Gibraltar

Corporate - Significant developments

Last reviewed - 22 August 2026

Enhanced CRS Framework and expanded compliance obligations

Gibraltar has enacted the International Cooperation (Improvement of International Tax Compliance) (Amendment) Regulations 2026 (Legal Notice No. 32 of 2026), introducing significant amendments to its automatic exchange of financial account information regime. The changes align Gibraltar's framework with the latest OECD Common Reporting Standard (CRS), including the 2023 Addendum to the Multilateral Competent Authority Agreement (MCAA), and remove references to the former EU Directive on Administrative Cooperation following the United Kingdom's withdrawal from the European Union.

The amendments update the definition of CRS and replace Schedule 4 in its entirety to incorporate the latest OECD CRS standards. The revised framework introduces enhanced due diligence and reporting requirements for Reporting Financial Institutions, including expanded review procedures for High Value Accounts and new rules addressing inaccurate, inconsistent, or unreliable self-certifications. The scope of certain products and entities has also been broadened, with Depository Accounts now including electronic money (e-money) and Central Bank Digital Currencies (CBDCs), and Investment Entities expanded to cover entities investing in or managing crypto-assets, including crypto-asset derivatives.

Further changes require Reporting Financial Institutions to identify and report the capacity in which Controlling Persons exercise control over Passive Non-Financial Entities (NFEs) and to report all jurisdictions of tax residence of a Reportable Person. Additional compliance obligations include annual CRS filings (including nil returns where applicable), use of the latest OECD CRS XML schema, and the reporting of supplementary account and self-certification information.

The regulations also strengthen the supervisory powers of the Competent Authority, including the power to conduct on-site inspections, and significantly increase penalties for non-compliance. The amendments entered into force on 29 January 2026, although the revised Schedule 4 and updated CRS framework are deemed effective from 1 January 2026.

Gibraltar's removal from Spain's non-cooperative Blacklist

Spain formally removed Gibraltar from its list of non-cooperative jurisdictions through Order HAC/649/2026 of the Spanish Ministry of Finance, published in the Official State Gazette (Boletín Oficial del Estado, BOE). Gibraltar had been included on the list since the adoption of Royal Decree 1080/1991.

The removal follows the implementation of the International Agreement on Taxation and the Protection of Financial Interests between the United Kingdom and Spain regarding Gibraltar (the Tax Treaty), signed in 2019 and effective from March 2021. The Treaty established a framework for tax cooperation, exchange of information, and transparency between Gibraltar and Spain. The Order removes Gibraltar from Spain's domestic list of non-cooperative jurisdictions with effect from 28 June 2026.

The removal of Gibraltar from Spain's list of non-cooperative jurisdictions may affect the application of certain Spanish tax rules and administrative requirements that reference jurisdictions classified as non-cooperative. The impact will depend on the specific provisions of Spanish tax law and the particular facts and circumstances of each taxpayer.

Potential implications may include:

Reduced administrative, reporting, and enhanced due diligence requirements in relation to certain cross-border transactions and financial arrangements involving Gibraltar.
Access to certain tax reliefs, exemptions, deductions, or treaty-related benefits where entitlement has previously been restricted by reference to Gibraltar's classification as a non-cooperative jurisdiction.
Greater certainty for businesses, investors, financial institutions, and individuals with activities, investments, or assets spanning Gibraltar and Spain.
Changes to the tax treatment of specific transactions and structures that were subject to special rules applicable to jurisdictions designated as non-cooperative.

Gibraltar's removal from Spain's list of non-cooperative jurisdictions represents an important milestone in the development of tax cooperation and transparency between Gibraltar and Spain. While the practical consequences will depend on the specific circumstances of each taxpayer and the relevant provisions of Spanish tax law, the change is expected to enhance legal certainty and facilitate cross-border commercial and investment activities between the two jurisdictions.

Pillar 2 Administrative Framework Implemented

During February to June 2026, the Gibraltar Income Tax Office published a series of guidance notes and forms establishing the administrative and compliance framework for the operation of the Global Minimum Tax Act 2024. These developments provide taxpayers with practical guidance regarding registration, annual notification requirements, GloBE Information Return (GIR) filing obligations, and the reporting and payment of Gibraltar top-up tax liabilities.

Registration Requirements

In February 2026, registration requirements were introduced for Gibraltar-headed multinational enterprise (MNE) groups, foreign-headed MNE groups with Gibraltar constituent entities, and Gibraltar wholly domestic groups that meet the EUR 750 million consolidated revenue threshold. Registration is required only once and is generally completed by the entity responsible for filing the GloBE Information Return or the relevant Pillar Two notification on behalf of the group.

