister for Health and the Environment.

The inclusion in the list, compiled by wealth directory Citywealth for 2020, is based on a number of parameters, including editorial research, individual submissions and peer recommendations.

On the news of his inclusion, Mr Phillips said, “I am delighted to have been recognised by Citywealth as a leading trusts litigator. This inclusion highlights the exciting and complex work Signature Litigation undertakes here in Gibraltar, as well as more globally in the private wealth disputes arena.”

This new accolade follows his being named in Legal Week’s Private Client Global Elite last year.