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Tax
taxable profits. High net worth individuals considering
relocating to Gibraltar to benefit from the lifestyle or low tax status may be also be pleasantly surprised to find that they can also benefit from a special tax status called the Category 2 status (more commonly referred to as Cat2) which limits the amount of assess- able income chargeable to Gibraltar tax in any given tax year (01 July to 30 June) to £80,000, translating to a maximum tax charge of £27,560 (for 2015/2016) with a minimum tax payable of £22,000.
Accordingly, Cat2 individuals already paying the maximum Cat2 tax in Gibraltar can opt to declare their worldwide income in the jurisdiction; by doing so they would not be liable to further income tax charges in Gibraltar.
Professional wealth structuring and planning helps to preserve your family assets, enhance control over your financial position, while allowing for an orderly succession of assets across jurisdictions. One of the biggest concerns of very successful entrepreneurs, who have built thriving businesses is “how do I succeed in efficiently transferring what I
have built to the next generation?” Gibraltar, as a leading Finance Centre,
offers world class solutions to assist in succession planning, the distribution of family wealth as well as the protection of assets for individuals who reside in politically or socially unstable environments, to name a few.
Legal framework
It should be noted that Gibraltar’s legal framework boasts robust legislation that covers Companies, Trusts, Purpose Trusts and Private Trusts Companies. Legislation in respect of Foundations is also imminent, as well as firewall legislation which seeks to provide a secure environment for law trusts.
Whatever the reasons behind relocating, Gibraltar, as a leading finance centre, is very aware that all its clients need to have access to first class professional services and has developed a suite of services aligned with these needs. Good working relationships with local Government and Private Bodies, can make relocation effortless and keep bureaucracy to a minimum. Services include tax planning and compliance, succession
planning, monitoring and reporting on investments, managing payments and also extend to general concierge services to ensure a smooth relocation and trouble free living.
The fact is that we do live in a fast-pace society, many of us having to travel further from home in order to conduct our business or work duties in notoriously congested cities. If you are sitting in the inside of a congested train, bus or the tube, reading this article, packed-lunch in briefcase and standing amidst solemn-faced commuters transfixed on their mobile phones, perhaps you might yearn to take a leap into that Mediterranean advert. If so, then Gibraltar can provide a hub from which you can enjoy that idyllic way of life, as well as providing bespoke professional services required for conducting effective day-to-day business. If you are truly interested in a tax efficient southern lifestyle then Gibraltar could be your perfect port of call.
www.deloitte.gi
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the other side of gibraltar
T: (+350) 200 76501 E: reservations@caletahotel.gi www.caletahotel.com
caletagibraltarhotel @caletahotelgbz
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Gibraltar International
www.gibraltarinternational.com