Земельный департамент Дубая недавно объявил о том, что в настоящий момент (по состоянию на 1 января 2011 года), упразднена регистрация недвижимости в Дубае на имя оффшорных компаний или компаний, не зарегистрированных на территории ОА Э. Единственным исключением являются оффшорные компании, зарегистрированные в СЭЗ «Джебель Али» (Jebel Ali Offshore Company). Уточним, что данное правило не распространяется на индивидуальных владельцев недвижимости, а касается только иностранных оффшорных компаний, зарегистрированных вне территории ОА Э.
Приведенные далее ответы на часто задаваемые вопро-сы помогут разобраться иностранным покупателям и инвесторам в недвижи-мость в ближневосточном регионе в послед-ствиях внедрения Земельным департа-ментом этих новых правил, а также в том, как данные изменения влияют на последую-щую процедуру регистрации собственности на имя оффшорных компаний.
Для чего человеку использовать оффшорную компанию при покупке недвижимости в Дубае?
Существует ряд причин, объясняющих растущую популярность использования оффшорных компаний при регистрации недвижимости. Наиболее очевидная –желание избежать непривычного местного законодательства при наступлении ситу-ации наследования. Компания никогда не умирает. Если ваша собственность заре-гистрирована на бюджетную оффшорную компанию, вы (а также члены вашей семьи или партнеры) могут владеть акциями ком-пании в соответствии с долевым участием или исходя из предпочтений. Таким образом, вместо вашего имени (физического лица) на официальном документе о владении собственностью (Title Deed), будет указано название компании (юридическое лицо). Это самый простой способ для совместных инвестиций, который в то же время добав-ляет дополнительной конфиденциальности при владении недвижимостью.
Получается, на сегодняшний день, единственной оффшорной компанией, на которую я имею возможность заре-гистрировать недвижимость, является оффшорная компания «Джебель Али»?
Совершенно верно. Однако это касается только Дубая. Например, вы можете приоб-рести недвижимость в Абу-Даби, зарегистри-ровав её на имя компании в оффшорной зоне БВО (Британские Виргинские острова). Согласно решению Земельного департамента Дубая от 1 января 2011 года, недвижимость, приобретенная на территории Дубая, может быть зарегистрирована на имя оффшорной компании в «Джебель Али».
Может ли иностранная компания владеть оффшорной компанией «Джебель Али»?
Да. Вы можете, например, использо-вать компанию на БВО, или траст для вла- дения акциями вашей компании в СЭЗ «Джебель Али». Однако вам необходимо будет предоставить требуемый минимум информации на владельца компании и недвижимости, включая сертификаты акций и копий паспортов.
Как проходит процедура регистрации, если недвижимость еще не сдана в эксплу-атацию? Если договор купли-продажи был подписан до января 2011 года от моего лица, могу ли я перерегистрировать право собственности на имя компании?
Земельный департамент Дубая имеет два реестра: первый – временной реги-страции собственности, и главный –реестр учета недвижимости, уже сданной в эксплуатацию. В момент регистрации в главном реестре (что происходит после сдачи недвижимости в эксплуатацию), можно будет изменить имя собственника с физического лица на оффшорную компа-нию в «Джебель Али», предоставив соот-ветствующее подтверждение о не смене владельца, т. е. свидетельство, подтвержда-ющее факт, что бенефициаром компании выступает владелец недвижимости.
Должен ли я буду оплачивать допол-нительный взнос за перерегистрацию собственности, если в настоящее время договор купли-продажи оформлен не на имя оффшорной компании в «Джебель Али»?
Для совершения процедуры пере-регистрации прав собственности на имя компании, застройщик должен выдать «Сертификат об отсутствии возражений» (NOC) на перевод недвижимости на имя оффшорной компании в «Джебель Али». Как отмечалось ранее, застройщику необходимо предоставить доказатель-ство того, что лицо, указанное в дого-воре купли-продажи, является факти-ческим владельцем новой компании.Стоимость сертификата обычно не пре-вышает 3500 дирхамов ОАЭ.
