Gibraltars convenient location offers many benefits to businesses and high net worth individuals around the globe. Situated on the southern tip of the Iberian Peninsula it combines the Mediterranean climate and lifestyle with a leading international finance centre.
One of the attractions for individuals/businesses are “Category 2 status”have access to a status which is achieved by fulfilling certain requirements under the Qualifying (Category 2) Individual Rules 2004 and which we will summarise below, another is “HEPPS status”.
- has available to him for his exclusive use approved residential accommodation in Gibraltar for the whole of the year of assessment
- is not resident in Gibraltar and has not been in the previous five years
- has applied to the Finance Centre Director and has been issued with a certificate qualifying him as a Category 2 individual
|Maximum tax payable|
|The first £4,000 taxable income at the rate of 14%||£560|
|The next £12,000 taxable income at the rate of 17%||£2,040|
|The next £89,000 taxable income at the rate of 39%||£34,710|
The maximum assessable income is capped at £105,000 with maximum tax payable £37,310.
There are no allowances or deductions.
Tax is payable only up to the maximum assessable income of £105,000.
Any income in excess of £105,000 is not subject to tax in Gibraltar.
This status is available to individuals who possess skills not available in Gibraltar and, in the Government’s opinion, necessary to promote and sustain economic activity value to Gibraltar, who will occupy a high executive or senior management position, and who will earn more than £160,000 per annum of income in Gibraltar.