How Sovereign Tax Services can help


Qualified and experienced in UK and Gibraltar tax matters, Sovereign Tax Services can provide tax advisory and tax compliance services to individuals, companies, trusts and pensions schemes.

Gibraltar Tax Residency


Gibraltar offers special residency regimes that are specifically designed to attract HNWIs (Category 2) and High Executives Possessing Specialist Skills (HEPSS). These make Gibraltar a very attractive home for entrepreneurs, for retirees and for suitably qualified individuals and their dependants that wish to enjoy the Mediterranean climate and lifestyle while living in an international finance centre with a favourable tax regime.

Sovereign Fiscalis, now rebranded and trading as Sovereign Tax Services, is a Gibraltar-based tax compliance and advisory firm, specialising in Gibraltar tax and residency. We can manage the entire residency application process, as well as providing introductions to professional service providers, such as legal, real estate and relocation firms. As part of the Sovereign Group, we can also utilise its local and international tax and structuring expertise to advise on international arrangements across multiple jurisdictions.

Individuals applying for Gibraltar residency under the ‘Category 2’ residency regime are required to hold private medical insurance (PMI). Through Gibraltar-based Sovereign Insurance Services (SIS), we can further assist with securing competitive PMI, as well as all types of general or life insurance to meet the individual’s insurance needs in Gibraltar.

HOW SOVEREIGN TAX SERVICES CAN HELP


We can assist with all matters relating to the obtaining of Category 2 and HEPSS residency in Gibraltar.

We can also combine local and international tax expertise to advise on individual circumstances.

The services we provide include:

01
Preparation and submission of the Category 2 or HEPSS residency application
02
Obtaining and renewing Gibraltar Civilian Registration Card, reinforcing residency status
03
Preparation of Gibraltar income tax returns and other compliance matters required under these residency regimes with Gibraltar Government departments
04
Introductions to local estate agents, banks, and lawyers
05
Assessing the benefit of any UK pension transfer, under the UK’s Qualifying Recognised Overseas Pension Scheme (QROPS) regime
06
Creation and management of trusts, companies, pension schemes (e.g. Qualifying Non-UK Pension Scheme – QNUPS) within the Sovereign Group of Companies.

PROPERTY TAX SERVICES


MANAGING TAX COMPLIANCE FOR PROPERTY INVESTORS AT HOME OR ABROAD

Owners of investment property are legally required to ensure compliance with their tax obligations. This can be challenging when the property is located in a different country to the owner’s country of residency, but with increasing information exchange, the pressure to comply intensifies.

Sovereign Tax Services, can guide and assist landlords by providing the following services for Gibraltar and/or UK property:

GIBRALTAR PROPERTY


Landlord registration with the Gibraltar Income Tax Office and preparation and filing of annual Gibraltar Tax Returns reporting the rental profits. This may include a calculation of any available capital allowances and consideration of any available tax credits for new property rentals. Both Gibraltar and non-Gibraltar resident landlords are legally required to comply with these rules.

On 24 February 2022, the Gibraltar Government announced the launch of its Register of Property Occupation, by commencement of the Register of Property Occupation Act 2021. This Register is fully integrated into the Gov.gi eServices portal, and will provide the Government with an accurate and live record of people who reside in Gibraltar. With effect from 24 February 2022, Gibraltar residents have a legal requirement to register and detail the names of all persons who are residing in their property whether owned by them, rented or licensed by them, within a period of 3 months. For rented property, this requires tenants and landlords to provide details to be maintained in the Register. There are fines for non-compliance. It is highly recommended that landlords of Gibraltar property (whether resident themselves in Gibraltar or not) review their tax arrangements and ensure that they are compliant and up-to-date as soon as possible. Sovereign Tax Services provide Gibraltar tax compliance services to landlords, helping to provide peace of mind that tax affairs are dealt with correctly and are up to date.

UK PROPERTY


Many non-UK residents own UK property, this is often a result of retaining a previous UK residence or having built up a property portfolio in the UK. The UK tax law in this area has changed rapidly and significantly in recent years. This poses challenges for non-UK resident owners who are often unaware of such developments.

Sovereign Tax Services can assist with reviewing the UK tax position in order to plan for the future and to avoid being caught unawares. We can prepare and submit online UK Self-Assessment tax returns, providing peace of mind that tax affairs have been dealt with. A review undertaken in good time can save considerable time and anxiety in the long term.

In particular, Sovereign Tax Services can provide the following services:

For UK property rentals, registration with HM Revenue & Customs (HMRC) as a non-resident landlord (if required) and preparation and online filing of annual UK Income Tax Returns.

For any UK property disposals, we can advise on the position in respect of UK Capital Gains Tax.

Advising on the UK Inheritance Tax position in respect of UK property ownership.

Both UK resident and non-resident landlords are legally required to comply with these rules.

Interested in Tax advisory services?
Get in Touch

Please contact us if you have any questions or queries and your local representative will be in touch with you as soon as possible.