Gibraltar

Also known as the Rock, you’ll find the peninsula of Gibraltar at the southern tip of Spain. It’s a British Overseas Territory with English as the official language, although most inhabitants are fluent in both English and Spanish. Although Gibraltar has its own internal self-government, the UK retains responsibility for matters of internal security, foreign affairs, and defence.

Gibraltar has been under British sovereignty since the early 18^th century, but it remains a point of contention between Britain and Spain. Gibraltarians overwhelmingly voted against Spanish sovereignty in a referendum in 1967 and against shared sovereignty in a 2002 referendum. 

Along with the UK, Gibraltar left the European Union (EU) in 2020, with post-Brexit talks about its relationship with the EU still ongoing. 

The economy in Gibraltar centres around financial services, tourism, retail, port services, e-online gaming, and ship repair and conversion. It also has a strong FinTech presence and was among the first to implement Distributed Ledger Technology Regulations.

Our local Tax Natives in Gibraltar can tell you everything you need to know about the ins and outs of your tax obligations there. Whether you’re buying a single property, or doing complex business deals, we’ll get you the advice you need. Just say the word and we can link you with a local expert who can answer all your questions. 

THE HEADLINES

• From 1^st July 2024, the rate of corporate income tax has been 15%. Prior to that it had been 12.5%. Some utility and energy providers pay a rate of 20%.
• If you choose the Allowances Based system, your personal income tax should fall between 14% and 39%. If you choose the Gross Income Based system, the rates are between 6% and 25%. 
• Gibraltar is a VAT free jurisdiction.