The Gibraltar Government introduced the Category 2 rules to make Gibraltar a fiscally attractive location for wealthy individuals. This coupled with the fact that there is no inheritance tax, capital gains tax, wealth tax or VAT in Gibraltar makes it a worthwhile option for anyone looking to change their tax residency.
Category 2 tax residents have their tax capped at a maximum of approximately £30,000 per annum. This capped amount is calculated based on a total incoming of £80,000 but the capped amount varies from year to year due to changes in the tax band.
Redmount Trust is in a position to assist both in the submission of an application to obtain Qualifying (Category Two) Individual residency status and seek suitable approved residential accommodation for those seeking to reside in Gibraltar.