Если сертификаты об отсутствии воз-ражений предоставлены застройщиком и СЭЗ «Джебель Али», процедура пере-регистрации проводится без взимания дополнительной оплаты, опять же по предоставлению доказательства того, что лицо, указанное в договоре купли-продажи, является фактическим владель-цем новой компании.
Что делать, если моя недвижимость уже зарегистрирована на имя оффшорной компании на БВО?
Изменения в регистрации недвижимо-сти относятся только к случаям, имевшим место до 1 января 2011 года, и не затраги-вает существующие структуры владения собственностью.
Позволяют ли оффшорные компании в «Джебель Али» владеть недвижимостью по всей территории Дубая?
В соответствии с циркуляром СЭЗ «Джебель Али» от 2006 года, оффшорные компании в «Джебель Али» могут владеть недвижимостью в любом проекте Дубая, при-надлежащем таким застройщикам, как Dubai World, Dubai Holdings и Emaar Properties.
В принципе, хотя и не существует никаких ограничений на регистрацию недвижимости на имя оффшорной ком-пании в «Джебель Али», владельцу ком-пании необходимо получить «Сертификат об отсутствии возражений» от СЭЗ «Джебель Али», для того, чтобы зарегистри-ровать собственность в Земельном депар-таменте Дубая. По состоянию на сегодняш-ний день мы не сталкивались с отказом в выдаче «Сертификата об отсутствии возражений» на недвижимость вне пере-численных выше проектов.
Как проходит регистрация офф-шорных компаний в СЭЗ «Джебель Али»? Сколько это будет стоить инвестору?
Процедура регистрации довольно про-ста, требования по предоставлению доку-ментации на владельца компании стандар-тна. Когда сооветствующие документы пре-доставлены, регистрация занимает около 4-5 рабочих дней. От акционеров компании требуется единовременное посещение СЭЗ «Джебель Али» для подписания учреди-тельных документов (или предоставление доверенности на третье лицо). Стоимость регистрации компании составляет US$ 4500, ежегодное продление лицензии – US$ 2050.
Компания Sovereign Corporate Services является одним из первых агентов, зареги-стрированных в СЭЗ «Джебель Али». Услуги по регистрации и сопровождению компаний осуществляется квалифицированным персо-налом в составе 25 человек.
Расскажите, как проходит процудура продажи недвижимости, которая зарегистрирована на имя компании (юридическое лицо)?
У вас есть два варианта: вы можете либо продать имущество компании, просто под-писав соответствующие документы от имени её директора, или продать акции компании (предполагается, что компания владеет только одним активом – недвижимостью).
Земельный департамент Дубая должен быть уведомлен о внесении изменений в структуру компании, для этого в него необходимо предоставить копии соответствующих заверенных доку-ментов. Мы будем рады помочь со сбором и предоставлением документов.
На все последующие вопросы специалисты компании Sovereign Corporate Services с удовольствием вам ответят. Пожалуйста, обращайтесь:
Анастасия Белова, менеджер по развитию бизнеса
abialova@sovereigngroup.com
+971 4 448 6010
+971 50 785 9180
Thursday, December 15, 2011
Wednesday, December 7, 2011
Sovereign supports rising team
NEWS RELEASE
Sovereign supports rising team
IT’S all change for basketball team Manzur this season with a new sponsor, a new name and a combined force of players going into division two of the Yorkshire Guernsey league.
Last year the side had an A team and a B team playing for divisions two and three but a strategic decision to combine top players meant the side sits neatly in division two.
Changes to league means the side will also have the opportunity to play against division one teams in a combined division knockout tournament so the team will be exposed to a highly competitive level of basketball.
This coincides with a new sponsorship deal with Sovereign Trust, which has agreed to support the side.
