Gibraltar is a self-governing, politically and economically stable country, receiving benefits from offshore banking services and extensive shipping trade. The British presence has been reduced very much, and now makes just about 7% to the local economy, while in 1984 it was 60%. Revenue is also generated from the financial sector, tourism and shipping services fees, as well as from duties on consumer goods. The financial sector, the shipping sector and tourism each contribute 25%-30% of GDP.

Gibraltar is a member of the European Union, in its capacity as a territory for whose external relations a Member State is responsible. So, the country have been included as a member when Britain joined the EU in 1973. However, Gibraltar enjoys special status within the Community and is exempted from the European Common Agricultural Policy, the VAT system and the Common Customs Union. The EU Commission have confirmed in writing that the EU Parent and Subsidiary, Royalties and Interest and Mergers and Acquisitions directives apply to Gibraltar.

The Government of Gibraltar is committed to developing Gibraltar as an international finance centre within Europe. The country is taking full advantage of the EU Directives, including Banking Ordinance, Insurance Companies Ordinance and a Financial Services Ordinance. The Gibraltar Financial Services Commissioner and the membership of that commission are supervised by the UK which enhances the reputation of Gibraltar and properly enables it to implement and regulate compliance with these EU directives.