Gibraltar small LTD setup

[funzibear]

Hello

I'm a UK based IT contractor with a ltd company. I am interested in setting up a LTD company in Gibraltar. I hold a UK passport and live and work most of the year from London, I also have the right to live and work in Spain as I applied for residency before brexit and have all the necessary documents and approval to do so.

I would like to setup a single employee ltd in Gibraltar and afterwards look to become a tax resident in Gibraltar.

From what I have seen corporate tax is at 12.5% there and there is no capital gains tax or dividends tax so it might be possible to only pay myself in dividends.

I need advice to set it up properly and also to exit the UK properly.

Do you know any recommended accountants that can handle both the setting up and accountancy requirements?

Any advice or sharing of relavnt experience is appreciated ?


Thanks

[cojak]

I take it that you don’t expect to work in the UK following your move to Gibraltar?

[ladymuck]

So you're planning to register as a corporation rather than a business? I see from the gibraltar.gov.gi that the former is essentially self-employment.

[BlasterBates]

First and foremost you should be doing the work in Gibraltar, regardless of residency. This link shows you the rules for residency.

https://www.gov.uk/tax-foreign-income/residence

If you travel to the UK to work then your company will probably deemed to have a permanent establishment in the UK and you would be liable for UK tax even if you are not resident. That's why you need to work remotely in Gibraltar, though there would be no problem with a few business trips. Non-residency in the UK doesn't exempt you from UK tax. It's more complicated. Generally non-residents pay tax on UK income. So if you live in Gibraltar but work a month or two in the UK you will have a UK tax liability on that income.

Inform HMRC when you leave:

https://www.gov.uk/tax-right-retire-abroad-return-to-uk

[Uncle Albert]

Contact these people: https://www.formacogibraltar.com/

Ask for Jonathan. He'll be able to properly answer your questions.

[northernladuk]

Very little chance you'll get any contracts via agencies. They won't deal with anything but UK LTD's so you might have a solution for your tax but you won't be doing much business unless you operate in a different way to standard contractors.

[Eirikur]

Very little chance you'll get any contracts via agencies. They won't deal with anything but UK LTD's so you might have a solution for your tax but you won't be doing much business unless you operate in a different way to standard contractors.

Lots of betting and gaming companies in Gibraltar which often have contracts

[northernladuk]

Lots of betting and gaming companies in Gibraltar which often have contracts

Maybe but you are restricting yourself to a very small market.