Now named Sovereign Trust, the basketball team includes two Most Valuable Players (MVPs) from last season. Coach Matthew Sarl was voted as the best player in division two and in division three it was Liam Doherty, who also finished highest on the scoreboard.
Mr Doherty, trainee compliance officer at Sovereign Trust, said it was a huge opportunity to pit themselves against more experienced players.
‘A lot of the players in division one frequently travel off island to play national games so the standard is just much higher. Getting to compete at that level is really exciting for us and will no doubt improve our basketball. I have high hopes. I’m obviously biased but by pooling our talent I think we could do really well this season,’ he added.
Managing director of Sovereign Trust, Rob Shipman, said: ‘Liam approached me earlier this year about getting involved with the team. We’re always keen to support staff and the community in general so were happy to assist. I look forward to seeing how they progress in this division and wish them good luck,’ he added.
Sovereign supports rising team
IT’S all change for basketball team Manzur this season with a new sponsor, a new name and a combined force of players going into division two of the Yorkshire Guernsey league.
Last year the side had an A team and a B team playing for divisions two and three but a strategic decision to combine top players meant the side sits neatly in division two.
Changes to league means the side will also have the opportunity to play against division one teams in a combined division knockout tournament so the team will be exposed to a highly competitive level of basketball.
This coincides with a new sponsorship deal with Sovereign Trust, which has agreed to support the side.
Now named Sovereign Trust, the basketball team includes two Most Valuable Players (MVPs) from last season. Coach Matthew Sarl was voted as the best player in division two and in division three it was Liam Doherty, who also finished highest on the scoreboard.
Mr Doherty, trainee compliance officer at Sovereign Trust, said it was a huge opportunity to pit themselves against more experienced players.
‘A lot of the players in division one frequently travel off island to play national games so the standard is just much higher. Getting to compete at that level is really exciting for us and will no doubt improve our basketball. I have high hopes. I’m obviously biased but by pooling our talent I think we could do really well this season,’ he added.
Managing director of Sovereign Trust, Rob Shipman, said: ‘Liam approached me earlier this year about getting involved with the team. We’re always keen to support staff and the community in general so were happy to assist. I look forward to seeing how they progress in this division and wish them good luck,’ he added.
Exclusive IFAS Programme introduced by Sovereign Trust
Exclusive IFAS Programme introduced by Sovereign Trust
For the exclusive use of IFAs Sovereign Trust (Channel Islands) Limited “Sovereign Trust” has introduced the International Financial Adviser Support or ‘IFAS’ Programme, a unique technical support programme to provide a one-stop shop for information on international pensions.
The technical expertise is provided by Isle of Man based PenTech Limited, specialist Pension Technicians, which has signed an exclusive deal with Sovereign Trust. Sovereign Trust, which already enjoys a sizeable share of the international pensions market, both QROPS and QNUPS, is part of an international group that provides financial services but is independent of any bank, law firm or IFA group.
The PenTech designed IFAS Programme is a unique web-based service that provides IFAs with access to live data and fast responses to queries about existing UK or international pensions schemes for the benefit of their clients. To access the service IFAs simply need to register and create their own profile.
Once approved, IFAs are able to log on to a secure, confidential service portal through which they can ask questions and track and review all of their cases. Each request is handled by experienced and qualified Technicians and all correspondence is recorded and can be revisited at any time. The comprehensive and unique service also includes provision of basic critical yield reports and, if required, the production of an all-important independent Pension Transfer Report (‘TVAS’).
Sovereign Trust’s managing director Rob Shipman said: ‘UK and international pensions are increasingly complex due to ever changing legislation. The Sovereign sponsored ‘IFAS Programme’ is a fantastic resource for IFAs wanting to give the best advice to their clients.’
Director of PenTech Peter Davis added: ‘The service has been far more successful than we could have ever anticipated. We are continually updating it as our clients’ needs evolve. It is completely live and offers total technical support for IFAs.’
