The economy of Gibraltar is mainly based on financial services, tourism and shipping. Gibraltar has no significant manufacturing activity or natural resources, however the country's economic growth rates in recent years have been among the highest of the OECD members. Gibraltar's economy has grown steadily over recent years, with an estimated GDP at £1.77 in 2016, up by 7.9% year-on-year. Financial services represent a vital segment of the economy, as this sector accounts for about 20% of the GDP. It should be mentioned that insurance is a fast growing sector.
Gibraltar is the world's 151st largest export economy. Its main exports are refined petroleum, recreational boats, passenger and cargo ships, other sea vessels, planes, manufactured goods. The top export partners of Gibraltar are Spain, Malta, Poland, Italy and South Korea.
The main sectors of the Gibraltar's economy are financial services, e-online gaming, tourism, retail shopping and port services (including ship-repair and ship conversion). New economic sectors promoted by the government are light manufacturing, telecommunications and import/export operations. The port of Gibraltar is one of the major contributors to the country's economy, as it has become a major fuelling port for the Western Mediterranean. Recently, the port has seen expanded passenger ferry links and services that should further boost its contribution to the economy.
Gibraltar has no significant manufacturing activity or natural resources and as a result is heavily dependent on imports. Gibraltar is the world's 91st largest importer. Its top imports are refined petroleum, industrial fatty acids, oils and alcohols, crude petroleum, cars, recreational boats, manufactured goods and food products. The top import partners are Belgium-Luxembourg, Spain, the United States, Italy and Greece.
Customs requirements of Gibraltar
Gibraltar Customs Contacts
Tel: 200 78879
Fax: 200 78362
Gibraltar is a British Overseas Territory situated on the southern end of the Iberian Peninsula, sharing its northern border with Spain. Gibraltar is a member of the European Association of Airport and Seaport Police and the Universal Postal Union. Although Gibraltar is a British territory, it is not part of the EU Common Customs Territory. Gibraltar benefits from an extensive shipping trade and offshore banking.
Law in Gibraltar is based on English law, but is separate from the UK legal system. There is no capital gains tax, wealth tax, sales tax or value added tax in Gibraltar. Import duty on most items varies from 0 to 12%. Products such as electric cars, solar panels and related equipment have a 0% import duty. Import duty on hybrid cars is also reduced, while import taxes for petrol and diesel powered vehicles are higher.
There are also stamp duties on certain transactions and excise duties levied on spirits, wines, tobacco and mineral oils.
Prohibited and restricted products
The most common restricted and prohibited items are the following:
-controlled drugs (opium, heroine, morphine, cocaine, cannabis, amphetamines)
- firearms (including gas pistols and similar weapons), ammunition and explosives (including fireworks)
- flick knives
- counterfeit coins and false money
- indecent and obscene books, magazines, films and other articles
- live animals and birds
- articles derived from rare species (including furskins, ivory and reptile leather, and goods made from them)
The following documents are required for import-export activities in Gibraltar:
- a certificate of origin, stating the proof of origin for good imported
- a certificate of registration, offering to the applicant evidence for certification of his or her commercial activity
- the ATA Carnet, a permit that offers duty-free and tax-free exemptions on imported good for a period that can cover one year
- shipping documents
- import licenses and permits
- health and phytosanitary certificates