GIBRALTAR – More Britons are expected to move to Gibraltar to enjoy its low taxes, Mediterranean sunshine and restriction-free travel around Europe after negotiators completed the legal text of a post-Brexit deal for the Rock.
Diplomats from Britain, Spain, the EU and Gibraltar finalised the deal, the European Commission confirmed on Wednesday.
The status of Gibraltar and how to police the border with Spain had been points of contention since Britain voted in 2016 to leave the European Union.
In June, the EU and Britain reached an agreement on the status of Gibraltar that ended years of political uncertainty.
Gibraltar residents will enjoy the unique ability to travel around the Schengen area without being subject to the post-Brexit rule that restricts Britons to staying in Europe for just 90 days in every 180.
The final deal must still be agreed by the UK and EU parliaments.
After the announcement of the deal in June, scores of Britons applied to move to Gibraltar, attracted by the prospect of the Mediterranean sunshine, low tax and the freedom to roam across the Schengen border.
The Rock of Gibraltar, an overseas territory of the United Kingdom (Photo: Stefano Guidi/Getty)Among them were Robert and Sharon Davis. The retired couple, who ran a care home business in Carmarthen, Wales, left the UK in July to live in the Rock.
They secured residency in Gibraltar just before authorities “paused” granting of this scheme in October.
In the past two years, there have been 3,000 applications for residency.
The couple say they are very happy with their new home.
“It’s Britain as it should be. We like the weather, the Britishness of the place, although you are in southern Spain,” said Robert Davis, 69, who spoke to The i Paper this week as temperatures in the Rock hit 15°C.
Sharon Davis, 68, said the “kindness and multiracial” quality of Gibraltar was another attraction. “You don’t always see that in the UK,” she added.
The couple had to pay 10 per cent capital gains tax when they sold their business in the UK but did not want to face inheritance tax on their pension portfolio, which they hope to pass onto their children when they die.
Income tax in Gibraltar is 25 per cent and there is no capital gains, inheritance or wealth tax.
British guards walk through Gibraltar city centre. Mr Davis said Gibraltar was ‘Britain as it should be’ (Photo: Stefano Guidi/Getty)Audisa Rodriguez, Gibraltar Tourist Board senior executive officer, said in the wake of the post-Brexit deal, flights to the Rock from other parts of the EU could start. At present they only come from the UK.
“We are expecting a higher influx of tourism, not just in terms of tourists but also tour companies coming in. This deal will allow us to receive flights from other parts of the EU,” she said.
Rodriguez said tourist authorities were “having conversations” with airlines and tour companies about how Gibraltar was about to open up.
Owen Smith, chairperson of the Gibraltar Federation of Small Businesses, said: “The news that the drafting of the treaty has been concluded is hugely welcome and we look forward to with anxious anticipation to the publication of the text as soon as possible.
“One would hope that the property market would no longer remain static and that we will see increased interest, particularly from UK residents, in coming to live in Gibraltar and obtaining free access to the Schengen area.”
Your next read
square WORLDPutin’s war machine in ‘freefall’ as new UK sanctions kick in
square JEFFREY EPSTEINNew Epstein images show Lolita sentences written on women’s naked skin
square DONALD TRUMPFive recent moments that resurrected questions about Trump’s health
square WORLD AnalysisEurope’s weak leaders aren’t standing up to Putin – except one
Mike Nicholls, CEO of Chestertons estate agents, said after the deal was announced in June that his company received 75 serious enquiries about people moving to the Rock until authorities paused resident applications.
He believes that residency rules may be toughened in the final draft of the deal, however.
“I don’t think free access to the Schengen area will change (if you get Gibraltar residency). But what will change is the residency rules. Perhaps they will make it tougher to get that residency,” he said.
Hence then, the article about low tax and easy european travel why more british people are moving to gibraltar was published today ( ) and is available on inews ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details
Finally We wish PressBee provided you with enough information of ( Low tax and easy European travel – why more British people are moving to Gibraltar )
Also on site :
- Trump’s Christmas Eve calls with children asking about Santa’s whereabouts are steeped in partisan politics
- Update: Flood watch affecting 5 Freeway north of LA until early Friday evening caused by persistent downpours
- Ukraine-Russia war latest: Zelensky awaits Putin response to new peace plan while Christmas Eve blast kills 3 in Moscow