Less than three hours from the UK by airways, the wedge-shaped lump of limestone at the bottom of Spain, is a beautiful place to have a second home and live after retirement, has been a British colony since the 18th Century. And although it is warmth by sun 300 days a year, its new attractive tax system that allure most to this self-governing territory.
Let’s look at the Procedure and Laws governing buying property in Gibralatar.
Any person, from any country can buy land in Gibralatar. The sale procedure of a property is similar to that of UK,
- Once a property is selected, Solicitors are instructed.
- Vendor’s solicitor prepares draft contract
- Your solicitor consider draft contract and make enquires and local searches.
- Then you must do structural survey and arrange finances.
- Contracts are approved after amendments agreed.
- Then contract is exchanged and a deposit is paid and parties are bound to transaction.
Stamp Duty is also payable as:
- On a purchase upto 200,000 pounds, no stamp duty is to be paid.
- Between 200,001 and 350,000 pound, 2% stamp duty charge will be charged on the first £250,000with a further 5.5% payable on the value that exceeds £250,000, but under £350,000.
- Over 350,000 pound, 3% on first 350,000 pounds and 3.5% on balance.
- The Government of Gibraltar have extended the nominal stamp duty threshold from £200,000 to £250,000 for “first-time buyers” and “second-time buyers”.
Also no Estate duty, VAT and Capital Tax is levied.
With such favorable laws by government, Gibralatar is one of the best location for your second home.