Gibraltar has a number of different tax regimes depending on your individual situation and whether you enjoy earned or passive income or a combination of the two. What all residents of Gibraltar benefit from is a jurisdiction free from Capital Gains Tax, Wealth Tax, Savings Tax, Gift Tax and VAT. Neither is there any Gibraltar liability to Inheritance Tax but British Expats beware, UK Inheritance Tax is based on the concept of domicile rather than residency and British Expats in Gibraltar may never be able to remove their liability to this UK tax.
The requirements for obtaining residency will vary depending on the residency category you wish to apply for but will certainly require you to obtain permanent accommodation in Gibraltar either by renting or by buying a suitable property. It is also worth noting that following the introduction of Common Reporting Standards residency, tax and other information is shared with other tax authorities throughout the world. It is therefore important to spend sufficient time in Gibraltar to maintain your residency status as well as not to run the risk of triggering residency elsewhere.
This is particularly important if you intend to spend significant periods of time in Spain where the residency rules can be extremely complicated. Fortunately, our team have specialist in depth knowledge of the residency rules in both jurisdictions and the way they interact and are able to guide clients to ensure they remain within the law in both countries.
A successful change of residency is not just about relocating to another country it is also about ensuring that you properly exit the country you are leaving and that your investments, pensions and other financial affairs are reviewed and assessed to ensure they are as tax efficient as possible for your new life in Gibraltar. Our highly qualified financial advisers are able to review your investments and retirement plans to make sure they are as tax efficient as possible and to provide you with ongoing advice and support.