BANKING IN GIBRALTAR
With a banking sector that has more than four and half billion pounds sterling in assets, Gibraltar has approximately 20 different banks to choose from.
The banks fall into three main categories: Licensed are licensed by Gibraltar's Financial Services Commission which means they are regulated and supervised by the Government there. Authorised means they are covered by the European Economic Community but not licensed by the FSC. They are regulated by the laws in their country of origin which is covered by European legislation but the Gibraltar Government has limited responsibility. Overseas represent their home offices and can only promote services from there. Current examples of this type of bank are ones from Jersey, the Isle of Man and Morocco. They are under stricter controls from the FSC than those covered by the EEA.
The attraction of banking in Gibraltar is that there are no exchange controls with restrictions on currency conversion or on how much money you can transfer into or out of your account.
If you have more than one hundred thousand euros to invest it is advisable to go the route of private banking of "wealth management". Because Gibraltar is an offshore area it can offer attractive tax conditions to investors and it is a thriving industry here with many expatriate residents in Spain availing themselves of these services.
A private banker will be able to advise you on the best way to achieve financial stability and capital growth. This is a chargeable service and fees will be in accordance with the type of relationship you form with your advisor. All dealings are treated with the utmost confidentiality, but with the current international regulations tightening up on money laundering, drug trafficking and terrorism it is sometimes necessary to disclose information if criminal tendencies are likely.
Gibraltar is a self-governing territory with
its own elected government. It enacts laws independently of the
United Kingdom and maintains an independent tax status.
Gibraltar is treated as member of the European Union by virtue of
the United Kingdom’s membership and is required to operate
internationally recognised and EU standard anti-money laundering and
Organisation for Economic Co-operation and Development (“OECD”)
Floor clause on spanish mortgages
Over 40 banks in Spain between 2008 and 2013 entered a clause in their spanish mortgages called a Floor Clause and this was recently deemed illegal by the European Courts in Luxemborg. This floor clause on the spanish mortgages meant that when the Eurobor rate, that determined the rate of interest you paid on your spanish mortgage and therefore the monthly charge, lowered your mortgage rate stayed the same. So when the Eurobor rate was at its lowest in many years your mortgage interest should have been reflected in this and your monthly payment amount should have been very low, it was artificially held at a higher rate.
The court ruling has opened the gates on about 2.5 million people being able to claim this money back, with average refunds of 12,000 - 15,000 euros!
The market leader in helping you claim back money is www.floorclausespain.com so why not give them a call and see if you have a compensation claim?
Several thousands of people have succesfully used their service and claimed back what was rightfully their on this unjust floor clause on their spanish mortgage
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