SOME REALLY SMART QUESTIONS TO ASK ABOUT GIBRALTAR RESIDENCY

Transcription

1 SOME REALLY SMART QUESTIONS TO ASK ABOUT GIBRALTAR RESIDENCY

2 Why Us? We are expats just like you. We are familiar with the challenges you face when you move to or live in a foreign country. We understand that securing your financial future ranks highly in your list of priorities. You want peace of mind. You value certainty. You seek a reliable financial provider. We We are are affiliated to to Gibraltar s oldest oldest legal practice, legal practice, Isolas 1892, Isolas established 1892, established more than 125 more years than ago. 125 We years believe ago. in We the believe positive benefits in the positive that continuity benefits and that close continuity personal relationships and close personal bring. relationships bring. We know you are anxious to make the right choices and take advice from people you can trust. That s exactly how we feel. We understand the importance of building long term relationships and are motivated by a desire to make a real difference to your financial future as well as those of your loved ones. We want to help you achieve your financial objectives by developing a deeper understanding of your requirements and taking a genuine interest in your financial affairs. We established a financial services practice because we are passionate about serving the British expatriate community. We too share your frustrations at the practices adopted by some advisers. We too are determined to challenge the status quo. What we love about our company is that we think and act differently. We have a great desire to change the face of financial services by overcoming the large disconnect that exists between the expectations of the expatriate community and actual service delivery. We want to shake up financial services for expatriates by solving client problems in a more intelligent way. We genuinely want to help people the best way we can. We believe in long term mutually beneficial relationships based on the principle of winwin. If what we have said has touched you deep inside. If you share our beliefs and value our service. If you are interested in working together for the common good. If you feel we are the right company to support you; then please make contact. 2

3 What Do We Offer? We are specialists in helping you create, preserve and transfer your wealth in a tax efficient manner to your loved ones. We offer a suite of products and services all of which support these three key objectives. It s very simple really. We seek to optimize tax efficiency in order to help you build, protect and pass on your wealth to the next generation. Clients tell us they want professional advice which covers all of the tax issues when moving abroad, help with relocating and a review of their pension and financial assets to ensure that these will be held in the most tax efficient way in any new jurisdiction. You will also want to know of any pitfalls, for example, issues such as UK Inheritance tax which won t change because you move your residency and how best to deal with this. What Does Ordinarily Resident Mean? As from January 2011 persons become ordinarily resident in Gibraltar if they visit or spend 183 days or more in a tax year or Find out the answers to these questions when you speak to a residency specialist: 1. Will I pay income tax in Gibraltar? 2. Will I still be subject to UK IHT? 3. How will my pension income be taxed in Gibraltar? 4. How many days do I need to spend in Gibraltar each year? 5. Do I need to buy a property? 6. Can I live in Spain and pay my taxes in Gibraltar? more than 300 days in three consecutive years. An ordinarily resident individual is liable to tax in Gibraltar on his/her worldwide income (subject to double taxation relief). CONTACT US CALL US TODAY ON:

4 What is Category 2 Status? Category 2 is a special tax status which requires approval by the Finance Centre Director. The scheme is designed to provide a highly attractive tax solution for individuals with net assets in excess of 2 million and who generate earned income in excess of 80,000 per annum. Individuals approved under this scheme will pay an annual minimum tax sum but see their overall tax capped at a very attractive threshold of 27,560. There are number of conditions that are required to be met before approval can be given and one of our residency specialists can discuss these with you to ascertain whether or not you will be able to meet the criteria. What is Self Sufficiency Status? Self Sufficiency is an alternative residency status to Category 2 with different qualifying rules. Whereas Category 2 is more suited to an individual who continues to generate earned income from employment or self employed activity Self Sufficiency is best suited to those who enjoy passive income from investments and savings. There is no minimum tax to pay and potentially a Self Sufficient applicant can pay no income tax save for a special tax on income from UK pension funds transferred to QROPS. What is HEPSS? HEPPS (High Executives Possessing Specialist Skills) is a special employment status introduced as a cost saving incentive for companies recruiting senior staff. Tax is only paid on the first 120,000 of income and means that highly paid executives can potentially be relocated to Gibraltar and enjoy special tax privileges subject to meeting qualifying criteria. What Taxes are Payable in Gibraltar? The tax year runs from July 1st and tax returns need to be submitted by 30th November. There is no inheritance tax (but beware of being domiciled elsewhere), no capital gains tax, no VAT, no wealth tax and no tax on most savings. What if I Transfer my UK Pension to Gibraltar? Gibraltar has a special tax regime for UK pensions transferred to an approved Gibraltar QROPS. Income drawn from a Gibraltar QROPS is taxed at 2.5%. although completely flexible pension drawdown options are not currently available. A retirement planning expert can help you make the right choice when it comes to your pension. The same special tax rate applies to income drawn from a QNUPS (qualifying non-uk pension scheme), which can be a particularly attractive solution for mitigating UK IHT. 4

