Phil Cartwright is Head of Business Development for Octopus International Business Services Limited, a Commissioner for Oaths and a qualified trust and estate practitioner. Phil has over 24 years of experience in the Trust and Company field in Gibraltar. He has a wealth of contacts both locally and internationally which enables him to provide advice to clients on structuring their assets in Gibraltar and abroad. He works closely with tax advisors and lawyers around the world specialising in high-net-worth individuals. Whether you are setting up a new business, or planning for succession or sale, it is imperative to obtain the right advice.
Gibraltar has become extremely popular for crypto-based businesses and the iGaming industry and benefits from no VAT, inheritance tax or capital gains tax.
Can you share the story of what inspired you to pursue a career in international HNW finance in Gibraltar?
I relocated to Gibraltar in November 2000 (initially for a year) after completing my BA Hons in Business Studies, and 24 years later, I am still here. Gibraltar is a bit like marmite; you love it or hate it, and I certainly love marmite! I initially started my professional accountancy studies, but I didn't have a passion for it. Being an outgoing person, working in the financial services sector, learning about offshore structuring, estate planning and helping people inspired me to study for the Society of Estate Practitioners qualification, which I qualified for in 2008. Being a practitioner, keeping up to date with changes (mainly tax and compliance), gaining practical experience, and building an excellent contact base have led me to where I am today.
What's been the most significant moment or milestone in your professional journey that has led to where you are today?
I think in any successful career, you will always have disappointments. I have always tried to be very personal, very responsive to clients and treat them as I would want to be treated. I think how my former employers treated me was probably the most significant milestone and reality check, which was accompanied by an unfortunate medical issue. I was a key player in building the business development team. Our new revenue was growing through the roof when I decided to run a charity relay marathon in Ibiza in 2021 (I thought it was a great excuse for a weekend away from the wife and kids!). Unfortunately, it was after COVID that the race conditions were unbearable, and there was a limited water supply on the route. Fifteen people collapsed on the day, and I was one of them. I spent 6 days in a coma with heat stroke and dehydration, followed by another 10 days in hospital before I was discharged. The incident left me with temporary brain damage, and it took 3 months to recuperate. When I returned to work in the new year, something wasn't right. I couldn't understand why my contract was terminated in the summer. It took me a couple of months to recharge and become focused again, and now I am back, bigger and better than ever! I have a supportive team at Octopus, and we are just finalising a merger with another firm for which I will become a stakeholder.
You've spent your entire career based in Gibraltar; what are the benefits of being based in this part of the world when it comes to doing business?
Gibraltar is very small, which has its downsides. However, I prefer to look at the benefits of this. We are a small jurisdiction; we can make decisions quickly, everyone is within a walkable distance, and we know the market, the competition, and what we can deliver. We have similar services to those of the Channel Islands and the Isle of Man; however, we are far more crypto-aware/tolerant, the first country to licence iGaming, and can be more competitive in terms of pricing in the fiduciary sector. In addition, we are located in a warmer part of the world which is still British!
Operating at the highest level often involves taking risks. But what role do you believe risk-taking plays in achieving success?
There will always be business risks, but you must evaluate them for opportunities and growth. Where is your end goal? What is the exit plan? What succession planning is in place? We recently did this at Octopus with the merger, which was too good an opportunity to miss out on. The risk is that everything was fine as it was, but you need people, services, and clients to build a business.
What is your leadership philosophy, and how do you use this to inspire and motivate those around you?
I am pretty old school in this approach, but I have summarised a few points:
- I like to know how to do it myself to teach others.
- I am naturally a problem solver/fixer, so I always have an open door and am happy to find a solution for anything.
- Positive attitude – you need to like what you do, which drives passion. A positive attitude runs off on people.
- Mistakes are happy, and it's how we learn, acknowledge and deal with them.
Success doesn't happen by accident; what would you say, deep down, drives you as an individual?
I suppose a few things: I love what I do and am always motivated. Lastly, I am very money-oriented, helping people achieve their goals, and I like being nosey and finding out what people do and how they generate their wealth!
Can you share a specific setback in your career and how you utilised that experience to learn, grow and improve?
I covered this in number 2.
International finance is renowned for being very demanding, and many successful individuals in this market face challenges in balancing work and personal life. How do you manage this balance, and what strategies do you use to prevent burnout?
Hmm, good question; I am a little bit of a workaholic. My main plan is to graft during the week and spend the weekend with the family with little or no work. I also allow myself a 2-week holiday in the summer with no access to my work emails. It allows me to reset and come back energised and revitalised. In addition, Christmas time is usually quiet so plenty of family time then as well.
Many would love to follow in your footsteps. Are there key principles or lessons you wish you had known when starting your journey??
Anyone in the financial services sector setting up trusts and companies should undertake the STEP course (at least the basic certificate) as it provides an overview of the whole industry and the key points to consider when considering someone's business interests and estate planning. Besides that, hard work, learn what you can and attend as many courses as possible.
And finally, as a renowned local business leader in Gibraltar, What would you advise for those looking to do business in Gibraltar or wanting to find out more?
To be honest, I love networking. My wife thinks it's just an excuse to go to the pub, but it's easy to do in Gibraltar because it is so small. I run a weekly event where business-minded individuals who want to meet others come along and exchange ideas and business projects. It's great to sit back and see how I have helped so many people meet one another. Having been in Gibraltar for 24 years, I guide people in setting up non-resident structures and resident structures, plus relocating to Gibraltar. There are different residency options, and one is favourable for high net-worth individuals with over £2M of assets, which caps their tax at £44K a year and has a zero-day residency requirement.
The views and opinions expressed in this piece are those of the author and do not constitute advise or a recommendation. They do not necessarily reflect the official policy or position of Enness and are not intended to indicate any market or industry viewpoints, or those of other industry professionals.
