The description of the 'roaming bankers' to be hired by HSBC to focus on the Asia wealth management market reinforces the notion that there are many forms of work (or aspects of business) that no longer require a traditional office space (or in some cases even physical presence in a particular location) in order to be properly pursued. With pandemic related lock-down restrictions and the acceleration of digitalisation challenging the manner (and from where) certain work functions are discharged, some businesses have taken the opportunity to reevaluate their working practices - individuals have also made a similar reexamination, with a flexible approach (allowing people at least some level of choice regarding how they structure their lives and professional and personal responsibilities) coming to the fore.
The current of openness to exploration of alternative models of operation has perhaps allowed for a wider evaluation of what is important as well as what sort of choices can be accommodated. This will obviously turn on facts, but some have embraced the exploratory climate to consider relocation to jurisdictions that may be able to better serve their interests.
Against this backdrop, and given the multitude of attractions of Gibraltar (including a fully Covid-vaccinated adult population, low personal income tax, favourable internationally compliant tax regime, common law system, imminent Schengen-style arrangements, low crime rate and high quality of life), this perhaps explains why we have already seen a number of companies and individuals (high net worth, senior executives and others) moving to Gibraltar this year, including by the establishment of a Place of Business or the incorporation or redomiciliation of an entity.
Our full service team will be delighted to greet and assist with any relocation needs.
HSBC has started hiring hundreds of bankers under a new venture to seek out wealthy clients across China. It's part of the bank's ambitious plan to employ 3,000 roaming bankers in total, armed with digital tablets.