gibraltar – a unique eu jurisdiction...

Gibraltar – a unique EU jurisdiction for Swiss Independent Asset Managers

Lucas FernandezIndependent Asset Managers Services Lombard Odier & Cie (Gibraltar) Limited

Please see important information at the end of the document

Independent Asset Managers Services ·

Content

1. Why Gibraltar as your jurisdiction of choice? Political & Economic Stability Well Regulated International Finance Centre Competitive Tax Laws Why Set Up Your IAM Company in Gibraltar Application – Criteria

2. E-Merging: the international network of independent finance experts Network with your peers Benefits Some numbers Becoming a member

3. Conclusion

Why Gibraltar as your jurisdiction of choice?



British Overseas territory since 1704 with separate constitution Self-governing (local Parliament since 1950’s) and self-financing Member of the EU since 1973 by virtue of the UK membership. Booming & Diversified Economy with Full Employment Financial Services – Over 200 regulated institutions / 20% GDP Shipping/bunkering + egaming + tourism – 11.8 million visitors p.a. Workforce of 18’000 – 5’000 cross border workers from Spain

European time zone, CET Access by land, sea and plane via Gibraltar, Malaga, Sevilla or Jerez

Gibraltar facts & information1. Political & Economic Stability



Finance Centre regulated by the Financial Services Commission Statutory Board, financially and economically independent of Gibraltar Government Strong + efficient but approachable + cooperative regulator EU Regulator matching UK & EU Standards Assessed by IMF in 2002 and 2007 as an “effective and well developed supervisor”

A legal system modelled on the UK structure Common Law jurisdiction and duty of confidentiality EU Passporting of Financial Services EU directives transposed into Gibraltar Law, i.e. MIFID OECD White-listed Compliant with the FATF 40 recommendations High quality and experienced professionals

Gibraltar facts & information2. Well Regulated International Finance Centre



No VAT or Capital Gains Tax No Wealth or Inheritance Tax No Estate or Stamp Duty No Withholding Taxes on dividends Competitive Corporate Tax rate of 10% introduced in January 2011 27 Tax Information Exchange Agreements (TIEAs) signed with OECD and EU

members states: Australia, Austria, Belgium, Denmark, Faroe Islands, Finland, France, Germany, Greece, Greenland, Guernsey, Iceland, India, Ireland, Italy, Malta, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, South Africa, Sweden, Turkey, United Kingdom and United States Commited to entering a Foreign Tax Compliant Act (FATCA) agreement with US/UK Voluntered to take part in the pilot multilateral exchange of information announced

by G5 countries (UK, F, D, I, S) Application of EU Savings Directive on Exchange of Information for private clients Application of EU Parent / Subsidary rules and Interest / Royalties directives

Gibraltar facts & information3. Competitive Tax Laws



Jurisdiction for Asset Management Companies1. Why Set Up Your IAM Company in Gibraltar

Low Tax Regime for Asset Management Company in European Time Zone Competitive 10% Corporate Tax on taxable profit No Local or Swiss Stamp Duty + no Local or Swiss Withholding Taxes

Passport your EU Asset Management License from Gibraltar into all EEA states Low capital requirement ( EUR 50k) Competitive infrastructure and staff costs Ability to import expertise via “High Executive Possessing Specialist Skills” (HEPSS) tax status Fully licensed activity offering the “Best of Both Worlds” Regulated environment for Domestic and EU clients with access from G2 across several jurisdictions Benefit from LO MiFID Compliant Systems

Established LO IAM Operations in Gibraltar for over 25 years to support you and a LO domestic expertise throughout the EU



Jurisdiction for Asset Management Companies2. Application – Criteria

4 eyes principle: FSC must be satisfied that the applicant satisfies the "four-eyes" principle so that at least two competent

individuals are involved in the decision making and day-to-day operation of the firm

Minimum of two directors: At least two directors must be appointed to the Board

Mind and Management: Business has a physical presence in Gibraltar and “mind and management” is also located in Gibraltar

Adequate resources: The business must be adequately resourced and staffed and sufficient controls must be put in place

Competent staff: The applicant is "fit and proper" to provide its service (technical competence + integrity). This also applies

to directors, shareholders, controllers, partners and managers

Procedures & compliance arrangements: Business must be able to provide evidence that it has put in place an appropriate internal audit &

compliance function. All procedures are adequately documented.

