GIBRALTAR PROPERTY

The system of property ownership in Gibraltar is based on that of the United Kingdom. The title to the property is registered in the Supreme Court of Gibraltar and with our Land Registry. Purchasers who buy directly from a Developer will usually be granted a fixed term Lease. Subsequent Purchasers will be granted an Assignment of the number of years left on the Lease. There is no restriction on the possible number of Assignments which can be made.

Who Can Own Property in Gibraltar?
There is no national, residential or other restrictions against any particular individual owning property in Gibraltar. For a non-resident there can be certain advantages in owning property in the name of a Gibraltar Offshore Company.

This will be the case, for example, where there could be liability to inheritance tax in the country of residence of the individual in the event of his/her death on the value of the Gibraltar property. As well, if there is any Wealth Tax payable in the country of residence of the individual’s worldwide assets, having the property in the name of a Gibraltar Offshore Company will avoid such liability.

Selling Property in Gibraltar
As there is no Capital Gains Tax in Gibraltar, when the property is sold no tax whatsoever is payable on the profits made.

Property & Conveyancing in Spain & Portugal
Ever since our firm was established in 1973 we have worked closely with Spanish and Portuguese lawyers particularly in connection with property transactions in the “Costa del Sol” in the Marbella/Malaga area in Spain and in the “Algarve” in Portugal.
Persons wishing to buy property in Spain and Portugal can be apprehensive about their choice of lawyer since they will not be familiar with the firms nor, in most cases, with the civil law system. We can put these misgivings to rest by recommending the lawyers we work with who are reliable and will provide an efficient and professional service.
We can further assist by explaining the civil law procedures and translating documents. If a client so wishes we can also act on their behalf, through a Power of Attorney or a written authority, to actually complete a purchase or sale of a property on their behalf.

Property Ownership Worldwide Using Offshore Companies
Buying property outside Gibraltar in the name of an Offshore Company offers many advantages. The first and most obvious one is confidentiality as to ownership. However, it also allows for the property to be sold without incurring any local taxes.
When the property is sold it is effected by the purchaser buying the property owning company. This is done by simply transferring the beneficial interest in the shares to the new owner and it is not necessary to register the transaction anywhere or to inform the authorities. The new owner acquires the company and the property remains registered in the Company name and no Transfer, Capital Gains or any other tax is incurred.
Selling a property by this method is very fast and the usual delays in property transactions are avoided.
Our firm is a major provider of such companies for developments in “La Costa del Sol” in Marbella, Spain and the “Algarve” in Portugal and has considerable experience in this field.
Another major advantage of owning a property in the name of an Offshore Company is that inheritance tax on the value of the property in the country of residence of the owner is avoided. Furthermore, if there is any Wealth Tax payable in the country of residence of the owner’s world-wide assets, having the property in the name of an Offshore Company will avoid such liability.