Registration is undertaken through Gibraltar's Automatic Exchange of Information (AEOI) portal and requires the submission of information concerning the filing entity, designated local entity, Gibraltar constituent entities, the MNE group, and the individual responsible for Pillar Two compliance. The framework also establishes procedures for updating registrations where constituent entities join or leave a group, where the designated local entity changes, or where a group subsequently falls outside the scope of the Pillar Two rules.

Annual Notification requirements

In March 2026, Gibraltar introduced detailed rules governing the annual notification required where a GIR will be filed in another jurisdiction that has a Qualifying Competent Authority Agreement (QCAA) with Gibraltar. The notification framework is based on the OECD Article 8.1.3 notification model and facilitates the exchange of Pillar Two information between tax authorities where a GIR is not filed locally.

The annual notification must include details of the MNE group, the relevant fiscal year, Gibraltar constituent entities, the designated local entity, the ultimate parent entity, and, where relevant, the designated filing entity. Notifications are required to be submitted annually no later than three months before the GIR filing due date.

Gibraltar Top-Up Tax Return - Form GMTA1

The Income Tax Office also introduced Form GMTA1, the Gibraltar Top-up Tax Return, together with accompanying guidance on its application. The return is intended to facilitate the reporting and reconciliation of Gibraltar top-up tax liabilities and forms part of the broader Pillar Two compliance framework.

MNE groups with a Gibraltar top-up tax liability are required to submit Form GMTA1 in addition to the annual notification. The return is a simplified filing requiring details of the MNE group, the designated local entity, the relevant fiscal year, and the amount of Gibraltar top-up tax payable. The filing deadline is aligned with the GIR filing deadline, being generally 15 months after the end of the fiscal year or 18 months in certain first-year situations.

GloBE Information Return

In June 2026, detailed guidance on GIR filing obligations was issued. A GIR is generally required to be filed in Gibraltar by in-scope MNE groups with Gibraltar constituent entities unless the filing obligation is discharged through a valid Article 8.1.3 notification and filing in a jurisdiction that has a QCAA with Gibraltar. This effectively recognises both local filing and central filing arrangements consistent with the OECD Pillar Two framework.

The guidance confirms that Gibraltar has adopted the OECD GIR template and XML schema and requires GIRs to be submitted electronically through the AEOI portal. Filing deadlines are generally the last day of the fifteenth month following the end of the fiscal year, with an extension to the eighteenth month available for certain first-year filings. The guidance also provides greater certainty regarding the content, format, and submission of GIRs and Gibraltar's approach to the exchange of GloBE information under the OECD framework.

Gambling Act 2025

The Gibraltar Gambling Act 2025, which came into force on 1 April 2026, significantly expanded the scope of Gibraltar's gambling regulatory regime by bringing certain gambling support services within the definition of regulated activity.

Under the Act, regulated activities include conducting, managing, arranging, booking, facilitating, or providing advertising and marketing services for gambling, irrespective of where the underlying gambling activity takes place. As a result, Gibraltar-based entities that provide marketing or advertising services to gambling operators may fall within the scope of the licensing regime even where the gambling activity itself is conducted outside Gibraltar.

The Act introduced a general prohibition on carrying out such regulated marketing activities without the appropriate licence. Businesses undertaking gambling-related marketing services from Gibraltar therefore need to ensure that their activities are covered either by a Gaming Operators Support Services (GOSS) Licence or by an existing B2C or B2B gambling licence.

The legislation also provides an exemption for advertising and marketing activities primarily directed at an audience in Gibraltar. Activities falling within this exemption are not treated as regulated gambling support services for licensing purposes.

Existing B2C and B2B licence holders are not required to obtain a separate GOSS Licence for gambling-related marketing and advertising activities, as these activities are covered under their existing licences. This allows gaming and marketing functions to be conducted under a single regulatory approval.

The extension of gambling regulation to marketing and advertising activities has implications under the Income Tax Act 2010 (ITA). Entities carrying on activities that are licensable under Gibraltar gambling legislation may fall within the definition of a"Designated Person" for the purposes of section 20(7) of the ITA and, consequently, become subject to restrictions on the utilisation of carried-forward tax losses. In addition, section 74 of the ITA provides that activities requiring a licence and regulation under Gibraltar law are deemed to take place in Gibraltar when determining whether income accrues in and derives from Gibraltar. Accordingly, the introduction of licensing requirements for gambling-related marketing and advertising activities may reinforce the treatment of profits arising from those activities as Gibraltar-source income and therefore subject to Gibraltar corporate taxation.