To encourage high net worth individuals to acquire residential property in Gibraltar, subject to meeting certain criteria which are set out below, the individual's income will be calculated in accordance with the normal general tax rules in Gibraltar, subject to the following exceptions:

  • Tax will be levied only on the first £45,000 of assessable income;
  • The minimum amount of tax payable will be £10,000;
  • In respect of any one year an individual may opt to pay tax on the full £45,000 despite having received less than that amount of income. The difference between £10,000 and the actual tax paid may be carried forward to a subsequent year of assessment.

In order to qualify for these concessions certain criteria must be met, in particular the individual must:

  • have purchased property which is available for his own use for at least seven months in each year;
  • reside here for a minimum of 30 days in each year;
  • must not have been resident in Gibraltar during the last five years (although in certain circumstances this last requirement may be waived).

Once an individual is able to demonstrate that the above criteria are met, he may apply for a certificate which may have an indefinite duration. The non-refundable application fee is £500.

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

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