High Net Worth Individuals

In February 1992 Gibraltar introduced new low tax limits for high net worth individuals ('HNWI') to encourage such individuals to become resident in Gibraltar.

HNWIs will pay tax on the first £45,000 of assessable income which results in a maximum tax charge of £20,000 and in any event may not be less that £10,000. Only income arising in or remitted to Gibraltar is taxable.

CONDITIONS

For an individual to qualify as an HNWI he/she must fulfill the following conditions:

• A HNWI must have available for his exclusive use for a period of not less than 7 months approved residential accommodation in Gibraltar.
• The individual must reside a minimum of 30 non- consecutive days in Gibraltar in the property referred to above during any year of assessment (July to June).