Gibraltar is a British overseas territory located near the southernmost tip of the Iberian Peninsula overlooking the Strait of Gibraltar. The territory shares a border with Spain to the north. Gibraltar has historically been an important base for the British Armed Forces and is the site of a Royal Navy base.
The name of the territory is derived from the Arabic name Jabal Tariq, meaning "mountain of Tariq". It refers to the geological formation, the Rock of Gibraltar, which in turn was named for the Berber Umayyad general Tariq ibn-Ziyad who led the initial incursion into Iberia in advance of the main Moorish force in 711 under the command of Umayyad Caliph Al-Walid I. Earlier, it was known as Mons Calpe, one of the Pillars of Hercules. Today, Gibraltar is known colloquially as Gib or The Rock.
A one-year investigation and analysis of 235 countries and territories by Jane's Country Risk listed Gibraltar as the top stable and prosperous British Territory, in 5th position overall. The sovereignty of Gibraltar has been a major bone of contention in Anglo-Spanish relations. Gibraltar was ceded by Spain to the Crown of Great Britain in perpetuity, under the 1713 Treaty of Utrecht, though Spain asserts a claim to the territory and seeks its return. The overwhelming majority of Gibraltarians strongly oppose this, along with any proposal of shared sovereignty. The British government has stated that it is committed to respecting the Gibraltarians' wishes.