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Abstract
The last 4 years have seen an unprecendented government commitment to the growth of Gibraltar's finance center. Gibraltar has recently reclaimed an area equivalent to 1/6 of its land area on which a number of commercial and residential developments have been constructed. The country enjoys sophisticated communications and international air service. Gibraltar is a Crown Colony of the UK but is self-governing. It enacts its laws independently of the UK and maintains an independent tax status. The backbone to Gibraltar's Financial Centre has been the Gibraltar Tax Exempt Company. Exempt companies may be controlled and managed from Gibraltar while still enjoying preferential tax status. Gibraltar is within the European Community (EC) and will be able to take advantage of the EC directives relating to banking, insurance, and financial services. The country has introduced new low tax limits to encourage those with high net worth to establish residence in Gibraltar.