Interview with Phil Cartwright, Head of Business Development at Octopus International Business LTD

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 sector in Gibraltar. He has a wealth of contacts both locally and internationally, enabling him to provide guidance to clients on structuring their assets in Gibraltar and abroad. He works closely with tax advisers and lawyers around the world, specialising in high-net-worth individuals. Whether setting up a new business or planning for succession or sale, obtaining the right advice is essential.

Gibraltar has become increasingly popular with 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. Twenty-four years later, I am still here. Gibraltar is a bit like Marmite: you either 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 and estate planning, and helping people inspired me to study for the Society of Trust and Estate Practitioners qualification, which I completed in 2008.

Being a practitioner, keeping up to date with changes, mainly in 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 and 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, and our new revenue was growing rapidly 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 and the race conditions were unbearable, with a limited water supply on the route. Fifteen people collapsed on the day, and I was one of them. I spent six days in a coma with heatstroke and dehydration, followed by another 10 days in hospital before I was discharged. The incident left me with temporary brain damage, and it took three 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 finalising a merger with another firm, through 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. As a small jurisdiction, we can make decisions quickly, everyone is within walking distance, and we know the market, the competition and what we can deliver.

We offer similar services to those available in the Channel Islands and the Isle of Man. However, we are more crypto-aware and tolerant, were the first country to license 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 while still being 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 against the opportunities for growth. Where is your end goal? What is the exit plan? What succession planning is in place?

We recently went through this process at Octopus with the merger, which was too good an opportunity to miss. The risk was that everything was already 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 my approach, but I have summarised a few key principles:

• I like to know how to do something myself before teaching others.
• I am naturally a problem solver and fixer, so I always have an open door and am happy to help find a solution.
• A positive attitude is important. You need to like what you do, as that drives passion, and positivity can rub off on others.
• Mistakes happen. It's how we learn, acknowledge them and deal with them that matters.

Success doesn't happen by accident; what would you say, deep down, drives you as an individual?

I suppose it is a few things. I love what I do and am always motivated. I am also very money-oriented, enjoy helping people achieve their goals, and like being nosey and finding out what people do and how they generate their wealth!

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 my family, with little or no work.

I also allow myself a two-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 is usually a quieter time, so there is 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 looking at someone's business interests and estate planning.

Besides that, work hard, 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 can 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 and resident structures, as well as 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.