Cat 2 net worth requirement increased from £2m to £5m

The Gibraltar Government has announced changes to the Category 2 regime, increasing the application fee and raising the minimum net wealth requirement for new applicants as Gibraltar enters what it described as “a new phase of opportunity” as a result of the treaty.

Under the changes, the current application fee will rise from £1,233 to £5,000, while the minimum net wealth requirement for new applicants will increase from £2 million to £5 million.

Existing Category 2 individuals will be grandfathered and will not be affected by the revised net wealth threshold.

The Government said the reforms are intended to modernise the high net worth individual regime and ensure Gibraltar continues to attract people able to make what it described as “a meaningful and sustained contribution” to the economy and wider community.

It also reaffirmed that Category 2 status does not confer entitlement to publicly funded schooling or healthcare services.

The new rules will also provide that a person who does not maintain their Category 2 status will not have a right to continue to be resident in Gibraltar.

“Following consultation on the proposed reforms, the Government has decided to adopt a measured approach to updating the Category 2 regime,” said the Minister for Justice, Trade and Industry, Nigel Feetham.

“While a range of views was expressed on thresholds and possible wider reforms, we have chosen to make targeted changes only.”

“We are seeing strong interest in Category 2 status following the treaty announcement, which reflects growing confidence in Gibraltar’s future.”

“At the same time, it is important that the regime remains aligned with Gibraltar’s broader economic objectives and the opportunities arising from the treaty.”

“I have worked closely with the Chief Minister and the Minister for Business to ensure that these reforms support Gibraltar’s strategic direction, maintaining competitiveness while ensuring we continue to attract individuals who can make a meaningful contribution to our economy and community.”

The Gibraltar Government said the measures form part of its wider commitment to ensuring Gibraltar remains internationally competitive, fiscally responsible and well positioned for long-term success.