We interpret the unique high-energy spectrum of the millisecond pulsar PSR J0218+4232 within polar cap scenarios. We show that the spectral data from BeppoSAX (Mineo et al.2000) and EGRET (Kuiper et al 2000) impose very restrictive limitations on possible radiation mechanisms, energy spectrum of radiating charges as well as viewing geometry. Theoretical spectra are able to reproduce the data, however, this can be achieved provided very special -- unusual within the conventional polar cap picture -- conditions are satisfied. Those include off-beam viewing geometry along with one of the following alternatives: 1) strong acceleration of secondary pairs; 2) broad energy distribution of primary electrons extending down to \(10^5\) MeV; 3) high-altitude synchrotron emission.