4 Reasons to Relocate to Gibraltar
29 Nov 2021 | Sarah Huntridge, Business Development Manager
Gibraltar, the Overseas British Territory found at the southern tip of Spain, offers much to international assignees. It is the understated gem of Europe.
The tiny peninsula quietly tempts people and businesses to join its community of around 30,000 people with a unique blend of financial and wellbeing benefits.
Why Gibraltar? Here are four big reasons to consider moving to “The Rock”:
1. Favourable Tax Regime
Gibraltar has a corporation tax rate of 10%, no value added tax (VAT), inheritance tax, withholding tax or capital gains tax. Additional tax benefits are also extended to high net worth individuals (known as ‘Category 2 Individuals’) and highly skilled workers (known as the Higher Executive Possessing Specialist Skills (HEPSS) status). (Source: Hassans International Law Firm, Gibraltar). The economic structure therefore favours both individuals and organisations alike.
2. Expansive Economy
Gibraltar’s jurisdiction attracts international businesses and individuals. In particular, Gibraltar appeals to sectors such as shipping, gaming and property and already hosts several global businesses.
For its size, Gibraltar boasts one of the most diversified small economies in Europe with no over-reliance on any one pillar of its economy. Gibraltar’s economy is built on tourism, shipping and port services, financial services, property and gaming. It hosts several global organisations and its robust business infrastructure also attracts innovative start-up companies.
3. Post-Brexit Conduit
As Britain leaves the EU, Gibraltar will become the natural choice for organisations looking to access the UK market. Coupled with the tax benefits to be gained, Gibraltar is set to achieve even greater prominence in the European business market.
Being located on the southern tip of the Iberian Peninsula, Gibraltar offers a wonderful combination of a Mediterranean climate and lifestyle. Its neighbour, Spain, was ranked fourth in Expat Explorer’s 2019 research because of these qualities. Gibraltar offers a similar blend for great quality of life, with an average of 300 days of sunshine each year. Both Spanish and English are spoken.
As a British Overseas Territory, Gibraltar provides its residents with free health care. It has adequate, modern healthcare facilities for assignees (and their families’) peace of mind.
Is your organisation tempted by Gibraltar’s business benefits? Are you managing international relocations or planning to move abroad?