Investors with three or more properties in their portfolio, not including their primary residence, will now be subject to a new tax on profits or gains.
The proposed measure was announced by the Minister for Financial Services during his budget speech. Nigel Feethamsaid the tax targets wealthy individuals who drive up prices by buying and selling property like a stock market.
Nigel Feetham also said full-time students in part-time employment will now have to pay tax and social insurance on earnings above £11,450.
Previously students were not required to pay tax on earnings outside the vacation period, but he said this meaningful measure has been selfishly abused by some.
Another measure the Minister introduced was a change in the carried forward loss regime in the financial services and gaming sector, to prevent the erosion of taxable profits.
On the new 15% Corporate Tax rate, he said he did not believe this would be a driver for firms to leave the jurisdiction and that Gibraltar remains highly competitive.
Minister Feetham confirmed that Financial Services generated regulatory revenue of £7.4 million.
Finally, the declared the travel scheme for elderly citizens a success, saying nearly 3,000 had registered for the scheme.