How easy is it for Brits to move to Gibraltar?

In June the EU announced that it had finally reached an agreement with the UK, Spain and Gibraltar, tying up the last loose end of the Brexit process some five years after the UK left the block and almost a decade after the referendum vote.

Though the full details aren't known yet, the main thrust of the deal was to ease border flows and eliminate goods checks, with dual 'Eurostar-style' border control to maintain a fluid border.

However, following the deal, Gibraltar's Chief Minister Fabian Picardo has raised the prospect of Britons using the overseas territory as a way to try and get around Schengen rules, stating that it makes The Rock "a very attractive place" for "British people who want to be in the European Union."

In particular, Picardo suggested the idea that as a result of the deal, Gibraltar may become a highly desirable location and that, as a knock-on effect, this could have an impact on prices and the property market on the tiny overseas territory.

"We have to look at how the price of land can go up, because Gibraltar is going to become a very attractive place, particularly for British people who want to be in the European Union."

READ ALSO: 90-day rule, borders and taxes - What the Gibraltar deal means in practice

Schengen Zone rules mean that as non-EU nationals, Britons who aren't Spanish residents can only stay in the Schengen Area, including Spain, for 90 days within any 180-day period.

However, as Picardo noted: "If they are resident in Gibraltar, they are not going to have the 90-day check every 180 days."

This suggests the Gibraltarian leader is concerned about UK nationals rushing to get residency on The Rock in order to get access to Spain and the Schengen zone.

But how easily can British citizens move to Gibraltar?

How easy is it for Brits to move to Gibraltar?

There are several immigration and residency options available for Brits wanting to move to Gibraltar.

However, according to well-known Gibraltar based international law firm Hassans: "British Nationals can come to Gibraltar to live and work subject to complying with certain administrative requirements." That is to say, it's not simply a case of showing up on The Rock with your British passport and expecting residency immediately.

Brits wanting to relocate to Gibraltar don't need a visa, but if you want to stay long-term you will need residency. There are different types of residency permission available, and permanent residency can be taken after five years living there.

The first is the so-called 'Self-Sufficiency' Residency.

Category 2 residency is more tax-based and "typically suited to individuals seeking to extricate themselves from another higher tax jurisdiction, where the tax authorities want to see proof of the individual’s substantial commitment to pay tax in Gibraltar," according to Form-A-Co, a Gibraltar based corporate services firm.

Put simply, Cat 2 residency is for wealthy individuals. If you want to go via the Cat 2 residency route you need to commit to buying or renting a “prestige” property for a year where, Form-A-Co notes, the "value that has been pre-approved by the Finance Centre as suitable for this type of status applicant"/ (ie. not typically available for purchase by the local tax-payer)."

This option "is available to all non-Gibraltarian individuals who establish a residential address in Gibraltar, have not been ordinarily resident in Gibraltar during the preceding 5 years, and do not derive any income from Gibraltar sources other than from Gibraltar Tax Exempt Status companies."