Contact Sovereign Trust for more details of how to access this unique facility.
ENDS
Enquiries to: Rob Shipman
ci@SovereignGroup.com
Sovereign Trust (Channel Islands) Limited
Tel: +44 (0)1481 729965
www.SovereignGroup.com
For the exclusive use of IFAs Sovereign Trust (Channel Islands) Limited “Sovereign Trust” has introduced the International Financial Adviser Support or ‘IFAS’ Programme, a unique technical support programme to provide a one-stop shop for information on international pensions.
The technical expertise is provided by Isle of Man based PenTech Limited, specialist Pension Technicians, which has signed an exclusive deal with Sovereign Trust. Sovereign Trust, which already enjoys a sizeable share of the international pensions market, both QROPS and QNUPS, is part of an international group that provides financial services but is independent of any bank, law firm or IFA group.
The PenTech designed IFAS Programme is a unique web-based service that provides IFAs with access to live data and fast responses to queries about existing UK or international pensions schemes for the benefit of their clients. To access the service IFAs simply need to register and create their own profile.
Once approved, IFAs are able to log on to a secure, confidential service portal through which they can ask questions and track and review all of their cases. Each request is handled by experienced and qualified Technicians and all correspondence is recorded and can be revisited at any time. The comprehensive and unique service also includes provision of basic critical yield reports and, if required, the production of an all-important independent Pension Transfer Report (‘TVAS’).
Sovereign Trust’s managing director Rob Shipman said: ‘UK and international pensions are increasingly complex due to ever changing legislation. The Sovereign sponsored ‘IFAS Programme’ is a fantastic resource for IFAs wanting to give the best advice to their clients.’
Director of PenTech Peter Davis added: ‘The service has been far more successful than we could have ever anticipated. We are continually updating it as our clients’ needs evolve. It is completely live and offers total technical support for IFAs.’
Contact Sovereign Trust for more details of how to access this unique facility.
ENDS
Enquiries to: Rob Shipman
ci@SovereignGroup.com
Sovereign Trust (Channel Islands) Limited
Tel: +44 (0)1481 729965
www.SovereignGroup.com
Tuesday, December 6, 2011
Santa in Gibraltar for Christmas
Santa in Gibraltar for Christmas
Santa Claus shivered as he emerged into the weak winter sunshine at Gibraltar’s southernmost tip. When he booked a Mediterranean Christmas break, he remembered reading about the re-development of Europa Point. Surely Gorham’s Cave had been given a makeover too? After all, wasn’t Gibraltar Woman found there – the one that would have been more famous than Neanderthal Man (for she was older) had it not been for clever marketing by those pesky Prussians or whatever they were.
But no, sad to report, Gorham’s Cave seemed to be as cold and inhospitable as it was during his first visit in 2009. He was past caring whether Gibraltar Woman was the oldest European human ever discovered – he thought there just might be another one stuck down there judging by that curious stench.
So what was this much loved Christmas figure up to by visiting Gibraltar in December? It was all due to his age. He blamed H.M. The Queen – 85-years-old and she’d just done a tour down under. And in 2012, not just the Olympics but her Diamond Jubilee too. “Face it,” he said to himself, “she might be much loved and all that, but she’s made us older chaps feel really guilty about retiring.”
Then there was Rudolph to consider. He wasn’t getting any younger and the cold was getting to his antlers. So Santa decided that this year, he would outsource all his seasonal duties to some out of work investment bankers – who’d set up a grotto in his name in the City. Santa decided wisely to pack it all in and spend “the holidays”, as Christmas now seems to be called, here in Gibraltar.
But after hundreds of years, what’s a chap to do at Christmas if not dispense good cheer and bonhomie? He was bored, but remembered his old friends The Rock Family. He reminded himself all about “The Rocks” by looking up the December 2009 edition at www.thegibraltarmagazine.com. He went off in search of them.
