Estate Agents
Estate agents should only charge the vendor 2% of the value of the transaction. Our sole agent is BRAY PROPERTIES. They provide a very efficient service and a useful fact and information sheet on the entire process of property purchase and property re-sale in Gibraltar.
Please refer to the below link for further information:
www.brayproperties.com/
Costs
The processes for the purchasing a property in Gibraltar are surprisingly simple and comparatively inexpensive. Stamp duty is low, conveyance lawyer’s fees are also low, commonly ranging between 0.05% to 1.00% pending on the lawyers you choose. There is no VAT on property purchase in Gibraltar and there are no further notary fees. When compared to Spain, where the purchase and transfer fees can total as much as 12% of the property, Gibraltar is an extremely attractive location to buy property.
Compliance
All the legal processes follow the UK system. However, there are STRICT anti-money laundering rules in Gibraltar which must be complied with at all times. You will need to appoint a local lawyer, who will ask you to provide signed copies of your passport, copies of three utility bills to prove your original residency and you may require a letter from your bank to verify the source of funds to pay for the property. Cash deposits of any kind are not accepted. NO PURCHASE can be made without complying with these criteria. In certain instances, you may well be asked to open a local bank account to pay utility bills, management fees etc..
Things to ask
Most of the properties on offer from Taylor Woodrow are on a very long term lease on Crown Property. You must make yourself aware of the length of the lease from 99 years to 199 years. Leasehold however does have different rules, restrictions and regulations to freehold. These should be made clear to you at the time of purchase.
If you are buying off plan , your lawyer must make you aware of your instalment commitments and any penalty clauses.
Planning Controls
Unlike some countries in Southern Europe, property owners in Gibraltar are protected by UK planning procedures, processes and law with full rights of appeal and swift execution of any court judgement against any neighbouring scheme which may affect the value or any of the legal rights of their property.
Please contact us for further information regarding the process of property purchase or other related query.
High net worth residency qualifications
In the 1990’s, the Gibraltar Government introduced a very successful scheme to attract non- resident High Net Worth Individuals to make themselves tax residents in Gibraltar for global taxation purposes. Basically, purchasers who can prove net worth assets in excess of £2m, can limit their annual taxation requirements to an attractive fixed amount per annum.
Gibraltar is now an attractive rival to Monaco, The Channel Islands, The Isle of Man and indeed other offshore jurisdiction in the world. Apart from the climate and accessibility, Gibraltar has comparatively LOW buy in costs as the purchase price of qualifying luxury property is still far lower than its rivals.
However, the scheme does have STRICT qualification codes which must be read and understood by potential purchasers and independent financial or fiscal advice should be sought prior to buying a property for this purpose. For additional details of this scheme and the qualification requirements please refer to:
www.sovereigngroup.com/
Legal system.. English Common Law with Gibraltar Bye-laws
Although Gibraltar is self-governing, its legal system is based on English common law, its Chief Justice is appointed by the Crown, and judgements are recognised and upheld internationally. Access to the courts is swift, efficient and less costly than in the United Kingdom.
As in Britain, most European directives and regulations are adopted into the Gibraltar statutes, giving residents the security of access to both the European and British higher courts should the unlikely need for litigation arise.
Most of the solicitors and barristers have trained in Britain, are English-speaking and have a thorough knowledge of the legal complexities of neighbouring Spain.
Taylor Woodrow does recommend that you seek INDEPENDENT and IMPARTIAL legal advice PRIOR to making any purchase. For further information on legal matters, please refer to:
www.gibraltarlaw.com/
www.triay.com/
www.sovereigngroup.com/