Glossary

Definitions of terms commonly used across Gibraltar fiduciary, fund administration, corporate, trust, foundation, compliance, and regulatory services. Select a letter to jump to that section, or browse the full list below.

A

Administrator: A GFSC-licensed entity providing fund administration services — including NAV calculation, investor register maintenance, and regulatory reporting — on behalf of a fund. Fund administration →
AIFM: Alternative Investment Fund Manager. The entity responsible for portfolio management and risk management of an Alternative Investment Fund under the Gibraltar AIFM Regulations 2013. Firms below regulatory thresholds may register as a Small AIFM. Learn more →
AML: Anti-Money Laundering. The body of legislation, regulations, and internal procedures designed to detect, prevent, and report money laundering. In Gibraltar, the primary statute is the Proceeds of Crime Act 2015, supported by GFSC guidance. Compliance services →
Annual Return: A statutory filing made each year by a Gibraltar company at Companies House, confirming its registered particulars including directors, secretary, shareholders, and registered office address. Company administration →
Articles of Association: The internal rulebook of a Gibraltar company, governing the rights of shareholders, the powers of directors, meeting procedures, and dividend distribution. Company administration →
Authorised Fund: A collective investment scheme authorised by the GFSC and available to retail investors, subject to the full requirements of the Financial Services (Collective Investment Schemes) Act. Fund administration →

B

Beneficial Owner: The natural person who ultimately owns or controls a legal entity or arrangement, typically a person holding more than 25% of shares or voting rights. Identification of beneficial owners is a core requirement of CDD. Compliance →
Beneficial Ownership Register: Gibraltar's central register of beneficial owners of companies and other legal entities, maintained by Companies House. Access is restricted to competent authorities and, in defined circumstances, persons with a legitimate interest. Compliance →
Beneficiary: A person or class of persons entitled to benefit from a trust, either through income, capital, or at the trustee's discretion. Beneficiaries may be named individuals, defined classes, or identified by reference to a class description. Trusts →
Benefited Person: In a Gibraltar private foundation, the equivalent of a trust beneficiary — a person designated in the charter or regulations to receive benefits from the foundation's assets. Foundations →

C

Cat 2: Category 2 Individual. A Gibraltar tax concession for high-net-worth individuals who become Gibraltar residents and pay a flat annual income tax on a minimum qualifying income of £80,000. Capped at 100 approved individuals at any one time. Why Gibraltar →
CDD: Customer Due Diligence. The process of identifying and verifying a client's identity, understanding the nature and purpose of the relationship, and assessing the associated money laundering and terrorist financing risk. Compliance →
Certificate of Incorporation: The document issued by Gibraltar Companies House confirming that a company has been legally incorporated. It records the company's name, registered number, and date of incorporation. Company administration →
Charter: The primary constitutional document of a Gibraltar foundation, setting out its name, purpose, the composition of the foundation council, the identity of any guardian, and the initial endowment. Equivalent to articles of association for a company. Foundations →
Company Manager: A person or firm licensed by the GFSC to provide regulated company management services in Gibraltar, including acting as nominee director, providing a registered office, and administering corporate governance. Resilience Group holds a GFSC company manager licence. Company administration →
Confirmation Statement: Annual filing confirming that a company's registered information held at Companies House is accurate and up to date, replacing the older-style annual return in some jurisdictions. Company administration →
Corporate Director: A company (rather than a natural person) appointed as a director of another company. Gibraltar law permits corporate directors, subject to any applicable GFSC licensing requirements for the entity providing the service. Company administration →
Corporate Governance: The framework of rules, practices, and processes by which a company is directed, controlled, and held accountable — encompassing board composition, delegation of authority, internal controls, and compliance with legal duties. Company administration →
CRS: Common Reporting Standard. The OECD's global standard for the automatic exchange of financial account information between tax authorities, implemented in Gibraltar through the TIEA Regulations. Compliance →
Custodian: An institution appointed to hold and safeguard a fund's assets. Appointed custodians are required for certain authorised funds and full-scope AIFs under applicable regulations. Fund administration →

D

Directors' Duties: The statutory and fiduciary obligations owed by a director to their company under Gibraltar's Companies Act 2014, including duties to act in good faith in the company's best interests, exercise independent judgment, and avoid conflicts of interest. Company administration →
Discretionary Trust: A trust in which the trustee has discretion over which beneficiaries receive distributions, when, and in what amounts. No beneficiary has a fixed entitlement until the trustee exercises discretion in their favour. Trusts →
DLT Provider: Distributed Ledger Technology Provider. A firm licensed by the GFSC under the Financial Services (Distributed Ledger Technology Providers) Regulations 2017 to carry on DLT activities in or from Gibraltar — Gibraltar's foundational blockchain licensing framework. Sectors →
Dormant Company: A Gibraltar company that has had no significant accounting transactions during a financial year and is exempt from the requirement to prepare full financial statements, filing a simpler dormant accounts form instead. Company administration →
DTA: Double Taxation Agreement. A bilateral treaty preventing the same income from being taxed in two jurisdictions, and often reducing or eliminating withholding taxes on dividends, interest, and royalties. Gibraltar has a limited treaty network. Why Gibraltar →

