HM Government of Gibraltar has today announced changes to the Qualifying (Category 2) regime, including an increase in the minimum net wealth requirement for new applicants from £2 million to £5 million, together with an increase in the application fee from £1,233 to £5,000.
Existing Category 2 individuals will be fully grandfathered and will therefore not be affected by these changes.
The timing is particularly interesting. With work now commencing towards the implementation of the UK-EU agreement and the removal of the land border with Spain, Gibraltar is entering a new phase of connectivity and opportunity.
Increasingly, decisions on where internationally mobile individuals and families choose to locate are driven by stability, mobility, governance and quality of life, rather than tax alone. Today’s announcement also provides a clear indication of Gibraltar’s intention to continue attracting individuals and families with substantial wealth, a long-term commitment to Gibraltar and the capacity to make a meaningful economic contribution to the jurisdiction.
In its press release, the Government has also re-affirmed its long-standing position, that Category 2 status does not confer entitlement on Cat 2 individuals to publicly funded schooling or healthcare services in Gibraltar.
It will be interesting to see how the market responds over the coming months, but the direction of travel is clear.
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