How will the new border agreement affect the property market in, and near, Gibraltar? Image

How will the new border agreement affect the property market in, and near, Gibraltar?

04.01.2021

Gibraltar’s property market has always benefited from the attraction of Gibraltar’s low tax laws. Gaining access to Schengen, assuming the deal continues as mentioned on New Year's Eve, would allow access to residents of Gibraltar throughout Europe to Schengen member states, a continued benefit for entrepreneurs, and high net worth individuals.

Tax benefits aside, Gibraltar will benefit from UK holiday makers looking to travel to a sun soaked destination with ease and no currency exchange, an option that could have many buying up potential Airbnb-style properties.

Gibraltar’s ‘Britain in the Sun’ may never have seemed more appealing than of late, particularly to retired remain voters looking for easy access to Europe with much of the legal framework as on mainland England.

The Gibraltar - Spain tax treaty would mean those living in Spain and working in Gibraltar would be required to pay more tax, providing even more of an incentive for wealthy residents to move to Gibraltar before a deal is struck. A detail to consider is, should they decide to move to Gibraltar and become residents later on, the Spanish tax man can still chase individuals up to four years after moving out and residing in Gibraltar.

Taking all these factors into account, it is likely that Gibraltar will continue to grow its housing market positively and progressively.

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