E

EDD: Enhanced Due Diligence. Additional verification and monitoring measures applied to higher-risk clients, relationships, products, or transactions, beyond the standard CDD baseline. EDD is mandatory for politically exposed persons and certain high-risk jurisdictions. Compliance →
EIF: Experienced Investor Fund. A Gibraltar fund category available only to experienced investors as defined by the GFSC. EIFs benefit from a lighter-touch registration regime and greater flexibility in investment strategy and structure than authorised funds. Fund administration →
Experienced Investor Fund: See EIF. A fund registered with the GFSC and restricted to experienced investors, offering flexibility in structure, investment mandate, and service provider arrangements. Fund administration →
Express Trust: A trust created intentionally and explicitly by a settlor who transfers assets to a trustee and declares the trust's terms, beneficiaries, and purposes, as opposed to a resulting or constructive trust which arises by operation of law. Trusts →

F

FATCA: Foreign Account Tax Compliance Act. US legislation requiring non-US financial institutions to identify accounts held by US persons and report details to the IRS, or withhold 30% on US-source payments. Gibraltar implements FATCA through a Model 1 IGA. Compliance →
Filing Requirements: The mandatory statutory documents and returns that a Gibraltar company must deliver to Companies House and, where applicable, the GFSC at specified intervals, including annual returns, accounts, and notifications of changes. Company administration →
Fixed Trust: A trust in which beneficiaries' shares or entitlements are precisely defined in the trust deed from the outset, leaving the trustee no discretion over distribution amounts or timing. Trusts →
Flag State: The country under whose laws a ship is registered and whose flag it sails. Gibraltar is a recognised flag state under the Merchant Shipping Act and a member of the Red Ensign Group. Sectors →
Form 2: The Gibraltar Companies House form used to notify a change in a company's directors or secretary. It must be filed within 21 days of the appointment or resignation. Company administration →
Form 363: The Gibraltar annual return form submitted each year to Companies House, setting out details of the company's officers, shareholders, share capital, and registered particulars. Company administration →
Foundation Council: The governing body of a Gibraltar foundation, responsible for managing the foundation's affairs in accordance with its charter, regulations, and the Private Foundations Act 2017. Foundations →
Foundation Councillor: A member of a foundation council. Where acting professionally (i.e. in the course of business), a foundation councillor must hold a licence from the GFSC. Resilience Group is licensed as a foundation councillor. Foundations →
Fund of Funds: A fund that invests primarily in units or shares of other funds rather than directly in securities or assets, providing diversification across strategies, geographies, and managers. Fund administration →

G

Gambling Commissioner: The statutory authority in Gibraltar responsible for licensing and supervising remote gambling operators under the Gambling Act 2005. Gibraltar is one of the leading remote gambling licensing jurisdictions globally. Sectors →
GFSC: Gibraltar Financial Services Commission. The independent statutory body established under the Financial Services Commission Act 2007 to license and supervise financial services firms in Gibraltar, including fund managers, trustees, company managers, and foundation councillors. Regulation →
Gibraltar Authorisation Regime: The post-Brexit framework allowing Gibraltar-based financial services firms to access UK markets under a bespoke authorisation and recognition arrangement with UK regulators. It replaced the EU passporting rights lost on the UK's exit from the EU. Why Gibraltar →
Gibraltar Financial Services Commission: See GFSC. The regulator for financial services in Gibraltar, operating under the Financial Services Commission Act 2007, responsible for authorising and supervising regulated entities. Regulation →
Good Standing Certificate: A certificate issued by Gibraltar Companies House confirming that a company is properly registered, has met its annual filing obligations, and has not been struck off the register. Often required by banks and counterparties. Company administration →
Guardian: In a Gibraltar foundation, a person or entity appointed under the charter to oversee the foundation council, protect the foundation's stated purposes, and safeguard the interests of benefited persons. Foundations →

H

HEPSS: High Executive Possessing Specialist Skills. A Gibraltar tax concession permitting qualifying individuals with specialist skills that are not readily available locally to pay income tax only on a minimum qualifying amount, subject to annual renewal. Why Gibraltar →

