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Category Status
Cat 2
High Net Worth Individuals (HNWIs) toying with the idea of coming to Gibraltar and benefit of its favourable tax regime will now have to do so by becoming a Category 2 Individual.
An application will need to be made to the Finance Director, who will in turn issue the pertinent certificate, if approved. A £1,000 non-refundable application fee is payable and the application form will also need to be accompanied by 2 character references (one must be your bank and the other your lawyers or accountants), a copy of your passport and your curriculum vitae. |
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Although it is not necessary for the individual to declare his worldwide assets or earnings, the Government of Gibraltar will look for evidence of wealth, as the applicant must possess net assets to a value of at least £2 million.
The overriding factor in the determination of such an application is the purchasing or renting of a qualifying property. In our experience there is a certain type of property that will ensure the CAT 2 approval, should the others requirements be met by the individual, and at ROSSO we will be more than happy to identify these for you.
The said property will need to meet your residential requirements and be available to you and your family for 365 days a year. Having said that, there is no minimum amount of days that you will be expected to stay in Gibraltar. |
You should also not have lived or worked in Gibraltar during the 5 years prior to the application and you will not be allowed to work or trade in Gibraltar whilst considered a CAT 2 individual.
Should the application be a success you will only be taxed on the first £50,000 of your income, although the minimum amount of annual tax payable would be £14,000. |
Cat 3
Certain exempt companies established in Gibraltar may apply to the Finance Director for a CAT 3 certificate to be issued for a specific employee.
The said individual must possess skills essential the company's trade and which are not readily available locally. He must also not have lived or worked in Gibraltar for the 5 years preceding the application. He will also require approved residential accommodation in Gibraltar and again at ROSSO we would be happy to help you identify these qualifying apartments, both for rental or purchase.
Once these conditions have been met, the new CAT 3 individual will benefit from his annual tax payable being capped at £10,000 regardless of annual income.
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Cat 4
A Qualifying CAT 4 individual would need to meet the same requirements as for a CAT 3 with the exception that the company applying for the certificate, would nee to create a new and additional employment position.
If the individual's annual taxable income does not exceed £50,000, his tax will be capped at £5,000. If on the other hand it does exceed the £50,000 per annum then again his annual tax will be capped at £10,000.
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