Gibraltar's Online Gambling Industry Not the Only Attraction

Published Tuesday, October 01, 2013 -
Gibraltar's Online Gambling Industry Not the Only Attraction

The online gambling industry works on some tight margins so the move to Gibraltar was good move for many operators form the U.K. Now Gibraltar is attracting other investments the small enclave has become a destination for many looking for the safe tax haven that Gibraltar is providing.

The attraction the area of only a few miles square on the southern tip of Spain has is superior to some other overly taxed locations.

The attractions in Gibraltar isn’t always a high paying job with a firm such as digital entertainment or 888 Holdings in the online gambling sector it could be the sunshine. it’s possible to ski at Sierra Nevada, Europe’s most southerly ski area a 2.5 hour drive away in Spain, and be on a Mediterranean beach by the afternoon. “Quality of life is very good down here,” Andrew McGrath, 37, founder and chief investment officer of Burren Capital Advisors Ltd. commented. “It’s a safe environment to bring up a family. Our offices are just minutes from an airport with good international links.”

Gibraltar, whose economy was once based on the British military installation and on secret bank accounts of companies that couldn’t be traced from abroad, has made new tax information exchange arrangements with 39 countries. This is good news for the economy which has been attracting solid reputable businesses such as fund management firms.

The safety factor is what is drawing in the legitimate industries. Driving home the point that things have changed in Gibraltar, James Tipping, Director of the Finance Centre Department said, “The old business model doesn’t work anymore,” adding, “Tax evasion is a crime.”

There are 28 registered gambling companies in Gibraltar that each pay licensing fees and tax albeit the tax is much lower than some other jurisdictions. Gibraltar looks like it’s going to be financially sound for some time yet, you can almost bet on it.

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