Residency And Cat 2 In Gibraltar

Individuals who wish to enjoy the benefits of Mediterranean living in a beneficial tax environment may avail themselves of the Qualifying (Category 2) Individual Rules 2004 (the Rules) which were made under the Income Tax Act.  Such individuals may become residents of Gibraltar and in this connection may apply for a Qualifying Certificate under the Rules.

Under the Rules, individuals in possession of a Qualifying Certificate are liable to tax only on the first £80,000 of assessable income.  Under the rates of tax currently enforced in Gibraltar, the maximum liability to tax for such individuals would be approximately £28,360 per annum.  There is, however, a minimum tax of £22,000 per annum, payable irrespective of the individual's income in that year of assessment.