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Buying PropertyBack to top Back to main Skip to menu
Gibraltar - Buying Property
Many apartments that are available are usually in blocks or small development and will share some facilities such as swimming pools and sometimes laundry rooms. Expats do not normally keep to their own communities, particularly those with English as a first language.
When buying a property in Gibraltar the process is quite similar as when buying property in the UK. There are no restrictions on foreign nationals buying property in the territory although those without residency permits or work permits will need to go through an application process with the Gibraltar government. When buying a property in the name of a Gibraltar Offshore Company there may be some tax breaks, so it is advisable to get some independence advice from a financial advisor prior to purchasing.
Deeds to properties have to be registered with the Supreme Court and most new properties are leasehold rather than freehold. As in the UK, the first thing to do is view a property and decided on a price. It is necessary to pay a reservation fee, an amount of 2%, which is held while the sale is conducted.
There are a number of other fees which any buyer should take into consideration. The first of these is a stamp duty fee of 1.26% of the purchase price, and there is an additional 0.13% if a mortgage is involved. There is a small fee for registering the deeds with the Supreme Court and the office of the Land Titles Registry. All buyers will also need to consider their legal costs, and these charges will vary. Finding a lawyer should not be a problem as Gibraltar has a high concentration of them.
While the finance is being put in place the first draft of the contract is drawn up. This can be revised if necessary until all the terms are agreed upon. When the agreement is in place, a further 8% of the purchase price is added to the 2% already in Escrow, and when this stage is reached, both sides are obliged to go through with the sale.
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Our award-winning expatriate business provides health benefits to more than 650,000 members worldwide. In addition, we have helped develop world-class health systems for governments, corporations and providers around the world. We want to be the global leader in delivering world-class health solutions, making quality health care more accessible and empowering people to live healthier lives.
At Bupa we have been helping individuals and families live longer, healthier, happier lives for over 60 years. We are trusted by expats in 190 different countries and have links with healthcare organisations throughout the world. So whether you're moving abroad for a change of career or a change of scene, with our international private health insurance you will always be in safe hands.
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