HNWI

To apply for High Net Worth Individual status, a person must prove to the Gibraltar Government that he/she holds assets in excess of £2million and be willing to make a minimum £18,000 flat tax payment to the Gibraltar Tax Authorities, on an annual basis.

Another requirement is for the applicant to have not been present in Gibraltar for an extended period of time during the last five years or has engaged in any trade, business or employment in Gibraltar within the aforementioned period.

High Net-Worth Individuals pay between £18,000 and just over £20,000 per annum in tax, regardless of their income. If affairs are structured properly, however, the total annual tax liability for the HNWI will only amount to £18,000 per annum. There is even provision for the income of a spouse or any child under the age of 18 or in full time education to be deemed to be that of the Category 2 Individual.

The successful applicant will also have to find what is deemed by the Law as "Approved Residential Accommodation". This must be of a high standard and available to the applicant exclusively, throughout the year (significantly though there is no requirement dictating that the applicant need actually reside in this accommodation at any time of the year).

Marrache & Co. possesses a department exclusively dedicated to the needs of prospective HNWI's and are available to facilitate not only the search and purchase of such accommodation but also oversee the entire application process, thus ensuring the applicant a speedy and efficient transition into his or her new tax status.