Other Services

Tax Advisors

Corinthian Trust Company Limited does not provide tax advice. What we do however is provide a choice of available tax advisors to use both locally and internationally.

This benefits Corinthian Trust Company by allowing us to independently select tax advisors in specific areas to find the best possible solutions.

Should you seek tax advice then please let us know and we can point you in the direction of a reputable tax advisor.

Legal Advisors

Corinthian Trust Company Limited has built up relationships with several legal firms locally, in Spain and in the United Kingdom which provides an excellent choice of firms who specialise in many different legal fields.

Fund Facilitators

Corinthian Trust Company Limited has relationships locally with Fund Administrators, EIF Directors, Legal Firms who prepare the fund documentation and individuals who facilitate the setting up of the funds for clients.

IFA's/Asset Managers

Corinthian Trust Company Limited is not licensed to provide Investment Advice but has built relationships with IFA's and Asset Managers in the UK, Gibraltar and on the Costa Del Sol.

In today's market where interest rates are so low, clients are looking to generate a higher return from elsewhere. Our links to IFA networks and Asset Managers could prove to be invaluable in achieving an increased return.

Category 2 / HEPSS Tax Status

Gibraltar has a very unique tax status called Category 2.

To gain Gibraltar Category 2 Tax Status the following requirements must be met:

• Have a total certifiable world-wide Net wealth of at least £2M.
• Have exclusive use of a purchased or rented Category 2-designated property for you and your children, if any, which must be realistically sized to accommodate the family unit. It must not be sub-let or used by others at any time.
• Have private health insurance in Gibraltar.
• You must not have been a resident of Gibraltar or employed in Gibraltar in the previous 5 years.
• You do not engage in commercial activities in Gibraltar either directly or indirectly, other than positions which involve activities outside Gibraltar.

The Finance Centre offers more detailed advice on their website http://www.gibraltar.gov.gi/finance-centre.

The process of gaining the Gibraltar Category 2 Tax Status is via an application process and various further checks are made regarding any criminal history etc. and the decision of the Finance Centre Director is final.

References from banks, accountants etc. will be required as well as a detailed life history/Curriculum Vitae, certified copy passport etc.

The method in which the application is made is critical to the process and the quality and completeness of the information is vital to a favourable result.

Attaining a Gibraltar Category 2 Tax Status

If the application is successful, the main benefits are as follows;

1. With no income derived in Gibraltar, a minimum amount of tax payable of £22,000 per annum. (Rate currently for 2010/2011 tax year)
2. On income which is capped up to £80,000 worldwide, tax payable in 2010/2011 tax year would be a maximum of £29,880. (Rates and bandings can and usually do change each tax year)
3. There is no Inheritance Tax, Capital Gains Tax or Wealth tax in Gibraltar for residents or Category 2 Tax Status individuals.
4. The Status remains in place indefinitely, subject to the Certificate requiring to be endorsed by the Finance Centre every 3 years.
5. You need only spend one day in Gibraltar per tax year for renewal of the Gibraltar Identity Card. No minimum residency requirement however you would need to carefully consider tax regimes in any other jurisdictions in which you spend time.

The tax year ends on 30th June each year.

The process for an application for a Gibraltar Identity Card is normally undertaken subsequent to the application being filed for Category 2 Tax Status.

HEPSS (HIGH EXECUTIVE POSSESSING SPECIALIST SKILLS)

The HEPSS tax regime is designed and intended for individuals with specialist skills who move to Gibraltar to work.

The income tax is limited to a maximum of £120,000 per annum although applicants must earn greater than £100,000.

To gain HEPSS Tax Status the following requirements must be met:

• Individuals looking to obtain this status must possess skills that are not already present in the local market and must be deemed of exceptional economic value to Gibraltar.
• You must not have been a resident of Gibraltar in the previous 3 years.
• You must have exclusive use of a purchased or rented designated property for you and your children, if any, which must be realistically sized to accommodate the family unit. It must not be sub-let or used by others at any time – This is identical to the rules of the Category 2 regime.
• You must earn greater than £100,000 per annum.