What level of family governance expertise is available in Gibraltar?
Short answer
Gibraltar provides the legal vehicles families use for governance and succession, including trusts, private trust companies, private foundations and protected cell companies, administered by trustees and company managers regulated by the Gibraltar Financial Services Commission. Family constitutions and family councils are private agreements that can be built into these structures.
Detailed answer
Family governance covers the rules and bodies a family uses to own and manage shared wealth, make decisions and plan succession. In Gibraltar it is usually delivered through a private family agreement combined with legal structures registered under Gibraltar law. Family constitutions and councils A family constitution, sometimes called a family charter, sets out a family's values, how decisions are made, who sits on a family council and rules on matters such as succession. It is a private agreement. Its terms can be given legal effect through a trust deed, a foundation's rules or a company's articles of association. Trusts Under the Registered Trust Act 1999, trustees can register a trust at Companies House Gibraltar where the trust deed requires it. The register records basic particulars such as the trust's name, date of creation and trustees, and the deed itself is returned. Private trust companies The Private Trust Companies Act 2015 allows a company to register as a private trust company (PTC) that acts as trustee only for a settlor, a designated individual and their spouse, civil partner and descendants. A PTC must have a licensed registered administrator and must renew its registration each year. Private foundations The Private Foundations Act 2017 provides for foundations with their own legal personality, governed by a Foundation Charter and, where used, Foundation Rules. Founders set the purposes and can appoint and remove councillors and a guardian. A Gibraltar foundation's council must always include a licensed Gibraltar resident corporate member. Companies and protected cell companies Family holding companies are formed under the Companies Act 2014. Protected cell companies, introduced by the Protected Cell Companies Act 2001, can keep the assets and liabilities of different cells separate. Regulated professionals A family office can use any of these vehicles. Firms that provide company management, registered office, professional trustee or foundation councillor services by way of business need permission from the Gibraltar Financial Services Commission, which publishes a register of regulated firms.