New residency route for over-55s as Govt launches business thinktank

An amendment to the new residency rules will allow financially self-sufficient people aged over 55 to apply to live in Gibraltar, Health, Care and Business Minister Gemma Arias-Vasquez announced in London on Tuesday night.

The new residency rules capped applications at 55, a decision that has attracted significant criticism since it was announced last June.

The Government now aims to tweak the rules to open a new route for older people who want to move to Gibraltar and have the means to do so.

Under the amendment to be published by the end of the month, applicants will need to hold private medical insurance, make a financial contribution to Gibraltar’s health system and spend at least six months a year in Gibraltar.

“Many of you will know someone who has looked at Gibraltar as a place to spend the next chapter of their life,” Mrs Arias Vasquez told guests at the GibLink event in London.

“The sunshine, the safety, the sense of community, and now a whole region open on our doorstep.”

“This new route will allow them to make that move.”

She added applicants “…will contribute to Gibraltar from day one, exactly as our new framework intended.”

Mrs Arias-Vasquez said the Government continued to consult extensively on the new residency rules and had circulated draft guidance to relevant stakeholders who had met with officials and explained their requirements.

“The rules are clear, they are fair, and they reward those who come to build, to employ and to invest,” she said.

“And they protect the very quality of life that makes Gibraltar such a wonderful place to live.”

BUSINES THINKTANK

Mrs Arias-Vasquez also announced the creation of a new thinktank on the future of business in Gibraltar.

The thinktank will report directly to her and will be headed by Peter Montegriffo, bringing together “the very best minds in Gibraltar” to explore and set out “clearly and ambitiously” where the Rock’s economy goes next.

“For decades, so much of our energy has gone into responding to events beyond our control,” she said.

“Just recently, we have had Brexit, years of treaty negotiation, a pandemic.”

“Time and again, Gibraltar has had to react.”

“With the treaty now in place, that changes.”

“Gibraltar is a mature jurisdiction with the confidence and the ability to decide its own future.”

“Now is a moment to stop reacting to events and start leading them.