This special tax status is aimed at High Net Worth Individuals with net assets to a net value of at least £2 million.
This special tax status is aimed at High Net Worth Individuals with net assets to a net value of at least £2 million.
The main benefit of this Category 2 status is that tax is only payable on the first £118,000 of taxable income and the maximum annual tax liability is £44,740.
Category 2 individuals are also required to provide the Government with an advance tax payment equivalent to the maximum tax payable (£44,740). This advance payment will be refunded after deduction of any tax due at the time their certificate are relinquished or surrendered.
£1000 (Non-Refundable)
The Applicant must not within 5 years prior to application have been present in Gibraltar for a period greater than 183 days in any one of those years, or an average of 90 days in any three of those years.
Further, the Applicant must not have been engaged in a trade, business or employment in Gibraltar other than duties incidental to any trade, business or employment based outside Gibraltar, or as a director of an exempt company.
The Applicant is required to either purchase or rent an apartment in Gibraltar and have it available for his or her exclusive use throughout the year and the accommodation must be of a certain standard appropriate to sustaining the lifestyle of a wealthy individual.
A 'description of property' form must be submitted for approval by the Finance Centre Director at the time or within two months of the issue of the certificate.
Bray Properties' undertakes this service on behalf of all our clients at no cost to them and ensures approval is granted by the Finance Centre Director before they commit to any purchase or rental contract.
Bray Properties' undertakes this service on behalf of all our clients at no cost to them and ensures approval is granted by the Finance Centre Director before they make any commitment.
Unlike the former High-Net-Worth Individual Rules 1992, which required individuals to spend a minimum of 30 days in Gibraltar each year, there is now no specific legal requirement as regards the length of stay in any particular year.
This status replaced the Category 3 & 4 status and is aimed at workers with specialist skills of exceptional economic value to Gibraltar, earning more than £100,000 p.a.
The tax payable by a HEPSS is limited to the first £100,000 of earned income and they are taxed under the Gross Income Based System.
The Applicant is required to either purchase or rent an apartment in Gibraltar and have it available for his or her exclusive use throughout the year and the accommodation must be of a certain standard appropriate to sustaining the lifestyle of a wealthy individual.
A 'description of property' form must be submitted for approval by the Finance Centre Director at the time or within two months of the issue of the certificate.
Bray Properties' undertakes this service on behalf of all our clients at no cost to them and ensures approval is granted by the Gibraltar Finance Centre before they commit to any purchase or rental contract.
