The General Economic Context
Gibraltar¹s economy is diverse. Several million visitors come to Gibraltar every year making tourism a major contributor to the economy. Taking advantage of its strategic location Gibraltar is a major bunkering port and general commercial shipping destination. The telecommunications sector is consolidating its position as a main area of economic activity through the establishment of specialised businesses in fields as diverse as satellite control centres to complex web-hosting apart from more traditional telecommunications activity. These economic areas together with the use of Gibraltar¹s modern technological infrastructure present interesting business and investment opportunities which overlap with the services provided by finance centre players.
Ship registry and yacht registration
Gibraltar is a Category 1 red ensign status Ship Registry after the enactment of the Gibraltar Merchant Shipping (Registration) Ordinance 1993 and its legislation, the Gibraltar Merchant Shipping (Safety) Ordinance. This legislation allows Gibraltar to register vessels of all types and tonnage. All ships registered in Gibraltar are British ships and afforded all the corresponding protections and privileges. Persons or corporations from any EU state are eligible to register ships in Gibraltar. Manning can also come from within the EU and there are facilities for the provisional registration of ships at sea. There is also a provision to allow bareboat charter registration into and out of the Gibraltar Register for two years.