CAT 2 Individual (previously known as a High Net Worth
Individual or HNWI)
In a bid to attract wealthy residents the Government
of Gibraltar introduced the Qualifying (High Net Worth)
Individuals Rules 1992.
Now known as the Qualifying (Category 2) Individuals
Rules 2004 they basically allow a qualifying individual
to become resident in Gibraltar subject to a very low
tax regime.
This tax regime is suited to individuals who pay high
personal income tax in their countries of origin. Under
the new Rules only the first £60,000 of assessable
income is taxable subject to a minimum tax payable
of £18,000 and a maximum of approximately £22,000.
In order to qualify in obtaining residency in Gibraltar
the following provisions must be complied with:
-1 An application is to be submitted to the
Finance Centre Director with a view to obtaining a
Qualifying (Cat 2) Individual Certificate. Applicants
may be EU or non EU Nationals. Two References must
be provided one of which must be from a Banker demonstrating
that the applicant’s financial standing is in
excess of £2m. A full Curriculum Vitae and a
copy of the applicant’s passport must also be
submitted
-2 Evidence must be provided confirming that the applicant
either owns or intends to purchase or rent residential
accommodation of the type approved by the Government
of Gibraltar. Most of the new property developments
in Gibraltar are deemed to be suitable for the purposes
of these rules. The applicant will need to show that
the property is sufficiently large to accommodate his
family.
-3 Proof that the applicant
and his family are members of a private health insurance
scheme. Cat 2 individuals cannot make use of the health care
provided by the Government of Gibraltar.
-4 A non refundable application fee of £1000 is submitted
with the application.
