3 Year Residency Explained
Private property ownership has seen significant growth in the last 30 years in Gibraltar. The small land mass and day to day practicalities of a land frontier, has meant that some properties in Gibraltar are restricted for sale to qualifying buyers only. These are typically the properties that were initially constructed using Gibraltar Government funding, built specifically as affordable housing, or properties that were previously Government owned but since released to the private market for private ownership.
Generally there are restrictive covenants in the underleases of such properties. For instance, under letting is strictly prohibited. Restrictive covenants are not the same on all properties that are residency restricted so it is advisable to check first with the estate agent before confirming any decisions.
A qualifying buyer(s) must be able to demonstrate continual residency in Gibraltar for the 3 years immediately prior to purchase to the relevant Government authorities. This rule applies to all parties that are named on the purchase agreement. The application for consent from Government would usually be applied for by the purchaser`s solicitor / conveyancer at the time of sale “subject to contract”.