As set out in our About Us (hyperlinked), there are numerous reasons why someone may choose to relocated to our jurisdiction. We can provide advice and assist with any and all applications for residence, be these applications for particular regimes as set out below or more general applications for aspiring residents.
For those individuals who qualify, there are two special low-tax residence regimes.
Category 2 Individuals
One such example of this is Category 2 residence which requires the following:
- Documentation showing wealth in excess of £2 Million;
- Character references from (1) a bank; and (2) a lawyer, accountant or other bank;
- A curriculum vitae setting out the applicant’s source of wealth;
- A residence which is approved by the Finance Centre Director must be purchased or rented within two months of being granted Category 2 residence;
- Completed application form; and
- A non-refundable fee of £1,000.
The total amount of tax payable by Category 2 individual ranges between £22,000 and £30,000 per annum. Precise figures on tax will depend on (1) amounts of monies remitted to Gibraltar; and (2) the amount of taxable income earned by the applicant in Gibraltar within a financial year. Spouses and children are also able to approved as Category 2 individuals under the applicant’s certificate.
High Executive Possessing Specialist Skills (“HEPPS”)
HEPPS status allows specialist skilled workers who earn more than £120,000 per annum to have special fiscal status in Gibraltar. HEPPS applicants must buy or rent a suitable property in Gibraltar and, upon their application being accepted by the Finance Centre Director, they will be able to limit their tax liability to the first £120,000 only.