British overseas investors who now fall into the government’s 50 percent rate of income tax following the recent budget are now looking at moving their money into Gibraltar claims one property specialist.

Brian Stevendale, Sales & Marketing Director of Ocean Village, a mixed-use marina development, says his phones began ringing off the hook almost immediately after the chancellor’s announcement.

Stevendale believes this is because entrepreneurs now feel that the UK is sending out a message that they are not welcome, whereas Gibraltar actively encourages them. He said: “The Government is keen to focus on tax breaks rather than tax hikes and its economy is thriving as a result. As the UK faces a sharp 3.5 percent contraction in 2009, Gibraltar has a predicted growth in GDP of 7 percent and looks to thriving industry rather than tough taxation to keep its balance sheet healthy.

“Since the Budget it would appear top-earners are affronted by the 50 percent rate and myriad of stealth taxes. We’re working overtime to keep up with enquiries for space within the Ocean Village complex.”

This Union Jack-flying territory of Gibraltar is 7km² in size and has a population of 28,000. There is year-round sunshine and a large choice of golf and beaches across the border in Spain.

Gibraltar law is similar to that of the UK, but there is no capital gains tax, no VAT, no inheritance tax, no wealth tax, no exchange control costs and with sterling as a currency, the near pound-euro parity problem doesn’t come into play.

Stevendale added: “The European Court of Justice granted Gibraltar self-determination on company tax in December last year allowing the Government to target around 10 percent or less company tax - the lowest or equal lowest in the European Union.

“Meanwhile income tax for the wealthy is between £18,000 and £21,000 a year – on all global income. Wealthy businessmen can apply to the Gibraltar Government for low rate personal tax status and providing they can prove minimum liquid assets and have a property on the Rock it’s fairly straightforward.

“Meanwhile with a UK or EU passport and the right advice you can set upa business in an hour and start enjoying the associated fiscal benefits. Gibraltar could quite easily become the new Monaco but with reassuring links to the UK and far less daunting property prices.”

Ocean Village is a mixed-use waterfront development of four residential plazas, office space, a marina and retail and leisure units including a flagship Gala Casino complex.

The company has just launched Little Venice Waterside Mansions and Villas - a range of 30 individually designed homes built in the heart of the marina surrounded by water.

Each of the three storey prestigious homes enjoys its own swimming pool, banqueting terrace and private mooring. Prices are from £800,000 to £6million.

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