Gibraltar’s low tax regime and Mediterranean lifestyle make Gibraltar an attractive base for those wishing to relocate abroad. This guide provides information on the British Overseas Territory and outlines three of the main residency options available.
Established in 1975, the Gibro Group provides wealth management solutions for clients. Through its fully independent associated businesses, the Gibro Group provides residency services including transferring assets, taxes, permits, property, domiciling of corporate vehicles and the setting up of trusts.
Gibraltar has a low tax regime and has multiple Information Exchange Agreements in place making it a reputable jurisdiction. Individuals and companies pay income tax on local earnings, but not on any foreign income.
Gibraltar’s corporate tax rate is 12.5% on profits that accrue or derive in Gibraltar. A company is considered resident if its administration and operation is controlled from inside Gibraltar. In addition to the low base rate, there are many other tax advantages to relocating to or setting up a new business in Gibraltar. Residents of Gibraltar pay no:
Gibraltar’s legal system is based on the common law and statute law of England. In 1962 the English Law (Application) Ordinance was passed declaring the extent to which English law is in force in Gibraltar.
The Financial Services Commission (FSC) is the statutory body responsible for the regulation of the financial services industry in Gibraltar. The FSC is required by statute to match the UK’s robust standards.
Through its constitution, Gibraltar enjoys self-governance. Its stable economy has adapted and diversified over the last three decades with its stable political environment. Today, the Rock’s economy is driven by an established financial and professional services industry as well as strong maritime, gaming and tourism sectors.
Gibraltar’s year-round sunshine make it a good choice if you enjoy outdoor activities like going to the beach, hikes and dining al-fresco. English is the official language spoken here and you can expect more familiarities with the UK’s education, legal and healthcare systems.
In order to qualify for Category 2 residency in Gibraltar, you must meet the requirements set by the Government of Gibraltar. These include:
In addition to the above, you will be asked for supporting documents including a CV, reference letters and certified copies of certain documents.
Highly-skilled executives who relocate to Gibraltar for work have some tax advantages under the Rock’s Higher Executive Possessing Specialist Skills (HEPSS) scheme.
The HEPSS scheme is for those who earn more than £160,000 per year and possess specialist skills that contribute to the growth and development of Gibraltar’s economy. Specialist skills are not limited to a particular sector, but individuals must hold an Executive or Senior Management position in Gibraltar.
Some of the characteristics of Gibraltar’s HEPSS scheme are:
It is also worth noting that residents of Gibraltar enjoy additional fiscal advantages such as zero:
Companies are often drawn to Gibraltar by its low base rate of Corporation Tax, but the advantages of relocating a business to Gibraltar go far beyond that. Some benefits include:
We can assist you with moving your business to Gibraltar. Through an initial meeting to identify your current setup and requirements, we will guide you through the process and ensure it runs smoothly.