Gibraltar: The Rock
Gibraltar is a key centre for private wealth management but can its reputation survive the Government's plan to increase the tax rate paid by high net worth individuals? Michael Castiel reports
Introduced more than a decade ago as an efficient way for people with assets of £1m or more to limit their annual personal tax bills, Gibraltar’s High Net Worth Individuals (HNWI) scheme has proved one of the most successful financial services products geared to the individual that The Rock offers. Apart from its tax-efficient financial aspect, the scheme’s attractiveness is enhanced by the Rock’s geographical situation, a sun-kissed climate and a lifestyle that combines the ease of Mediterranean living with efficient communications and an English-speaking environment. Attracted by these factors, the number of millionaires registering under the scheme has risen each year and today stands close to the 250 mark.
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