5 Can You Obtain Formal Residency for Me? Yes, subject to you satisfying the conditions for residency, our residency department will be able to handle your application from start to finish. We will guide you through the process, make the application on your behalf and obtain your residency certificate. Is Your Service Restricted to British Nationals? Not at all, during the last twelve months we have dealt with residency enquiries from various parts of Europe and beyond. Can You Help Find a Property, Obtain Health Insurance and Everything Else? We provide a one-stop shop which offers clients a menu of options in addition to our residency service. As a division of the leading provider of cross border tax and wealth management services to expats our in house specialists can assist you with a complete range of financial planning and investment management options. Can You Assist a Company Looking to Establish Itself in Gibraltar? Yes we can provide a complete service to companies relocating to Gibraltar. Our close connections with leading accountancy and legal practices will ensure that all aspects of company relocation can be taken care of in-house as well as being able to establish retirement benefit, income protection, private medical and other benefit schemes for executives and general staff. CONTACT US CALL US TODAY ON: Fiduciary Wealth is not a faceless name nor an internet only company where your details may get passed from pillar to post, you will be dealing with real people whose skill and knowledge is built around looking after residency needs of British expatriates like yourselves. Fiduciary Wealth, affiliated to Isolas 1892, Gibraltar s oldest legal practice, is based in the heart of Gibraltar, close to Ocean Village and has offices in Spain, Portugal and London. We provide a one stop shop when it comes to Gibraltar Residency and clients can relax knowing that all their financial needs, residency, investments, retirement planning, property search and insurance are all taken care of under the same roof. 5

6 Many of our clients love our company for being different and have been touched by our passion to make a real difference to people s financial futures When contemplating retirement in Gibraltar last year I was drawn to the Fiduciary (Wealth) Website which I found was well laid out, easy to navigate and thoroughly informative. Having left my contact details I was contacted by Paul Correa within a very short time and soon set up a face to face meeting in which the benefits of such a move and path to residency were clearly explained. The process was expertly handled by Paul and his team, keeping me informed of the progress every step of the way and always available for additional consultation as necessary. The residency service was accompanied by comprehensive financial advice without any pressure. Tax planning experts were on hand for complex international tax issues and meetings arranged in short order. I have no hesitation in thoroughly recommending Paul and his team to make the residency process completely stress-free and provide a onestop shop for comprehensive service for anyone contemplating the move to this delightful location. M.H, Gibraltar In considering my residency options I visited the Gibraltar residency website of Fiduciary Wealth co.uk and subsequently contacted Andrew Hosking. The advice I received was second to none and Andrew and his team could not have been more helpful, fully explaining the process and making all the necessary arrangements to secure my residency certificate and assist with tax and ancillary matters relating to my move to Gibraltar. D.C., Gibraltar Fiduciary handled the residency application with efficiency and I was very pleased with the service I received. R.J., Gibraltar TALK TO OUR TEAM Gibraltar Spain London Portugal

7 Talk to our Team This is your opportunity to have a thirty minute consultation at our expense to discuss the financial issues affecting you and how we might help you resolve them. You can contact us on any of the following numbers or by enquiries@fiduciarywealth.eu Gibraltar Spain London Portugal Regulated by the Gibraltar Financial Services Commission - Licence No. FSC00962b. This guide is provided for general information only and the information contained herein should not be acted upon without professional independent advice. Fiduciary Wealth accept no responsibility for any loss occasioned to any person as a result of or in consequence of action taken or refrained from in reliance of the contents herein. Not all of the services referred to in this document are regulated. 7