Qualifying Individuals

Questions & Answers

Q.  What is a High Net Worth Individual (HNWI), Category 2 status individual and a Higher Executive Possessing Specialist Skills(HEPSS)?

A. These are individuals who are in possession of a certificate issued by the Gibraltar Finance. If you want to apply for or need information on how to obtain this certificate, you must contact the Gibraltar Finance Director, Gibraltar Finance, Suite 761, Europort, Tel 20050011, e-mail info@financecentre.gov.gi

Q. Can a High net worth individual (HNWI) or Category 2 individual be taxed under any of the 2 systems?

A. No, a High net worth individual or Category 2 individual can only be taxed under the allowances based system. At present their gross assessable income is capped at £118,000 per annum.

Q. What is the minimum and maximum annual tax liability for a High Net Worth Individual (HNWI) and a Category 2 Individual at present?

A. As tax rates presently stand the minimum annual tax liability is £37,000

    As tax rates presently stand the maximum annual tax liability is £42,380

Q. Can a Higher executive possessing specialist skills individual (HEPSS) be taxed under any of the 2 systems?

A. No, a Higher executive possessing specialist skills can only be taxed under the Gross Income Based system. At present their gross assessable income is capped at £160,000 per annum.

Q. What is the annual tax liability for a Higher executive possessing specialist skills individual (HEPSS) at present?

A. As tax rates presently stand the annual total tax liability would be £39,940

For any enquiries please contact us on Tel 200 40457 or email us at taxqi@gibraltar.gov.gi