WWW.ABACUS.GI Expert Wealth Management & Financial Solutions Category 2 Status GIBRALTAR RESIDENCY SOLUTIONS Version 1 August 2021 GIBRALTAR RESIDENCY SOLUTIONSWHAT IS CATEGORY 2 STATUS? The Qualifying (Category 2) Individual Rules are governed by the Gibraltar Ministry of Finance and consist of speciﬁc rules and requirements that allow certain individuals to establish residence in Gibraltar and beneﬁt from favourable, low income tax treatment. It is particularly attractive to individuals from countries with high levels of income tax, such as Great Britain, Switzerland, Germany and France. This special status is subject to application, and will be granted at the discretion of the Gibraltar Finance Centre Director, once certain criteria have been met. Residence can then be easily obtained once the Category 2 status has been granted. WHAT ARE THE REQUIREMENTS? The purchase or rental of approved residential accommodation in Gibraltar that is suitable to meet the needs of your family circumstances. This must be available for your and your family’s exclusive use for the whole of the year of assessment. Minimum of £2m net assets. The Government of Gibraltar will wish to ensure that the applicant has the ﬁnancially means to be self-sufﬁcient. Non Gibraltar resident for the ﬁve years preceding the application. A curriculum vitae listing qualiﬁcations and work experience, and two references to conﬁrm your good ﬁnancial standing. One must be from a recognised Banking institution. Private medical insurance. Key features and beneﬁts As a Category 2 Individual, you will have your Gibraltar income tax capped to the maximum, calculated on the ﬁrst £105,000 of assessable income, irrespective of how much is actually earned throughout the year. The annual tax liability ranges from a minimum of £32,000 to a maximum of £37,310, depending on your individual circumstances. Tax is only paid on income remitted to Gibraltar. As a Category 2 resident in Gibraltar, you can take full advantage of Gibraltar’s status as a reputable offshore ﬁnance centre, where there is no inheritance tax, gift tax or capital gains tax. Children are eligible to attend local school in Gibraltar and beneﬁt from a high-level education that follows the UK national curriculum. There is no minimum number of days that have to be spent in Gibraltar in any year of assessment. In general terms, as a Category 2 Gibraltar resident, you should not engage in any trade, business or employment in Gibraltar, although there are certain permissible activities. Category 2 StatusWWW.ABACUS.GI Our highly experienced team can assist you throughout the whole process, step by step, from an initial consultation to discuss your circumstances, plans and aspirations, right through to submitting an application and obtaining your certiﬁcate. We can liaise with local estate agents to ensure you ﬁnd suitable accommodation, and can help arrange your private medical insurance, as well as completing all necessary paperwork for the application for Category 2 status, and to apply for residency and obtain a Gibraltar identity card and driving licence. We do not provide legal; tax or ﬁnancial advice and we strongly recommend you obtain professional tax advice prior to application. We work in partnership with leading tax professionals and can help you procure this upon your request. HOW CAN WE HELP? If you feel that Gibraltar Category 2 status may be of beneﬁt to you and you wish to ﬁnd out more, please contact Phil Cartwright for an initial, no obligation discussion. WHAT NEXT? GIBRALTAR IS A DESIRABLE JURISDICTION FOR THOSE WITH SUBSTANTIAL WORLDWIDE ASSETS WHO WOULD LIKE TO ENJOY THE FINANCIAL BENEFITS OF COMPLIANT TAX PLANNING COMBINED WITH A UNIQUE MEDITERRANEAN LIFESTYLE.The Abacus Group 5-9 Main Street, Gibraltar GX11 1AA T: +350 200 78777 E: email@example.com Contact Us Joanne Rodriguez Associate Director / BSc, DipFA Business Development firstname.lastname@example.org GIBRALTAR Philip Cartwright Senior Manager / BA (Hons) TEP - CII Pension Admin email@example.com GIBRALTAR TRUSTED TO DELIVER VALUE Expert Wealth Management & Financial Solutions Please note that the information in this document is intended for information purposes only and no reliance should be placed on it without speciﬁc legal, tax or ﬁnancial advice. Every reasonable effort is made to ensure the information is accurate and up to date. Abacus Financial Services Limited will accept no responsibility for its accuracy and correctness. Abacus Financial Services Limited or its related group of companies do not provide ﬁnancial, tax, or legal advice and it is your responsibility to procure this independently. Abacus Wealth Management Limited does provide ﬁnancial advice and is authorised under the Gibraltar Financial Services Commission under separate licence. Abacus Financial Services Limited is authorised by the Gibraltar Financial Services Commission Permission No. 1275 ABACUS FINANCIAL SERVICES LIMITED. WWW.ABACUS.GIWWW.ABACUS.GI TRUSTS · COMPANY MANAGEMENT · FUNDS · PENSIONS · WEALTH MANAGEMENT · RESIDENCY SOLUTIONS · ACCOUNTINGNext >
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