Category2 (Cat2) Property in Gibraltar
Application for residency
The Government of Gibraltar introduced low tax limits in order to encourage wealthy individuals to establish a residence in Gibraltar. Such individuals known as Qualifying (Category Two) Individuals will pay tax on the first £80,000 of assessable income only and the amount of tax due and payable in any year of assessment shall be not less than £22,000.00.
An application is made to the Finance Centre Director for the issue of a certificate under the Qualifying (Category 2) Individual Rules under the Income Tax Ordinance. A £1,000 non-refundable application fee is payable and the application must be supported by two character references from recognised and established professionals (one must be from a bank and the other from a law or accountancy firm), a copy of his or her passport and a curriculum vitae.
Cat 2 Property in Gibraltar
In order for an individual to qualify as Qualifying (Category 2) Individual he must have approved residential accommodation available for his exclusive use in Gibraltar throughout the year.
Evidence of wealth
The Government would also be looking to ensure that a Qualifying (Category 2) Individual has sufficient means to maintain himself and his family. They will therefore be looking for evidence of wealth although it is not necessary for the individual to declare his worldwide wealth or earnings. The Government would also be looking to ensure that the individual has private medical insurance to cover both him and his family whilst residing in Gibraltar.
No capital gains tax or estate duty
It is also worth noting that there is no capital gains tax or estate duty in Gibraltar.
NB: The above information has been extracted from the Gibraltar Government´s website with permission from the Director of the Finance Centre https://www.gibraltarfinance.gi/private-clients/tax-residence
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