Do you want to immigrate to Gibraltar? Moving here may make it easier to manage your business once the process for company formation in Gibraltar is complete. While there are no mandatory requirements to relocate and reside here in order to open a company in Gibraltar, some may choose to do so. Find out what there is to know from our team.
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Visas and residence permits in Gibraltar
Gibraltar is a British Overseas Territory, and the entry requirements depend on the nationality of the person entering, as well as his or her purpose for the visit.
Whether or not you require a visa to enter Gibraltar depends on your nationality. The following can apply:
- You are exempt from a visa: citizens of countries such as: Austria, Belgium, Croatia, Estonia, France, Germany, and other countries in Europe (although not all) can enter Gibraltar without a visa, only by using their passport or national identity card. All individuals, including children (of all ages) require a passport or ID to enter Gibraltar;
- You are subject to obtaining a visa prior to entry: Chinese citizens (with the exception of those who hold passports issued by the Hong Kong Special Administrative Region), Cubans, Indians, Philippines nationals and other foreigners will require a visa. Certain exemptions can apply, for example those who have foreign passports, but have indefinite leave to remain in the UK or another Crown Dependency.
EU nationals, family members of EU nationals, and non-EU nationals apply for a permit of residence and a Civilian Registration Card, based on their motive for relocation. For this purpose, the applicant submits supporting documents (depending on the reason for relocation) to the Civil Status and Registration Office.
British nationals do not require a visa to relocate to Gibraltar. Even if Gibraltar is not part of the Schengen, the key elements of an agreement that will eliminate border checks are being discussed by the UK, the EU, Spain, and Gibraltar.
If you want to enter Gibraltar to handle matters related to company formation, you should be aware of the visa entry requirements that apply in your case. Alternatively, our team specializing in company incorporation in Gibraltar can handle all or part of the procedures on your behalf.
Relocating to Gibraltar based on investments
Those who want to move to Gibraltar will have to secure residency rights and, in some cases, obtain a work permit (if they will be engaging in remunerated work provided for an employer registered in Gibraltar).
The reasons why foreign nationals choose to immigrate to Gibraltar are related to visit, study, work or doing business. Some investors also choose to open an offshore company in Gibraltar.
For investors, Gibraltar offers two types of residence permits: the one for high net worth individuals (HNWI), and the other for a higher executive possessing special skills (HEPSS). The holder of the first type of permit is considered a Category 2 individual and he or she must satisfy particular conditions. Some of these include having at least £2 million in net assets and buying or renting suitable property in Gibraltar.
The taxation of investors who immigrate to Gibraltar
High net worth individuals and higher executives with special skills are subject to a special taxation regime. Gibraltar is a jurisdiction that has attractive tax exemptions, namely there is no capital gains tax, no inheritance tax and no value added tax. However, those who set up a company in Gibraltar as HNWI permit holders are subject to the following taxation principles:
- A high net worth individual is subject to tax under the allowances based system;
- The minimum annual tax liability for a HNWI is £37,000;
- The maximum annual tax liability for HNWI individuals is £42,380;
- Higher executives possessing special skills are subject to an annual total tax liability of £39,940 (they are only taxed under the gross income-based system).
Contact our team if you require more details on how to immigrate to Gibraltar, the conditions for investors and high net worth individuals who reside here and other information.