Telephone: (+350) 200 42686
Innovative and impartial international tax planning, company, trust and pensions services in Gibraltar for private clients, their businesses and their families.
Working in Gibraltar
The continued growth of Gibraltar’s economy has attracted many expatriates to work in Gibraltar and live either here or in Spain.
The majority are from the UK and come to Gibraltar on a (short-term) work contract.
Living in Spain or Gibraltar could mean being non-resident in the UK for tax purposes (i.e. having left the UK for at least one full UK tax year), creating possible tax-efficient planning.
For most employees the Gross Income Based System (GIB) will be the more beneficial of the two systems and as such the Gibraltar income tax rates and bands are lower than the UK rates and bands.
For executives it might be possible to apply for the High Executive Possessing Special Skills system (HEPSS).
HEPSS is aimed at individuals who earn more than £100,000 per annum in Gibraltar and possess the specialist skills necessary to promote and sustain the Gibraltar economy, or develop and achieve growth in a particular area that the Gibraltar government is seeking to encourage.
For individuals qualifying for the HEPSS regime, certain assessable income e.g. gross 'emoluments' of employment, is capped at £120,000 with tax payable in accordance with the GIB tax system.
This results in an effective tax rate between 26.75% and 27.125%.
An employee opting for the HEPSS system must be a specialised, skilled employee who has not previously worked in Gibraltar and whose skills benefit Gibraltar's economy.
We can also offer advice on other employment benefit planning.
As with most tax planning opportunities, the best possible solution depends on your specific situation. We will be happy to tailor the right solution for you.
To discuss how we can help you, please email us or telephone us on Gibraltar (+350) 200 42686 and ask for a member of the International Tax Team.