I

In Terrorem Clause: A provision in a trust deed that purports to forfeit a beneficiary's interest if they challenge the trust's validity. The enforceability of such clauses varies by jurisdiction and the nature of the challenge. Trusts →

K

KYC: Know Your Customer. The process of verifying a client's identity and understanding the nature of their business activities. KYC forms the foundation of any AML/CFT compliance programme and is required by Gibraltar's Proceeds of Crime Act 2015. Compliance →

L

Letter of Wishes: A non-binding document addressed by a settlor to their trustee setting out how they would like the trust to be administered, including guidance on distributions and investments. It creates no legally enforceable obligations but trustees typically give it significant weight. Trusts →
Licensed Entity: A firm that holds a licence granted by the GFSC to carry on one or more categories of regulated financial services activity in or from Gibraltar. Regulation →

M

Memorandum of Association: A foundational constitutional document of a Gibraltar company. Historically it set out the objects, authorised capital, and subscriber details; modern Gibraltar companies' memoranda record the subscribers' agreement to form the company. Company administration →
MLRO: Money Laundering Reporting Officer. The designated senior individual within a regulated firm responsible for receiving internal AML disclosures from staff, assessing them, and making Suspicious Activity Reports to the Gibraltar Financial Intelligence Unit where appropriate. Compliance →

N

NAV: Net Asset Value. The value of a fund's total assets minus its liabilities, expressed as a total figure or on a per-share/per-unit basis. NAV is calculated at each dealing point and used to price subscriptions and redemptions. Fund administration →
Net Asset Value: See NAV. The per-unit or per-share value of a fund, calculated by dividing the fund's total net assets by the number of shares or units in issue at the relevant valuation point. Fund administration →
Nine Principles: The nine principles of regulation set out in Gibraltar's financial services legislation, forming the basis for GFSC authorisation and ongoing supervision of regulated firms. They cover matters including fitness and properness, financial soundness, and conduct of business. Regulation →
Nominee Shareholder: A person who holds shares in a company on behalf of the beneficial owner, typically under a declaration of trust. Used where confidentiality of ultimate ownership is required, subject to applicable beneficial ownership disclosure obligations. Company administration →

O

Objects Clause: A provision in a company's memorandum or articles defining the purposes for which the company was formed. Modern Gibraltar companies may adopt unrestricted objects, allowing them to engage in any lawful activity. Company administration →

P

Perpetuity Period: The maximum duration for which a trust may validly exist. Under Gibraltar law, trusts may be established for up to 150 years; purpose trusts may in some circumstances continue indefinitely. Trusts →
Private Foundation: A legal entity registered under Gibraltar's Private Foundations Act 2017, with separate legal personality, established to hold and manage assets for defined purposes or benefited persons. Unlike a company, it has no shareholders; unlike a trust, the assets are owned by the foundation itself. Foundations →
Private Foundations Act 2017: The Gibraltar statute that introduced foundations as a recognised legal structure, governing their formation, registration at Companies House, governance, and dissolution. Foundations →
Private Fund: A collective investment scheme not offered to the general public, structured for a limited number of sophisticated or institutional investors. Private funds in Gibraltar are not required to be authorised by the GFSC but their managers may be regulated. Fund administration →
Private Trust Company: A company established specifically to act as trustee of one or more family trusts. A PTC that acts only for connected trusts within a single family structure is typically exempt from the requirement to hold a GFSC trust licence. Trusts →
POCA: Proceeds of Crime Act 2015. The primary Gibraltar AML statute, making it a criminal offence to deal with, conceal, convert, or acquire assets knowing or suspecting them to be the proceeds of criminal conduct. Compliance →
Port of Gibraltar: The maritime authority responsible for the administration of the Gibraltar Ship Registry, registration of vessels in Gibraltar, and management of the port's commercial and leisure operations. Sectors →
Prospectus: A formal disclosure document issued by a fund or company when offering securities to investors. It contains material information about the investment, its risks, and the terms of the offer as required by applicable securities law. Fund administration →
Protector: A person or body appointed under a trust deed with specific oversight powers, typically including the power to appoint and remove trustees and to veto certain decisions. The protector acts as a check on trustee discretion and is common in offshore discretionary trusts. Trusts →
Purpose Foundation: A foundation established primarily to fulfil one or more defined purposes rather than to benefit named individuals. Purpose foundations are permissible under Gibraltar's Private Foundations Act 2017. Foundations →
Purpose Trust: A trust established for a defined non-charitable purpose rather than for identifiable human beneficiaries. Purpose trusts are valid in Gibraltar for certain commercial and philanthropic applications. Trusts →

