Gibraltar, a small island located off the southern coast of Spain, is a British Overseas Territory with an international reputation for its fine weather, high quality of life and the Rock of Gibraltar. The Rock of Gibraltar is an enormous limestone monolith that attracts vast numbers of tourists every year, boosting the local economy during the prime tourist season. Similarly, the Strait of Gibraltar, the narrow strip of sea between Spain and Morocco, is one of the planet’s busiest shipping lanes. Furthermore, Gibraltar is famous among Britons for being a financial centre of the EU, a state of affair brought about primarily thanks to its notoriously low levels of taxation compared to other European countries and territories.
How This Helps You
Gibraltar’s infamously low tax rates—with no Capital Gains Tax, VAT or Inheritance Tax—make it an absolute haven for people looking to preserve and consolidate their wealth. This has also led to a stable, reliable economic increase in Gibraltar since it became a member of the European Union. The international finance sector has focused its attention on Gibraltar, with many professional investors and venture capitalists moving their lives and families to Gibraltar with the intent of taking advantage of the Mediterranean island’s wealth-friendly climate.
When dealing with the delicate emotional situation that is estate planning, or exerting control over family wealth, territories like Gibraltar offer a generous, viable option to those who don’t want to see their family wealth seized by the grasping fingers of government authorities. Because Gibraltar has no inheritance tax, planning your estate and organising inheritance becomes far easier than in places that tax the wealth to which your loved ones are entitled, or to which you are entitled. What’s more, Gibraltar’s incredibly low personal income tax means that even the wealthiest residents pay less than twenty-five percent in income tax, and the island’s government has committed itself to lowering that figure even further. Gibraltar companies also benefit from the low corporation tax, which takes only ten per cent of income accrued or derived in Gibraltar. Even if you base your company in Gibraltar, the government of Gibraltar will not tax you for any income accrued overseas, no matter how much it is.
Finding the Right Company to Get the Most Out of Gibraltar
If you’re considering moving your business, or even moving your whole life, to Gibraltar, you’ll want to consult the services of a professional to ensure that you’ll be making the most of the big move. A local (that is, Gibraltarian) trust group with services catering to both individuals and large companies is your best bet. They should be able to assist you with tax planning mechanisms, or advise you in how best to set up a company in Gibraltar to take advantage of its numerous aforementioned benefits. For example, you might want to use or set up a company in Gibraltar with the specific purpose of complex asset holding, or creating the sort of company structure that will help you to avoid the taxes imposed by many other EU nations. Working with the right financial services provider or trust group, namely one based in Gibraltar with experience in these areas, will allow you to get the most out of your new Gibraltar company.