Four benefits of relocating to Gibraltar
20 Apr 2023
Gibraltar boasts an excellent reputation way beyond its borders. This British Overseas Territory is often chosen by high-net-worth individuals, entrepreneurs and companies looking to relocate abroad.
1: Low tax jurisdiction
Gibraltar has a low tax regime and multiple Information Exchange Agreements in place, making it a reputable jurisdiction. Individuals and companies pay income tax on local earnings, but not on any foreign income.
Gibraltar’s corporate tax rate is 12.5% on profits that accrue or derive in Gibraltar. A company is considered resident if its administration and operation are controlled from inside Gibraltar. In addition to the low base rate, there are many other tax advantages to relocating to or setting up a new business in Gibraltar.
2: Self-government and a stable economy
Through its constitution, Gibraltar enjoys self-governance. It has its own Parliament and a democratically-elected government which sits for a
Gibraltar’s economy has adapted and diversified over the last three decades with its stable political environment. Today, the Rock’s economy is driven by an established financial and professional services industry as well as strong maritime, gaming and tourism sectors.
Increasingly, Gibraltar’s cutting-edge telecoms infrastructure and world-first DLT regulations framework are making Gibraltar an attractive base for companies operating within new technology spaces such as blockchain, fintech and insurtech.
3: UK-based Legal System and regulatory environment
Gibraltar’s legal system is based on the common law and statute law of England. In 1962 the English Law (Application) Ordinance was passed declaring the extent to which English law is in force in Gibraltar.
The Financial Services Commission (FSC) is the statutory body responsible for the regulation of the financial services industry in Gibraltar. The FSC is required by statute to match UK standards.
In January 2018, Gibraltar became the very first jurisdiction globally to introduce legislation supporting Distributed-Ledger-Technology (DLT), and has since asserted its position as a leading blockchain and virtual assets hub.
4: A warm climate and welcoming community
Gibraltar’s year-round sunshine makes it a good choice if you enjoy outdoor activities like going to the beach, hiking and dining al-fresco. English is the official language spoken here and you can expect more familiarities with the UK’s education, legal and healthcare systems.
Gibraltar’s 34,000-strong population reflects the multi-faith, multicultural communities you would expect from larger cities, making it an enriching, diverse place to call home. Its diverse culinary scene reflects its history of being one of the Mediterranean’s most important trading posts – you can eat proper British fish and chips one night, Moroccan tagine the next and Indian tapas the next.
There are a number of ways to travel in and out of the Territory. Gibraltar also shares a land border with Spain, sea connections with Morocco and its own airport boasts regular direct flights to a number of cities in the UK.
There are a number of residency options open to those wishing to relocate to Gibraltar.