His plan is for Gibraltar to offer Brazil, Russia, India and China an alternative entry point into the European single market, according to a report in the Gibraltar Chronicle.
“Opportunities need to be seized and converted into real business. Things will not happen by themselves,” said Mr Licudi adding that established markets like UK and Switzerland remain important too.
“The Government is very optimistic that, in the years ahead, Gibraltar will consolidate its position as a leading international finance centre within the EU. The financial sector is a key driver in the local economy as well as one that stimulates other areas of business and generates thousands of jobs and important revenue,” he said.
The financial sector accounts for 14% of total employment and contributes around 20% to GDP. Employment in this sector is mostly in banks and building societies and in activities auxiliary to financial intermediation.
Licudi argued that Gibraltar’s regulation is well pitched and made clear that many of the financial services policies followed by the previous government will continue including pursuing international agreements and tax information exchange pacts as well as meeting EU requirements and approval of international bodies like the IMF.
On the complaint to the EU made by Spain to the corporate tax regime introduced by the Income Tax Act 2010, Mr Licudi said that the Government considers that this is a politically motivated complaint which has no merit whatsoever and that it will see off this challenge.
Mr Licudi reported that Gibraltar’s financial services centre continues to post stable growth in a number of areas such as insurance, investment management and funds, notably in experienced investor funds, of which there are now approximately 90.
“It is becoming increasingly apparent that Gibraltar’s future in financial services rests with high-end, high-value added private client business, insurance (captive and retail), investment management and funds,” said Mr Licudi.
The number of licensed insurance companies has grown to 65, with approximately a further 40 in licensed protected cell company structures.
“The critical mass that has been achieved in this sector now makes Gibraltar a mainstream insurance domicile within the European Union along with long-term players in this market,” he said.
Mr Licudi reported that the Society of Trusts and Estate Practitioners (STEP) has made a number of general representations to the government for the introduction of new private client structures such as purpose trusts, the extension of the perpetuity period, private trust companies and foundations.
