Category 2 is a tax regime in Gibraltar for high net worth individuals who have net assets of £2 Million or more.
It allows individuals to become resident of Gibraltar but there is no minimum days required for the regime. However, individuals must ensure they do not spend too long in other countries to become resident there.
In Gibraltar, there is no Inheritance Tax, no Capital Gains Tax, no Withholding Tax and no VAT (currently, although this is likely to change shortly).
Corporation tax is 10% on income which is accrued and derived within Gibraltar and personal tax is capped at 28%.
Under the Category 2 regime, tax is capped on your first £80,000 income so the maximum tax payable is just under £28,000 a year on your worldwide income.
If individuals conduct business in Gibraltar then any income generated would be taxable in addition to this.
So what is needed to proceed:
We guide you through the whole process.
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By Phil Cartwright
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