In 1992 the Gibraltar Government introduced a new low level of tax for High Net Worth Individuals (now known as Category 2 individuals) to encourage such individuals to take tax residency in Gibraltar. Category 2 individuals pay tax on the first GBP 60,000 of assessable income. At current tax rates that equates to a maximum tax liability of GBP 20,400 per annum. The minimum tax payable is GBP 18,000. An individual can elect to have his or her worldwide income assessed and in doing so may be able to avoid being considered a tax resident in another higher tax jurisdiction.

An application fee of GBP 1,000 is payable on application.

High Executive Possessing Specialist Skills (‘HEPPS’) Status
 
As of June 2007 the Government introduced a new specialist skills status for persons possessing skills of exceptional economic value to Gibraltar earning more than £100,000 per annum.  Taxation is limited to the first £100,000.

All ships registered in Gibraltar are classified as British ships under the provisions of the Merchant Shipping Act 1894. Gibraltar Tax Exempt Companies can be used to own ships which can be operated and chartered free from tax.

To be effective for this purpose the vessel should be owned by a company incorporated in the jurisdiction in which it is registered. It is therefore useful to identify jurisdiction which has a Ship Registry or a dependant territory such as Gibraltar whereby vessels owned by these companies can be registered in the UK Ship Registry.