R

Red Ensign Group: The group of British Overseas Territories and Crown Dependencies, including Gibraltar, whose merchant vessels fly the Red Ensign and are registered under UK-linked maritime law frameworks. Sectors →
Re-domiciliation: The process by which a company or other legal entity transfers its legal domicile from one jurisdiction to another while maintaining continuity of legal personality and avoiding the need for a formal winding-up and re-incorporation. Gibraltar has statutory re-domiciliation provisions. Company administration →
Registered Agent: A licensed entity that acts as the official contact point for a company in its jurisdiction, accepting service of process and regulatory correspondence on the company's behalf. Company administration →
Registered Foundation: A foundation duly registered with Gibraltar Companies House under the Private Foundations Act 2017, which acquires separate legal personality upon registration. Foundations →
Registered Office: The official address of a Gibraltar company as recorded at Companies House, to which all formal, legal, and regulatory correspondence must be directed. Resilience Group provides registered office services as part of its company administration offering. Company administration →
Regulatory Sandbox: A GFSC framework that allows innovative fintech and financial services firms to test new products, services, or business models in a controlled regulatory environment under defined parameters and enhanced supervision. Sectors →
Regulations: In the context of Gibraltar foundations, subsidiary rules made under the charter that govern the foundation's day-to-day operations in greater detail. Regulations are generally easier to amend than the charter itself without a full registration process. Foundations →
Reinstatement: The administrative process of restoring a company that has been struck off the Gibraltar Companies House register to active standing, typically requiring the filing of outstanding returns, payment of accrued fees, and payment of a reinstatement penalty. Company administration →
Risk-Based Approach: The AML/CFT methodology requiring regulated firms to identify, assess, and manage money laundering and terrorist financing risks proportionate to the risk profile of each client, product, delivery channel, and geography. Compliance →
Rule in Saunders v Vautier: The trust law rule under which adult beneficiaries of sound mind who collectively hold the entire beneficial interest may unanimously agree to terminate the trust and demand that the trustee transfers the trust assets to them, regardless of any contrary provision in the trust deed. Trusts →

S

SAR: Suspicious Activity Report. A formal disclosure made by a regulated firm's MLRO to the Gibraltar Financial Intelligence Unit where there is knowledge or suspicion of money laundering or terrorist financing. Filing a SAR provides a defence to the underlying principal money laundering offence. Compliance →
Settlor: The person who creates a trust by declaring its terms and transferring assets to a trustee, identifying the beneficiaries and setting out the purposes for which the trust is established. Trusts →
Share Capital: The total value of shares a company is authorised to issue (authorised capital) and the amount actually issued and paid up by shareholders (issued capital). Share capital forms the basis for ownership and voting rights in a company. Company administration →
Small AIFM: An Alternative Investment Fund Manager that falls below the AIFM Regulation thresholds — €100 million for leveraged AIFs or €500 million for unleveraged closed-ended AIFs — and is therefore subject to a lighter registration regime rather than full authorisation. Fund administration →
Social Insurance: Gibraltar's mandatory social security contribution system, funded by contributions from both employers and employees as a percentage of earnings, providing entitlements to pensions, sickness benefit, and other state welfare. Accounting & Tax →
Struck Off: The removal of a company from the Gibraltar Companies House register, typically for failure to file annual returns or pay outstanding fees. A struck-off company loses its legal personality and its assets may vest in the Crown. Company administration →
Subscription / Redemption: The mechanism by which investors subscribe for (purchase) or redeem (sell back) shares or units in a fund, typically at the NAV calculated on a specified dealing day, subject to the fund's offering documents. Fund administration →

T

Territorial Taxation: Gibraltar's basis of income taxation, under which only income that accrues in or derives from Gibraltar is subject to Gibraltar income tax. Foreign-source income is generally not taxed, making Gibraltar attractive for internationally mobile businesses and individuals. Why Gibraltar →
Trustee: The person or legal entity that holds the legal title to trust assets and administers them in accordance with the trust deed and applicable law for the benefit of beneficiaries. Professional trustees in Gibraltar must be licensed by the GFSC. Trusts →
Trustee Act 1999: The primary Gibraltar statute governing trustees' duties, powers, and obligations, including statutory investment powers, the power to delegate functions, trustee indemnity rights, and provisions relating to trustee remuneration. Trusts →

U

Umbrella Fund: A fund structure comprising multiple sub-funds or cells under a single legal entity and regulatory authorisation, each with its own investment objectives, assets, and liabilities, providing cost-efficient diversification of strategies and investor bases. Fund administration →

V

Vesting: The moment at which a beneficiary's interest in trust assets becomes absolute and indefeasible — for example, on reaching a specified age — entitling them to call for a transfer of their share of the assets. Trusts →