LOW TAX LIMITS
The Government of Gibraltar introduced new low tax limits in order to encourage wealthy individuals to establish a residence in Gibraltar. Such individuals known as High Net Worth Individuals ("HNWI") will pay tax on the first £45,000 of assessable income only with a minimum tax payable per annum of £10,000. Only income received or remitted to Gibraltar is taxable and therefore such individuals could still hold a Gibraltar tax exempt company or a Gibraltar qualifying company, or indeed hold deposits in their own name in a bank in Gibraltar, and the income from such companies or bank accounts would only be taxable if received by the individual for his own use in Gibraltar. Accordingly, the HNWI is able to make full use of Gibraltar's offshore financial centre whilst at the same time paying the prescribed low tax limits.
