Date Released: 4 March 1999
The Minister for Trade and Industry, Peter Montegriffo, announced various proposed changes to the rules governing high net worth individuals at the House of Assembly on 26 February.
Mr Montegriffo said that many practitioners had informed the Government that the current rules required amendment in various matters. After an extensive review of the current rules, six principal modifications have been incorporated in the draft regulations:
- Removing the 30-day minimum residency requirement, thereby affording greater flexibility.
- The "exclusive occupation of a property" requirement will be throughout the year, instead of the current seven months rule which is difficult to monitor and has no obvious advantage.
- The individual will be permitted to undertake international business activities, but not domestic business within Gibraltar which will remain ring-fenced.
- There will be a provision allowing the income of a spouse and children to be deemed to be that of the individual in question.
- The categories of income which are to be taken into account in determining assessable income will be clarified.
- The name will change from the previous label of "high net worth individual" to the less descriptive term of Category 2 Qualifying Individual.
The Minister said he believed the new rules would help to "substantially improve a programme for the retiree market which has enjoyed reasonable success in the past".
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: Click Contact Link Website: Click Contact Link
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.