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Deloitte helps high net worth individuals to understand, plan and execute effective wealth management, business and tax strategies - adjusting course when needed to respond appropriately to potential tax consequences of new legislation and evolving market conditions.
Acquiring Category 2 status for High Net Worth Individuals
Gibraltar offers special tax concessions to High Net Worth Individuals who want to establish residence in Gibraltar limiting the amount of earned income that is taxable to £80,000. As Gibraltar does not tax investment income and has no capital gains tax, wealth tax or inheritance tax, this effectively caps the amount of total tax an individual will pay on their worldwde income in Gibraltar. Deloitte have many years experience advising high net worth individuals on their tax residence options and asssiting them in applying for Category 2 status.
Setting up and administering a Gibraltar Trust or Foundation
Given its well established Bristish common law structure which supports the establishment of trusts, you may wish to consider Gibraltar as your jurisdiction of choice when it comes to succession planning. Points to note are that Gibraltar does not charge Inheritance Tax, Gift Tax, Wealth Tax or Death Duties. Professional wealth structuring and planning helps to preserve your family assets, enhance control over your financial position, while allowing for an orderly succession of assets across jurisdictions. Gibraltar, as a leading Finance Centre, offers efficient solutions to assist in succession planning; the distribution of family wealth as well as the protection of assets for individuals who reside in politically or socially unstable environments, to name a few.
Services for setting up and administering Gibraltar Private Companies
As a licensed company manager we can provide Gibraltar registered companies together with the full post-incorporation service; this includes company administration and secretarial, tax advice and compliance, accounting and the implementation of corporate structures. The law of Gibraltar is a combination of common law and statute, and is based heavily upon English law.
Relocation and Concierge Services for High Net Worth Individuals
Relocating to another country may appear daunting and usually carries with it some degree of bureaucracy. Over the years Deloitte has developed strong working ties with relevant private entities as well as Government bodies, ensuring that relocation for high net worth individuals and their interests is made seamless. Deloitte helps its clients identify their needs, and as local experts, can provide full "concierge" services in Gibraltar, which can extend from introductions to estate agents, liaising with banks and lawyers, dealing with all formal Gibraltar registration matters and facilitating all local interactions. Over the years Deloitte has become the first port of call for its high net worth clients in respect of providing solutions and services for all their needs, be these great or small.
Income Tax Advisory and Compliance Services
Ongoing legislative and regulatory changes, along with an increased tax authority focus on high net worth individuals, create a demanding environment for private companies and their owners seeking to understand their tax liabilities and risks. Deloitte helps private companies and their owners evaluate the potential tax consequences of various business and personal wealth decisions, keeping tax, business and personal objectives in mind. Deloitte can also advise on changes in the tax and economic climate, and help resolve disputes with tax authorities.
Lifestyle administration services for families and individuals
Effective family wealth management encompasses a range of issues related to not only business aims, but also personal and family goals. Wealthy families often consider establishing a family office to manage their many investments, reporting, philanthropic, and financial planning responsibilities. Properly structuring and staffing a family office requires an analysis of tax and governance considerations, as well as a deep understanding of the family’s short and long range business and professional goals and objectives. Deloitte professionals can provide family office services or if a stand alone office is appropriate can assist with family office design and set-up, family education and communications, charitable planning and private foundations, and structuring business investments. Our approach addresses both the family office as a business and the private client’s family wealth as an ongoing enterprise.
International Tax Advisory and Wealth structuring services
Increased mobility among high net-worth individuals and families has coincided with the broad expansion of a globally integrated economy — featuring greater cross-border trade and investment — to create an increasingly complex range of global tax issues. Deloitte professionals work closely with clients to resolve questions of tax residency and domicile and to assess the tax aspects of international investment opportunities. We provide multi-jurisdictional tax and estate advice, taking into consideration family mobility, wealth planning and preservation goals, the nuances of investing in specific countries and asset types, and the tax consequences to the family’s private business enterprises.
Governance Advice & Support for Families and Private Companies
Family enterprises face specific challenges, such as dealing with the complex interplay of business and investment decisions, ownership issues and family relationships. Deloitte provides advice to families to help them navigate these challenges and organize themselves in a positive and constructive way. And in so doing, Deloitte can help foster harmonious working relationships and family and enterprise sustainability, especially when transitioning from one generation to the next. We offer a mixture of facilitation and advice centered around succession planning and family governance. A typical facilitation process could involve helping a family articulate their vision and values followed by designing a bespoke family governance structure via family charter or family constitution. Deloitte’s goal is to help create clarity and alignment so that the family is a positive influence on their business or investment enterprise and vice versa.
Yacht Registration Services
Gibraltar is situated in the midst of the Mediterranean and Atlantic shipping lanes. Its location in one of the major crossroads of world trade means that it has one of the busiest Ports in Europe. The Gibraltar Ship Register is a member of the Category 1 Red Ensign Group of the UK and the UK dependency register, any vessel registered in Gibraltar may seek assistance from any of the many British Embassies and Consulates throughout the globe, wherever it may be. Gibraltar registered yachts with non-EU resident owners can apply for VAT-free temporary importation to sail in EU waters for an 18 month period. In addition to this, there are no taxes payable in Gibraltar on the importation or sale of the vessel, nor inheritance tax on the demise of the owner.
The cornerstone of our accounting and tax compliance service offering is strategy meetings and regular contact with you to ensure an efficient and co-ordinated approach to issues, reporting obligations and achievement of business objectives. In relation to accounting and tax compliance (ie. preparation and lodgement of financial statements, Business Activity Statements - BAS - and income tax returns for companies, trusts and individuals), we work with you to ensure the scope of our tax compliance work aligns with your requirements.