Gibraltar, a British overseas territory and is a new hot location for wealthy private individuals who are looking for new country for residence. Gibraltar offers compelling tax and real estate planning benefits to the individuals looking for new way of living and changing lifestyle. If you are looking for favorable tax regime you may want to look for benefits that Gibraltar is offering.
Following are the various options available to find residency permit in Gibraltar.
Ordinarily Resident
If a person spend more 183 or more days in Gibraltar in a tax year or more than 300 days in 3 consecutive tax year can be given status of Ordinary Resident, liable to tax in Gibraltar on his/her worldwide income.
CATEGORY 2 Individual
It will attract you, if you want to remove your tax burden.
The key conditions which you must satisfy in order to qualify and obtain Category 2 Gibraltar Residency status are as follows:
- Minimum net worth must be more than £2 million.
- You must submit a Curriculum Vitae giving your qualification and work experience and Banker’s detail confirming your net worth in excess of £2,000,000.
- You must have an approved residential property and must be available for your exclusive use and be large enough for your family.
- You must not be engage in any business which is direct competition to the local market or local peoples. There is some exemption in this rule, it it can be satisfactory to Ministry of Finance. The Ministry of Finance contains the guidelines of activities in which you may involve.
- Renewal of residency permit has renewal period of 3 years, while category 2 certificate is on lifetime basis.
- You must have private medical insurance cover of you and your whole family.
SELF SUFFICIENCY
It would appeal to you if you are in receipt of passive income which already enjoys a liberal tax scheme.
Key conditions to get this type of residency
- You have to provide 2 reference from a banker, lawyer or accountant confirming number of year’s applicant known and you should have a good repute and standing and you have to provide a bank letter showing receipt of pension or 3 month bank statement demonstrating that you can support your family.
- You should have private medical insurance for you and your family regardless of you work or not.
- You have to show your property in Gibraltar or any rental contract.
- If you once applied as Self Sufficient,then you mighy not be able to switch status as Category 2.
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