It had all changed quite a bit, what with King’s Wharf and the other new developments on the west side. And what about the new buses? They might be free but he wasn’t allowed on. Anyway Rudolph gets a bit upset as he has the monopoly on Santa transport but the sleigh is a difficult vehicle to manage in the Upper Town. They settled on a pair of the new Gibibikes and out stepped our hero to see what the Rock family wanted for Christmas.
“Ho-ho-ho” went the doorbell that had been adjusted for the season. The festive lights flickered as the neighbours’ own lights went out altogether. Santa had read about all the new buildings putting a demand on the electricity but all he’d done was ring the bell, honest.
After what seemed an age, Mrs. Rock duly appeared at the door, albeit after some none too discreet curtain twitching. She didn’t seem over keen to greet the visitor but smiled at him weakly. “If you’re coming in, wipe your reindeer’s paws, vale?”
Santa breezed in as Rudolph trailed rather mournfully behind. The whole family was at home – Mr. Rock Senior (miserable as sin, as always), Number One son, daughter-in-law and baby, and the 20-year-old rascal that passed for Number Two son. Santa smiled – for that is what Santa does – and told them he wanted to gift them finance-related presents for Christmas.
Old man Rock just wanted some crisp £20 notes – “and not any of those that were taken out of circulation in the summer if it’s all the same to you”. He explained that he’d been given one in his change in the bar the day before and was lost as to what to do with it. The problem was that his bank account was empty and they wouldn’t give him an overdraft. That’s because his credit card was full – or “maxed out” as his second son called it. He was going to be in for a very austere time if Santa didn’t come to the rescue with some readies.
Mrs Rock had other things on her mind. She didn’t want pounds because she was going to Spain to get her Christmas shopping. Loyal shopper in Gibraltar she wasn’t. Could Santa please do something about the exchange rate? “So I can get more euros for my pounds,” she said. Santa looked at Rudolph who rolled his droopy eyes under his antlers. “How many more times Mrs. Rock?” pleaded Santa. “The plural of euro is still euro, not euros.” She really didn’t care – it was all Greek to her! She was sure there was a joke in there somewhere, if only she could understand it.
She tried another tack. “Alright then, what about a higher interest rate for my savings?” Santa explained that this was another thing altogether but that because of the economic situation, she was unlikely to see the rate rising any time soon. “It’s all to do with no money being around you see?” She told him she didn’t see at all and disappeared into the kitchen.
Santa turned to the next generation. “And what would you like by way of a financial present this Christmas?” he asked Number One son and his wife. They pondered for a second – and the baby pouted. They do a lot of pondering these days now that all their money goes towards the little one’s upkeep. They explained that what they really wanted was low interest rates so their mortgage payments would remain affordable. Exactly the opposite present to the one demanded by Mother Rock who wanted higher rates for her savings.
Santa explained that the “base rate” was likely to stay at very low levels for quite a while longer. The banks are free to set whatever rate their clients would accept – if they were prepared to lend in the first place. Then there was the “arrangement” fee that can add a fair amount on to the real effective interest rate.
So rates for savings were low and rates for mortgages can work out to be comparatively high, if you can get the loan in the first place. Not really what the young family wanted to hear. Santa felt his despair coming on again. The same feeling he got last year when he spent Christmas spending money with the Greek Prime Minister – but that was quite another story.
Then Number Two son piped up. “OK then clever Santa,” he sneered, “what’s all this about quantitative easing, then?” Santa was startled. It turned out that the lad was studying economics. “Crikey,” thought Santa. “A know-all; just what this family needs”.
He thought about his answer for a moment, wondering whether he should even start attempting to explain that it was when governments issue new debt by paying for it themselves thereby increasing the amount of money in circulation, when old Mrs Rock returned and chimed in. “Quantitative easing? Isn’t that what cousin Cloti had last year, dear? You remember; when she was suffering from her trouble. She got some ointment and that sorted it though.”
