TAX EFFICIENT
A Gibraltar insurance company can be established either as an "exempt company " or a "qualifying company", provided it has no Gibraltarian shareholder, nor does business in the domestic Gibraltar market.
EXEMPT COMPANIES
Gibraltar exempt companies pay a fixed annual tax of £225. Exempt status is valid for 25 years from the date of issue.
QUALIFYING COMPANIES
Gibraltar qualifying companies are chargeable to tax on their profits at such rates as may be agreed by the Financial and Development Secretary, up to a maximum rate of 35%. A fee of £250 and deposit of £1000 is payable for obtaining a qualifying certificate. The criteria for qualifying companies are the same as for exempt companies.
CHOICE OF TAX REGIMES
The choice of tax regimes gives the company the flexibility to choose the tax structure which best suits its group tax circumstances.
There is also an attractive tax regime for insurance specialists working in the insurance sector in Gibraltar. Individuals qualifying for REPSS (Relocated Executives Possessing Specialist Skills) status pay a fixed amount of tax in Gibraltar of £10,000 regardless of their world-wide income.
NO VALUE ADDED TAX (VAT)
There is no Value Added Tax in Gibraltar, giving a price advantage to service operations whose charges may be chargeable to VAT, in other European territories.
OTHER TAXES
There is no capital gains tax, gift tax, wealth tax or inheritance tax in Gibraltar.
CONTACT
Anthony Fisher Finance Centre Development Director Department of Trade & Industry Government of Gibraltar Suite 771, Europort Gibraltar Tel No: + 350 50011 Fax No: + 350 47677 E-mail: finance@gibnynex.gi Website: Click Contact Link
You may also wish to read through related material on business and finance in Gibraltar provided by the Gibraltar Finance Centre.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
