Residency: There are many reasons that may bring you to Gibraltar. You may have come with an employer, or are here to set up your own business trading in Europe. You may have been attracted by the developing Fintech Industry and Crypto-Harbour or you may simply be here to retire in the sun.
Whatever your reasons, Knightsbridge Incorporations can help you with your relocation needs. Consider us your local guide. Whether you need to register your yacht or vehicles in Gibraltar, apply for Identity cards or wish to open a bank account, we can assist you.
Some of the residency options our clients consider are as follows:
This option best suits our professional clients who are moving to Gibraltar for work reasons. HEPSS is an acronym for “High Executive Possessing Specialist Skills,” a residency type introduced by the Gibraltar Government to attract executives with specialist skills to work and live here.
If successfully granted, the HEPSS resident Tax will have their worldwide income capped at £120,000 under the Gross Income Based System (GIB). This means the maximum income tax payable will be capped at £29,940.
To benefit from a HEPSS residency, there are a few key conditions which must be fulfilled before application, namely:
- A HEPSS resident must by an executive individual with specialist skills, looking to relocate to Gibraltar. This is normally assessed as relevant skills not already present in Gibraltar which are deemed to be of exceptional economic value to the area. We can discuss the minutiae for further clarification
- A HEPPS resident must earn more than £120,000
- A HEPPS resident cannot have been resident in Gibraltar during the three years proceeding application
- A HEPPS resident must own or rent a qualifying property in Gibraltar, not dissimilar Gibraltar Category 2 residents.
Self- Sufficiency Residency
This option best suits our client who are in receipt of passive income such as pension income. This is because, in order to apply to become a self-sufficient resident, the individual will not normally work in Gibraltar. This can be through choice or necessity and the good thing is, suitable clients can be resident regardless of whether they are of pensionable age or not.
If successfully granted, there will be no income tax to pay on the passive income. If there is any earned income, tax will apply. They also benefit from other tax benefits such as no Inheritance Tax or Capital Gains Tax.
There is no latent tax on gifting to family and no annual wealth tax on their assets. There will be no income tax applied to their interest savings and no taxation on dividends arising from companies quoted on the stock exchange. They also benefit from a flat rate of 2.5% if they wish to take a pension drawdown from a recognised QROPS or QNUPS.
To benefit from a ‘self-sufficient’ residency, there are a few key conditions which must be fulfilled before application, namely:
- A self-sufficient resident must provide two references from a banker, lawyer or accountant confirming they are of good standing and repute
- A self-sufficient resident must provide a letter or statements from the bank showing receipt of pension into Gibraltar. This must show the individual is able to support their standard of living
- A self-sufficient resident must have qualifying private medical
- A self-sufficient resident must own or rent property in Gibraltar
Knightsbridge Incorporations has extensive experience with the application for both HEPSS and self-sufficiency residency and have assisted our clients with both fulfilling the requirements of application and understanding how far-reaching the benefits can be for their finances and family through ongoing residency planning.
Knightsbridge Incorporations Limited is licensed by the Financial Services Commission in Gibraltar under licence number: FSC1334B