I read a great deal and devour articles on topics and places close to my heart. Among my regular reads are the endless analyses of the consequences of the UK’s first Labour budget in fourteen years. While I do not believe everything I read, I might be forgiven for thinking that an overwhelming number of British residents – including the now almost mythical “non-doms” – are actively considering leaving the UK for a new life overseas.

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A reality check is in order as we await the 2024 emigration figures. According to the Office for National Statistics (ONS), 479,000 people emigrated from the UK in 2023. For balance, it is worth noting that around 1.2 million people moved in the other direction, but that, as they say, is a subject for another day.

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While the number of people leaving is significant – and likely to grow as recent UK tax changes take effect – emigration is not an easy “cure-all” for an increasingly bleak future in the UK. After all, leaving behind home, family, friends, and everything familiar is no simple decision. And remember, life abroad is hardly ever perfect – even if the sun does shine more often. There are few places worldwide where a truly “tax-free” existence exists, and even in those places, someone must pay for the services and infrastructure. As the saying goes, be careful what you wish for.

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That said, this time feels different. The state of the UK economy, and more importantly, its uncertain prospects in the next few years, seem to have hit hard. Added to this is the increasing ability for people – not just millennials – to work from home (or remotely, from anywhere with a good Wi-Fi connection). The lure of a better life abroad seems harder to resist than ever before.

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Back to my reading. There is no shortage of articles, studies, and expert opinions extolling the benefits of moving abroad, and offering advice on how and where to relocate. So, where are British expats going? European hotspots like Spain, Portugal, and increasingly, Italy, are perennial favourites. Further afield, the UAE remains a popular choice.

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But why does Gibraltar hardly ever make an appearance on these lists? After all, the benefits of Mediterranean living in a British territory are surely well-known. True, Gibraltar is not large, and we could not accommodate hordes of expats every year, but we should still feature on the list.

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Could it be that Gibraltar does not do enough to promote its advantages? Most people – both in the UK and beyond – know at least something about the Rock: its proud British history, proximity to the Costa del Sol and the Algarve, not to mention the famous apes. Those of us working in the financial services sector could do more to challenge preconceived ideas about the place.

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There is a considerable amount of assistance available dedicated to attracting incoming residents. For high-net-worth individuals (HNWIs) or senior executives looking to maximise their earning potential, two specific residency programs may be particularly appealing.

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It is important to remember that we are not discussing citizenship here – governed by a separate set of rules. For HNWIs, Gibraltar offers the Qualifying (Category 2) Individual Rules 2004. These provisions offer qualifying applicants access to a special tax status known as “Category 2.”

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Under the current rules (subject to periodic review), the gross taxable income is capped at £118,000. The minimum tax payable is £37,000, and the maximum is £42,380 – regardless of income levels.

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The High Executive Possessing Specialist Skills (HEPSS) programme (2008) is designed to attract executives with specialist skills not readily available locally. Like Category 2 status, tax is paid on an income level up to a maximum of £160,000, with annual tax liability limited to £39,940.

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At Acquarius, we help clients navigate this process. Complementing our expertise in company management and trust work, residency planning is a key part of client engagement. We assist by explaining residency options, managing the application process, and structuring broader plans such as establishing a Gibraltar headquarters company. We also make high-level introductions to associates at leading real estate firms, such as our close friends at Savills (www.savills.gi).

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Thinking about uprooting and moving to another country is a big decision. But combine Gibraltar’s advantages with Acquarius’ expertise, and the process can be straightforward. Let us take the strain and show you the #TheGibraltarDifference.