Category 2 Gibraltar: An Intelligent decision for High Net Worth Individuals
Category 2 Gibraltar
This solution is optimal for those whose assets exceed two million pounds sterling and who need tax residency in this territory with no minimum stay requirements. Once the application is approved, a “Category 2 Gibraltar Individual” certificate, a tax identification number, a residence permit, and a Civil Registration letter will be obtained.
Then, a flat tax rate of £37,000 per year plus property rental and real estate costs (approximately £23,000 per year) must be paid.
This is the best option for those who have an international lifestyle (staying in different nations for less than 183 days a year in each)
The advantages of this Category 2 Gibraltar include zero tax on all income and savings outside Gibraltar. Tax is only levied on salaries and business income or dividends of any kind in Gibraltar. The maximum taxable income is £80000 and the maximum amount of tax is set at £27500. Any income over £80000 will not be taxable in Gibraltar.
Citizenship in Gibraltar
Gibraltar is a British territory and therefore anyone wishing to apply for citizenship in Gibraltar must do so through British citizenship. He or she will eventually become a resident of the United Kingdom.
British nationality can normally be acquired if the person was born in the UK or by introducing any Gibraltarian relatives or ancestors (grandparents).
To find out what type of British citizenship you could get, it is necessary to make an analysis of your family lineage. It will then be possible to apply for nationality under the laws of Gibraltar.
It will be possible to “enlist” as a British inhabitant on the rare occasion that you have a British identity and are not an occupant or resident of any other country.
To apply for British citizenship you must:
- Have a genuine British identification document.
- Have a certificate of good conduct from the Royal Gibraltar Police. If you have outstanding matters such as taxes, rent or fees payable, or any other commitments to the Government, you will need to settle them.
- You will need to provide evidence that you have taken the necessary steps to settle these debts.
- You must have a certificate of residence acquired at the Civil Registry office, in the immigration section. This requirement will not be requested if you have been naturalized as a citizen of a British Overseas Territory.
- Present your identification card or your Civil Registration card together with a document detailing your social contributions.
- Protective contributions with liabilities paid for the duration of your business.
- State that your objective is to make Gibraltar your permanent home. This can be stated in the application.
How to obtain a Category 2 Gibraltar Certificate
Category 2 Gibraltar certificate generally grants a special tax status to individuals with a substantial and sound financial position
- High net worth individuals: the applicant must have a net worth of more than £2,000,000, generally evidenced by a bank statement or written confirmation from the applicant’s accountant.
- Ownership requirement: the applicant must buy or rent a property in Gibraltar and have it available for his exclusive use. Therefore, it cannot be rented. In addition, the eligible property must be of a certain standard that suits the lifestyle of a high-net-worth individual.
Application for Property Approval
- The applicant for the Category 2 Gibraltar certificate must submit a ” Residence Permit Form “. At the time of application or within two months of the issuance of the Category 2 certificate, the person must provide a copy of the respective property title or lease.
- No exclusion for previous residence and activity: during the last 5 tax years, the individual must not have been resident in Gibraltar or have had a business or employment relationship in Gibraltar.
- Good standing: The person must provide 2 references of recognized and established professional character (one from a bank and one from a firm of lawyers or accountants), a copy of his passport, a curriculum vitae, and proof of financial solvency.
- The Ministry of Trade and Industry may request further information in individual cases before approving the application.
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