The Scheme for High Net Worth Individuals in Gibraltar
Gibraltar is a special territory from several points of view, however, this year the Rock will celebrate its 25th anniversary as a high net tax worth jurisdiction. This status was given to Gibraltar thanks to the efficient tax system the authorities here developed and which benefits both companies, but also for individuals and families seeking to protect their estates. Our company registration consultants in Gibraltar can explain how the tax system works here.
Gibraltar and its Category 2 status
The Category 2 status was given to Gibraltar in 1992, however the Rock was known as a special jurisdiction for high net worth individuals from way before that. Even if Gibraltar is a British territory, it has, in fact, a parliamentary democracy sustained through self-financing. Also, Gibraltar is the only jurisdiction to also have a special status within the European Union.
Gibraltar follows the British legal system, however adjusted to the local economy, which give the territory a great credibility when it comes to high net worth individuals who come here in order to protect their assets.
An important aspect to consider is that Gibraltar is not deemed a tax haven, which also makes a great place for investments.
Our Gibraltar company formation agents can offer information on the investment legislation for those interested in setting up businesses here.
Gibraltar is one of the most prosperous territories in the world
Gibraltar has earned this status because of several factors, one of the most important ones referring to the fact that it has the 4th highest per capita income in the world – 94,000 USD – and one of the lowest unemployment rates at global level, which at this point is below 50 individuals.
Those who want to qualify as high net worth individuals in Gibraltar must:
- - have assets worth more than 2 million pounds;
- - must not be a Gibraltar resident when applying for this status.
As for the benefits under this status, the maximum tax applies is 30,000 pounds for the whole year. Also, the applicant has the right to buy or rent property in Gibraltar.
For more information on the high net worth status in Gibraltar, we invite you to contact our company formation representatives. You can also rely on us if you want to open a company in Gibraltar.