Gibraltar is a self-governing and self-financing parliamentary democracy within the European Union. A British Overseas Territory, Gibraltar is economically prosperous with a highly-diversified economy including financial services, e-gaming, shipping and tourism. Given its status within the EU, Gibraltar-licensed banks, investment services firms, UCITS, insurance companies, reinsurance companies and insurance mediation firms benefit from access to the single European market and therefore a potential client base of over 500 million people. Gibraltar’s corporation tax rate is 10% and the maximum effective rate of tax for individuals is 25%. Additionally, Gibraltar operates a low tax regime for relocating high-net-worth individuals; capping tax at c. £30,000. Gibraltar is not subject to the VAT regime or the Common Customs Union. Its financial services sector focuses on funds / asset management / alternative investment management, insurance (both captives and general) and private clients.