Although Gibraltar's status as an international tax haven is changing following the signing of the T...
Although Gibraltar's status as an international tax haven is changing following the signing of the Treaty of Rome, Leeds & Holbeck Building Society have decided to establish their first overseas office on the Rock.
Initially L&H will offer a range of mortgages to Gibraltarians and British expatriates, and talk has also been made about expanding its business in 2003 to accept offshore deposits and lend in Spain.
Following on the heels of the Norwich and Peterborough and the Newcastle, L&H will be the third UK building society to set up in Gibraltar.
L&H envisages this new office as a platform from which the building society can expand into Europe.
L&H Senior Press Manager Chris Holland said, "We researched outside the UK, such as the Isle of Man and so on, and Gibraltar presented the best opportunities on the mortgage side. Like the UK, the property market is quite healthy and buoyant."
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An added tier of asset management can of course deliver additional benefits for certain investors, writes Graham Bentley - just be sure you can justify it to the regulator and, especially, the client