The Sails

The key headlines for tax in Gibraltar are that corporate tax is levied at a flat rate of 15%, personal income tax is charged at an effective rate of 25% on the first £500,000 of income and that Gibraltar does not levy any capital gains tax, inheritance tax or tax on passive income.  Gibraltar also has specific programmes designed to meet the needs of high-net-worth individuals (Category 2) and their families as well as high executives possessing specialist skills (HEPSS). Add to that the wide range of structuring options available in Gibraltar, and Gibraltar represents an attractive proposition in tax to bolster the many other appealing features of moving to and living in Gibraltar.  For more information, visit our Gibraltar Tax page.

High Net Worth individuals are able to take advantage of Gibraltar’s Category 2 status to limit tax payable on their worldwide income. Currently, CAT2 individuals pay tax on a maximum of £118,000 of assessable income, resulting in a maximum tax payable of $44,740, subject to the payment of a minimum tax of £37,000 per qualifying year.

To qualify as a Category 2 individual, the applicant must be able to prove a minimum net worth of £2m, have approved accomodation in Gibraltar, and not have been resident in Gibraltar for five years prior to the application. The Cat 2 status is governed by the Qualifying (Category 2) Individuals Rules 2004

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The official currency in Gibraltar is the Gibraltar Pound. The Gibraltar Government prints the Gibraltar Pound which is accepted interchangeably at equal value with the Great British Pound. Our banks track the Bank of England’s rates of interest as they are amended from time to time. Local businesses, accustomed to trading in a busy tourist environment, also widely accept Euros. Contactless payments are possible at the vast majority of, if not all, establishments.

Gibraltar’s economy is powered by a diverse range of activities which widely fall into one of four categories – tourism, financial services, online gaming/gambling and the port.

Gibraltar attracts millions of tourists by land, sea and air every year. Air passengers now arrive and leave via Gibraltar’s international airport (https://www.gibraltarairport.gi/) which serves most of the main London airports and regional centres such as Manchester. Gibraltar Airport also welcomes private charters from other destinations. Arrivals by land consist of day tourists coming across on foot or in car/coach, as well as the many thousands of workers that come in and out of Gibraltar every day. Gibraltar also welcomes a significant number of cruise calls by the world’s leading companies during an extended peak season between May and November each year.

Education in Gibraltar is largely state provided but there are also a growing number of private nurseries and schools.  The availability of choice in education is one of the key requirements of both entrepreneurs and executives relocating to Gibraltar, and Gibraltar now offers just that.  The public sector schools have seen huge investment in infrastructure which is expected to continue as additional new schools are built.  Primary and secondary schooling in Gibraltar is compulsory and free to Gibraltar residents – for more information, visit the Gibraltar Department of Education‘s website.

The Gibraltar Health Authority is the core of healthcare in Gibraltar, offering free and extensive healthcare to registered users. The Gibraltar Health Authority (GHA) was set up under the Medical (Gibraltar Health Authority) Act 1987 and its purpose is to provide healthcare in Gibraltar, which is home to just over 34,000 residents. Gibraltar enjoys similar healthcare, and standards of healthcare provision, to most Western European countries. The GHA operates a Group Practice Medical Scheme, which is a contributory scheme and enables registered persons to access free medical treatment. For further information visit www.gha.gi

British Nationals are able to come to Gibraltar to live and work subject to complying with certain administrative requirements. Gibraltar is proud to be a cultural melting pot that, over the years, has seen people from all over the world make Gibraltar their home. As a centre for leading international businesses in gaming, insurance and other financial services fields, Gibraltar welcomes citizens from around the globe, whether by virtue of their or British citizenship or where workers come from further beyond, by means of work permits issued by the Department of Employment.  Hassans is able to assist in these applications as well as with applications based on the Category 2 qualifying status or on the High Executive Possessing Specialist Skills (HEPSS) basis. Find out more about Immigration