Gibraltar: consultation on beneficial ownership register

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gibraltar-105751_640Gibraltar has started a formal consultation on the creation of a central register of beneficial owners aiming to improve tax transparency. The government of Gibraltar said it is committed to ‘consider the benefits of setting up a central register of beneficial ownership to be made available to ‘obliged entities’ and competent authorities and commit to delivering if deemed to be more effective than the current regime; assuming that this would also be implemented by G8 members, Crown Dependencies and fellow British Overseas Territories.’ The consultation has been launched to seek the views of stakeholders and the general public regarding the establishment of a register of Ultimate Beneficial Ownership (UBOs) of corporate vehicles and a number of additional issues that would need to be addressed, including the definition of beneficial ownership and what safeguards are necessary to protect data. The consultation will look at what efforts are needed to improve the retention and disclosure of beneficial ownership information, and discuss what information needs to be retained to achieve this objective. Gibraltar is considering whether the information should be made public. Similar consultations have been launched in many other offshore financial centres. The deadline for feedback is 30 September 2014. Please read more about Gibraltar on our webste.