Rudolph raised his eyes again, pointed at his watch and brayed, “Come on Santa, we’ve got to go”. Santa looked round at the family and had to agree. They all want something different but they can’t all be satisfied because if one person is happy that can only mean that the others are not – economics just doesn’t allow it.
Santa decided to send them all an M&S voucher – they’re very nice they are – and he went back to the Cave with Rudolph for the rest of the holidays. Actually it wasn’t too bad there, after all. As he settled down to his Christmas dinner whilst Rudolph went to play with the apes on the Upper Rock, Santa reflected on the year just past. As he took out the new jumbo Su-Doku book that his favourite reindeer had bought him for Christmas, he grinned as he contemplated a few days away from worrying about the economy. If it’s all going to pot, he thought to himself, this here Gibraltar is just about the best place until it’s all sorted.
He looked at his Christmas cards and picked up the one from that odd bloke at Sovereign Trust who keeps writing about things. What did it say again? Ah yes.
A very Merry Christmas from all the staff at Sovereign Trust, Gibraltar – and a Prosperous and Happy New Year 2012.
He felt jolly once again.
Santa Claus shivered as he emerged into the weak winter sunshine at Gibraltar’s southernmost tip. When he booked a Mediterranean Christmas break, he remembered reading about the re-development of Europa Point. Surely Gorham’s Cave had been given a makeover too? After all, wasn’t Gibraltar Woman found there – the one that would have been more famous than Neanderthal Man (for she was older) had it not been for clever marketing by those pesky Prussians or whatever they were.
But no, sad to report, Gorham’s Cave seemed to be as cold and inhospitable as it was during his first visit in 2009. He was past caring whether Gibraltar Woman was the oldest European human ever discovered – he thought there just might be another one stuck down there judging by that curious stench.
So what was this much loved Christmas figure up to by visiting Gibraltar in December? It was all due to his age. He blamed H.M. The Queen – 85-years-old and she’d just done a tour down under. And in 2012, not just the Olympics but her Diamond Jubilee too. “Face it,” he said to himself, “she might be much loved and all that, but she’s made us older chaps feel really guilty about retiring.”
Then there was Rudolph to consider. He wasn’t getting any younger and the cold was getting to his antlers. So Santa decided that this year, he would outsource all his seasonal duties to some out of work investment bankers – who’d set up a grotto in his name in the City. Santa decided wisely to pack it all in and spend “the holidays”, as Christmas now seems to be called, here in Gibraltar.
But after hundreds of years, what’s a chap to do at Christmas if not dispense good cheer and bonhomie? He was bored, but remembered his old friends The Rock Family. He reminded himself all about “The Rocks” by looking up the December 2009 edition at www.thegibraltarmagazine.com. He went off in search of them.
It had all changed quite a bit, what with King’s Wharf and the other new developments on the west side. And what about the new buses? They might be free but he wasn’t allowed on. Anyway Rudolph gets a bit upset as he has the monopoly on Santa transport but the sleigh is a difficult vehicle to manage in the Upper Town. They settled on a pair of the new Gibibikes and out stepped our hero to see what the Rock family wanted for Christmas.
“Ho-ho-ho” went the doorbell that had been adjusted for the season. The festive lights flickered as the neighbours’ own lights went out altogether. Santa had read about all the new buildings putting a demand on the electricity but all he’d done was ring the bell, honest.
After what seemed an age, Mrs. Rock duly appeared at the door, albeit after some none too discreet curtain twitching. She didn’t seem over keen to greet the visitor but smiled at him weakly. “If you’re coming in, wipe your reindeer’s paws, vale?”
Santa breezed in as Rudolph trailed rather mournfully behind. The whole family was at home – Mr. Rock Senior (miserable as sin, as always), Number One son, daughter-in-law and baby, and the 20-year-old rascal that passed for Number Two son. Santa smiled – for that is what Santa does – and told them he wanted to gift them finance-related presents for Christmas.
