High net worth individuals considering a great place to live and an efficient tax residence. Choose Gibraltar? There are a number of reasons why Gibraltar is regarded as a great centre for the personal and business activities of high net worth individuals. • Gibraltar is a #British Overseas Territory and a self-governing and self-financing parliamentary democracy within the European Union (EU). • Gibraltar is physically part of #Europe; it is not an island and is located at the southernmost tip of #Spain, allowing easy access to Spain, #Portugal and beyond. • With a state-of-the art international airport Gibraltar offers flights to and from a number of #UK destinations on a daily basis. • It offers a vibrant property market with an excellent choice of high quality housing. • Gibraltar provides diverse marina facilities capable of berthing large luxury yachts. • It is a #Mediterranean territory and as such enjoys excellent weather and lifestyle. • Its EU membership provides passporting rights in banking, investment services, insurance, insurance mediation and reinsurance across all EU and European Economic Area (EEA) countries and access to a market of in excess of 500m people. • The economy of Gibraltar, forecast to grow to £1.8bn by 2015 and the Government has maintained a budget surplus throughout the recent economic slowdown that has affected much of the developed world. #GDP continues to grow in excess of 10% • Gibraltar operates a low tax regime including a tax residency scheme for individuals with net assets in excess of £2m (conditions apply) capping the maximum personal income tax at £29,880. • No #VAT, no capital gains #tax, no inheritance tax, no wealth taxes. Its currency is the Gibraltar pound, which is at par with UK sterling; Gibraltar is not a Eurozone country.
Tax residence for high net worth individuals Legislation Income Tax Act 2010: Qualifying (Category 2) Individuals Rules 2004. Available online at www.gibraltarlaws.gov.gi Minimum net asset requirement: Applicant must possess net assets to a value of at least £2m Tax Applied to first £80,000 of taxable income only. Minimum amount of annual tax payable is £22,000, or £1,833.33 for each complete month or part month for which the certificate is in force. Maximum is circa £30,000 (or £2,500 per month or part month). Prohibited activities. The individual must undertake not to engage in any trade, business or employment in Gibraltar other than duties incidental to any trade, business or employment based outside Gibraltar. However, this restriction is