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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 £70,000 of assessable income is taxable subject to a maximum of tax payable in a full year of approximately £26,000 and a minimum of £20,000.

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.