The network of Independent Finance Experts



What?• The first B2B social network/online community dedicated to the:

• Independent finance experts• Main strategic professions involved in wealth management

Who?• Independent Portfolio Managers and Family Offices (future or established)• Independent Fund Managers• IT solutions Providers• Lawyers• Wealth Planners / Trustees• HR consultants

E-MERGING: network with your peers

IndependentFinanceExperts



Why?• Facilitate contact and communication amongst professionals, who seek additional expertise• Acces useful skills from other members / offer them to other members• Share experiences and find solutions• Recruit new talents• Stay up-to-date in your business activity• Complete your continuous professional development

• Resulting in potential new business partnerships and alliances• Improve sustainability of your business models

E-MERGING: benefits



985 members: 730 Independent Portfolio Managers and Family Offices (future or established) 94 Independent Fund Managers 81 IT Solutions Providers 35 Lawyers 24 Trustees / Wealth planners 21 HR Consultants

GBP 207bn of assets under management 13’566 employees 50 countries, including Gibraltar Strategic intentions: 53% of members wish to create a peer alliance 46% of members wish to hire new talent 25% of members wish to expand geographically 9% of members wish to find a buyer / successor

104 partners

E-MERGING: some numbers *

* as of 19.3.2014



Lawyers

Member 1

Member 2

Member 3

Member 4

Member …

Independent Fund Managers

Member 1

Member 2

Member 3

Member 4

Member …

Member 1

Member 2

Member 3

Member 4

Member …

Independent Portfolio

Managers

IT Solutions Providers

Member 1

Member 2

Member 3

Member 4

Member …

Member 1

Member 2

Member 3

Member 4

Member …

WealthPlanners / Trustees

Member 1

Member 2

Member 3

Member 4

Member …

HR Consultants

E-MERGING:Extended to the community of independent finance experts

Partners



Free of charge and anonymous profile To join E-MERGING, you have to answer 10 questions about your:

• Company• Business Model• Clients and• Strategy The search engine allows you to quickly identify members with shared or complementary interests Members can benefit from services provided by partners selected by E-MERGING Online shop: E-store + E-learnings

E-MERGING: becoming a member



European Jurisdiction to passport Investment Management Services into Europe

All with the support of a local and group LO Infrastructure

An EU Finance Centre that is well regulated and offers a competitive tax regime

ConclusionGibraltar – a unique EU jurisdiction for Swiss Independent Asset Managers

Flexibility of small jurisdiction Large enough to be professional with quality infrastructure at a competitive cost



This document has been prepared by Lombard Odier & Cie or an entity of the Group (hereinafter "Lombard Odier") and is directed at sophisticated/qualified investors and investmentprofessionals. It is not intended for distribution, publication, or use in any jurisdiction where such distribution, publication, or use would be unlawful, nor is it aimed at any person or entity towhom it would be unlawful to address such a document.This document is provided for information purposes only and does not constitute an offer or a recommendation to purchase or sell any security. It contains the opinions of the LombardOdier Group, as at the date of issue. These opinions do not take into account individual investor circumstances, objectives, or needs. No representation is made that any investment orstrategy is suitable or appropriate to individual circumstances or that any investment or strategy constitutes a personal recommendation to any investor. Each investor must make his/herown independent decisions regarding any securities or financial instruments mentioned herein. Before entering into any transaction, an investor should consider carefully the suitability of atransaction to his/her particular circumstances and, where necessary, obtain independent professional advice in respect of risks, as well as any legal, regulatory, credit, tax, and accountingconsequences.The information and analysis contained herein are based on sources believed to be reliable. However, Lombard Odier does not guarantee the timeliness, accuracy, or completeness of theinformation contained in this document, nor does it accept any liability for any loss or damage resulting from its use. All information and opinions as well as the prices indicated may changewithout notice. Past performance is no guarantee of current or future returns, and the investor may receive back less than he invested.The investments mentioned in this document may carry risks that are difficult to quantify and integrate into an investment assessment. In general, products such as equities, bonds,securities lending, forex, or money market instruments bear risks, which are higher in the case of derivative, structured, and private equity products; these are aimed solely at sophisticatedinvestors who are able to understand and accept the risks.If opinions from financial analysts are contained herein, such analysts attest that all of the opinions expressed accurately reflect their personal views about any given instruments. In orderto ensure their independence, financial analysts are expressly prohibited from owning any securities that belong to the research universe they cover.On request, Lombard Odier will be pleased to provide investors with more detailed information concerning risks associated with given instruments.The value of any investment in a currency other than the base currency of a portfolio is subject to the foreign exchange rates. These rates may fluctuate and adversely affect the value ofthe investment when it is realized and converted back into the investor’s base currency.The liquidity of an investment is subject to supply and demand. Some products may not have a well-established secondary market or in extreme market conditions may be difficult to value,resulting in price volatility and making it difficult to obtain a price to dispose of the asset.Neither this document nor any copy thereof may be sent, taken into, or distributed in the United States or given to any US person.Lombard Odier & Cie (Gibraltar) Limited is regulated and supervised by the Gibraltar Financial Services Commission.This document may not be reproduced (in whole or in part), transmitted, modified, or used for any public or commercial purpose without the prior written permission of Lombard Odier.© 2014 Lombard Odier & Cie – all rights reserved.

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