Old man Rock just wanted some crisp £20 notes – “and not any of those that were taken out of circulation in the summer if it’s all the same to you”. He explained that he’d been given one in his change in the bar the day before and was lost as to what to do with it. The problem was that his bank account was empty and they wouldn’t give him an overdraft. That’s because his credit card was full – or “maxed out” as his second son called it. He was going to be in for a very austere time if Santa didn’t come to the rescue with some readies.
Mrs Rock had other things on her mind. She didn’t want pounds because she was going to Spain to get her Christmas shopping. Loyal shopper in Gibraltar she wasn’t. Could Santa please do something about the exchange rate? “So I can get more euros for my pounds,” she said. Santa looked at Rudolph who rolled his droopy eyes under his antlers. “How many more times Mrs. Rock?” pleaded Santa. “The plural of euro is still euro, not euros.” She really didn’t care – it was all Greek to her! She was sure there was a joke in there somewhere, if only she could understand it.
She tried another tack. “Alright then, what about a higher interest rate for my savings?” Santa explained that this was another thing altogether but that because of the economic situation, she was unlikely to see the rate rising any time soon. “It’s all to do with no money being around you see?” She told him she didn’t see at all and disappeared into the kitchen.
Santa turned to the next generation. “And what would you like by way of a financial present this Christmas?” he asked Number One son and his wife. They pondered for a second – and the baby pouted. They do a lot of pondering these days now that all their money goes towards the little one’s upkeep. They explained that what they really wanted was low interest rates so their mortgage payments would remain affordable. Exactly the opposite present to the one demanded by Mother Rock who wanted higher rates for her savings.
Santa explained that the “base rate” was likely to stay at very low levels for quite a while longer. The banks are free to set whatever rate their clients would accept – if they were prepared to lend in the first place. Then there was the “arrangement” fee that can add a fair amount on to the real effective interest rate.
So rates for savings were low and rates for mortgages can work out to be comparatively high, if you can get the loan in the first place. Not really what the young family wanted to hear. Santa felt his despair coming on again. The same feeling he got last year when he spent Christmas spending money with the Greek Prime Minister – but that was quite another story.
Then Number Two son piped up. “OK then clever Santa,” he sneered, “what’s all this about quantitative easing, then?” Santa was startled. It turned out that the lad was studying economics. “Crikey,” thought Santa. “A know-all; just what this family needs”.
He thought about his answer for a moment, wondering whether he should even start attempting to explain that it was when governments issue new debt by paying for it themselves thereby increasing the amount of money in circulation, when old Mrs Rock returned and chimed in. “Quantitative easing? Isn’t that what cousin Cloti had last year, dear? You remember; when she was suffering from her trouble. She got some ointment and that sorted it though.”
Rudolph raised his eyes again, pointed at his watch and brayed, “Come on Santa, we’ve got to go”. Santa looked round at the family and had to agree. They all want something different but they can’t all be satisfied because if one person is happy that can only mean that the others are not – economics just doesn’t allow it.
Santa decided to send them all an M&S voucher – they’re very nice they are – and he went back to the Cave with Rudolph for the rest of the holidays. Actually it wasn’t too bad there, after all. As he settled down to his Christmas dinner whilst Rudolph went to play with the apes on the Upper Rock, Santa reflected on the year just past. As he took out the new jumbo Su-Doku book that his favourite reindeer had bought him for Christmas, he grinned as he contemplated a few days away from worrying about the economy. If it’s all going to pot, he thought to himself, this here Gibraltar is just about the best place until it’s all sorted.
He looked at his Christmas cards and picked up the one from that odd bloke at Sovereign Trust who keeps writing about things. What did it say again? Ah yes.
A very Merry Christmas from all the staff at Sovereign Trust, Gibraltar – and a Prosperous and Happy New Year 2012.
He felt jolly once again.
Subscribe to:
Posts (Atom)