Gibraltar's passporting rights
Fund managers and insurers have been drawn to Gibraltar because of corporation tax of 10 percent and easy-to-access regulators.
Financial services account for about a third of the economy and is home to over 100 regulated funds, which manage assets worth around 3 billion GBP. Gibraltar is also important for Britain's insurance industry, with 20 percent of motor insurance being underwritten there.
Almost 500 financial services firms have subsidiaries in Gibraltar, including major British insurers such as Hastings and Admiral. Gibraltar has also attracted online gaming business, including many bookies.
Withdrawal of EU passporting rights would prevent financial firms based in Gibraltar from offering their services in other EU countries.col05