In a recent Budget address to the Gibraltar Parliament, the Chief Ministergave a two-year summation of the Government’s finances to make-up for the fact that Government was forced to forego a Budget lastyear while embroiled in the management ofthe Covid-19 pandemic.

Gibraltar hasalways offeredHigher-Net-Worth individuals an opportunity to obtain a unique tax status in Gibraltar which limits their tax liability. This status otherwise known as Category 2 Individual Resident Status (CAT 2)was revised in this year’s Budget,and now appliesa minimum tax of GBP £32,000 and a maximum of GBP £37,310 tax on a CAT 2 individual’s global income. This is the first time in over 15 years that this value has been revised upwardssince the legislation was first introduced.

This is a reflection of the confidence that the jurisdiction has in the value of its distinct fiscal identity and of its Gibraltar-resident status in the face of the uncertainties posed byboth Brexit and the COVID-19 pandemic.

Gibraltar’s geographical location at thesouthernmosttip of the Iberian Peninsula together withits benign tax regime, continue to makeit an alluringoption for High-Net-Worthindividuals looking to identify an alternative tax residence and status.

For further information on how to apply and the additional benefits of Category 2 Status, please visit our website at: https://www.formacogibraltar.com/service/gibraltar-residency-options/