Residency in Gibraltar

For decades now, Gibraltar has been chief in consideration for entrepreneurial ex-pats looking to freshen up their surroundings and protect their future interests. Numerous international businesses and most UK gaming companies have their registered offices on the Rock, and several High Net Worth individuals from across the globe have obtained residency in Gibraltar with more joining the club every year. But why does this lean territory continue to attract flourishing businesses and wealthy investors?

WORDS JONATHAN TIRADO, DIRECTOR & SEAN GASKIN, TRAINEE SOLICITOR, VERRALLS BARRISTERS AND SOLICITORS

South of Spain, on the tip of the Iberian peninsula, sits the Rock of Gibraltar, a British Overseas Territory, home to a diverse array of cultures and backgrounds. Self-financed, self-sufficient, English speaking, and with southern Mediterranean weather, what’s not to love?

With the Gibraltar and Great British pound being used as the official currency of the territory, and the Bank of England rates being tracked and followed, entrepreneurs, High Net Worth Individuals and Higher Executives alike who move to Gibraltar are sure to feel comfortable trading with an established and reliable currency.

Additionally, ex-pats will have a sense of familiarity with Gibraltar law. The legal system is based on the English system, including the uses of both Common and Statute Law. However, Gibraltar benefits from having its own Parliament allowing for its own independent laws. This is particularly useful for a variety of reasons, not least its resulting tax efficient system.

Gibraltar has no Capital Gains tax, no Inheritance tax, no bank interest tax, and no wealth nor any gift tax. Dropping most of the extensive tax schemes found in the rest of the World, Gibraltar has created a lucrative investment opportunity for those who

wish to reside and set-up their businesses and companies there.

Z Ordinary Gibraltar Residence Anyone looking to begin their career in Gibraltar either as an employee or employer will be suited for an Ordinary Gibraltar Resident status. It is exceptionally easy to set up a limited liability company in Gibraltar provided there is a local registered address and corporate secretaries. With the professional industry comparable to that of London, there will be numerous experts to provide you with the guidance you will need.

There is also a possibility for self-sufficient individuals to apply for ordinary status. Individuals who are in receipt of a UK state pension are able to repatriate this pension to Gibraltar and take up residence here. Z High Net Worth Individuals

Individuals with over £2 million in net assets can qualify for Category 2 tax status, which facilitates residency requirements. With a global income tax capped at £37,310 per annum, the benefits for those looking to consolidate cannot be understated. Cat 2 certificate holders are able to claim indefinite residency and are also able to register their dependants on their certificates. Furthermore holders of Cat 2 status have the possibility of setting up a business within Gibraltar, so long as the Finance Director deems it an economic benefit for Gibraltar. Z High Executive Possessing

Workers with specialist skills sets (economically beneficial skills not already present in Gibraltar) and who earn above £160,000 a year could obtain a High Executive Possessing Specialist Skills (HEPSS) Residence Status. Qualifying individuals will only be taxed on the first £160,000 per year.

If Gibraltar feels like a place that may interest you, ex-pat or otherwise, the systems for making an application for residency are as simple as filling out a form and providing supporting documentation.

g For more information on applications and their requirements you can visit: https://www.gibraltar. gov.gi/civil-status-registration-office

With its towering rock, impressive vistas, tax efficient system and safe streets, it’s not hard to see why so many individuals and companies have sought out this Britain-in-the-Sun to make their home. Whether it’s for its diverse melting-pot culture, its impressive systems for tax and family planning or its close community, if you feel like Gibraltar is the place for you, there’s never been a better time to explore the possibility of relocation to the Rock of Gibraltar.

g All information is based on Verralls Barristers and Solicitors knowledge on Gibraltar's residency and taxation at the time of writing. All the above mentioned are subject to change. For further information, www.verralls.gi

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