What is Category 2 Residence in Gibraltar?

Category 2 is a tax regime for high-net-worth individuals who wish to reside in Gibraltar with £2 million of net assets (in any asset class). The assets must be valued by someone independently, usually an accountant or a lawyer.
The regime caps the tax of gross assessable income of £118,000 per annum which equates to a minimum tax liability of £37,000 and a maximum tax liability of £44,740 per year.
To qualify for this status, the individual must have private medical insurance which covers Gibraltar, a premium property available for their use (owned or rented) and have not been resident in Gibraltar for the previous 5 years.
Gibraltar is very attractive in terms of tax. There is no Capital Gains Tax, Inheritance Tax or Value Added Tax in Gibraltar.
Octopus can assist Category 2 candidates to find suitable accommodation, coordinate the relevant paperwork and complete the application process.