Passporting – Freedom to provide Services and Freedom of Establishment/Branch

The purpose of this section is to explain the requirements and our approach to Passporting.

This section sets out:

For specific guidance, select the most appropriate link below:

For information on any other Directives in relation to passporting please contact the Authorisations Team directly.

Passporting allows a firm to conduct business, for which it is already licensed under a single market directive within an EEA State, in another EEA state. 

Certain firms authorised by the Gibraltar Financial Services Commission ("GFSC") may either establish a physical presence or provide freedom of services into another EEA State, subject to compliance with the requirements under the relevant directive. 

Passporting on a freedom of services basis entails providing services in another jurisdiction without a physical presence, e.g. by marketing or via the use of third parties.

Passporting on an Establishment/Branch basis means that you intend to have a physical presence within the host state i.e. permanent offices.

Passporting rights only apply to EEA States.

If you intend to provide services within a country outside the EEA, then you must ensure that you obtain the relevant authorisation(s) from the relevant Competent Authority in that country, to conduct such activity.

Yes.

It is up to each authorised firm to decide which states it wishes to passport into.

The firm should consider whether there is a real intention to conduct business in a particular EEA State, as there may be fees payable in that country, and/or it may impact the GFSC's supervision of the firm.

We discourage blanket notifications to all EEA States.

You must complete and submit a notification form. 

If you are an authorised GFSC firm eligible to passport in other EEA States, please refer to the relevant section in Question 3 above for the relevant notification form. 

Forms should be sent to the Authorisations Team

Please refer to the relevant section in Question 3 for details on the timescales established by each directive. 

For specific information on the fees payable, please click on the relevant section in Question 3. 

Please refer to the relevant section in Question 3 for specific information. 

No, the forms allow you to specify all the countries into which you wish to passport. If you wish to passport into another country after you have already submitted the notification forms, you must complete and submit a new form.

Please specify if the range of services differs between countries.

This is only required for notifications from Insurance Companies. A letter, in the language of the host state, addressed to the GFSC with the list of the classes and country is sufficient.

Changes to the services being passported, such as additional services or modification in services, must be notified by submitting a new form.

All other changes made to the firm (i.e. addresses, names, additional trading names) can be notified by email to the Authorisations Team.

If you have passported on a freedom of services basis, please notify the Authorisations Team who will notify the host state(s).

Clearly state the country, classes of business, reason for ceasing such services and confirmation that there are no risks remaining in the jurisdiction in which the services have been surrendered.

If you wish to cease the establishment of a branch in another state please arrange a meeting with the Authorisations Team to discuss.

You are required to notify the regulator in your home state who will then notify us. We shall send you an acknowledgement email once we have received and processed the passporting notification. 

Please note that we will not be able to process notifications unless these are received from the home regulator. 

There may be fees payable by firms providing services in Gibraltar, details of these can be found below. 

Other Information

The GFSC currently cannot accept electronically signed documents. We do encourage and welcome scanned copies of documents. These can be sent to the Authorisations Team.

The Host Member State Regulator may contact you directly to advise of any relevant rules, regulations or fees in that country. If we receive these on your behalf we shall forward this to you. Please also advise us if you receive any communication directly from the host state Regulator.

For any other queries please contact the Authorisations Team.

Incoming Passporting

The following fees are payable for firms wishing to set up an establishment/branch in Gibraltar.

Firms will be formally requested to make their payment once a notification is received. Fees are applicable per branch and per notification.

 MIFIDIMDGeneral Insurance and Life InsurancePSDAIFM* (Small AIFMs)BCDMCDE-Money
Application Fee£2,500£1,100£3,500£1,100£1,500£10,000£2,500£5,500
Annual Fee£9,690£5,610£10,200£7,140£7,140**£5,610£10,200

* Only for notifications made under Article 33 of the AIFM Directive.
** Please refer to the current Fee Regulations.

Agents:
An EEA authorised payment or e-money institution wishing to engage an agent based in Gibraltar is required to pay a notification fee of £1,100 per agent.

UCITS:
Units in Collective Investment Schemes (UCITS) authorised under the Recast Collective Investment in transferable securities (UCITS) Directive (2009/65/EC) are required to appoint a local agent. The local agent will be expected to act as a contact for local investors, where they can obtain information and documents, and also for the UCITS to receive notices and relevant correspondence from the GFSC. The local agent should confirm acceptance to act on behalf of the UCITS prior to the fund marketing its units in Gibraltar.

A 'local agent' is generally a regulated entity, usually a licensed credit institution, or a local law firm.

The following fees are applicable for UCITS:

An EEA UCIT scheme (as per Section 35 of the Financial Services (Collective Investment Schemes) Act)£500
A foreign scheme (as per Section 40 of the Financial Services (Collective Investment Schemes) Act)£3,000
CIS Manager ( Application to passport as a UCITS manager on an establishment basis into a new jurisdiction£1,500