Bank account opening assistance in Gibraltar

GIBRALTARHow can one initiate the process of opening a bank account in Gibraltar? This is a common inquiry among entrepreneurs and individuals with capital. In this article, we will delve into the feasibility of opening a bank account in Gibraltar, shedding light on the process and the level of effort involved.

The banking industry in Gibraltar holds a distinct appeal. Situated at the southern tip of the Iberian Peninsula, Gibraltar falls under the legal jurisdiction of the United Kingdom. The economy is primarily driven by ship maintenance, tourism, and financial services.

Being a territory of the UK, Gibraltar is part of the European Union. However, it operates under a separate tax system, distinguishing itself from both the UK and the EU. This unique positioning eliminates the obligation to pay VAT (Value Added Tax), and with the right structural setup, non-resident companies may also be exempt from corporate taxes.

Gibraltar offers the advantage of “exempt companies” that are subject to a reduced tax rate, considered by experts as a viable alternative to companies based in Cyprus.

The financial sector plays a significant role in Gibraltar’s economy, contributing around 20% to the country’s GDP, with both local and foreign banks operating in the region. Regulatory oversight is provided by the Financial Services Commissioner. Understanding these aspects provides a comprehensive overview for those contemplating the opening of a bank account in Gibraltar.

Bank account in Gibraltar

What benefits does banking in Gibraltar provide?

  • Competitive Service Rates: Gibraltar banks offer relatively low service fees, enhancing cost-effectiveness for account holders.
  • Deposit Insurance up to 100,000 Euros: Enjoy the security of deposit insurance, providing coverage up to 100,000 euros—consistent with the standards across the entire European Union.
  • International Deposit Holding for Diversification: Some banks in Gibraltar offer the option to hold customer deposits in other jurisdictions, providing additional protection and diversification.
  • Favourable Tax Regime: Benefit from a favourable tax regime that exempts interest on deposits from taxation.
  • Respected Banking Center: Gibraltar has earned a well-deserved reputation as a respected banking centre. Compliant with all regulations, it is regulated by the Financial Services Commission, ensuring a secure and trustworthy environment.

Who Qualifies to Open a Bank Account in Gibraltar?

Both individuals and companies aspire to open bank accounts in Gibraltar. However, eligibility is not universal.

Given Gibraltar’s status as a crucial British military facility and a key maritime route, security concerns limit the possibility of individuals opening accounts. Exceptions may be granted for private-banking clients, requiring a minimum investment of 1 million euros in a local account. It’s important to note that such accounts may not offer fundamental differences in service levels or capabilities compared to private banking in other jurisdictions, such as Switzerland or Liechtenstein.

Gibraltar banks are ready to work only with residents.

If you open a company, then the chance is a little higher here. With some luck, resident companies will be able to open an account, which have an office, employees and full-fledged activities in Gibraltar. Although at the same time, some tax advantages offered by offshore (non-resident) companies are lost.

As for offshore companies, they have a theoretical opportunity to open a bank account in Gibraltar only if they are engaged in one of the following business areas:

  • Implementation of banking services worldwide;
  • Development of computer games;
  • Insurance;
  • Management of funds, mutual investment schemes and trusts;
  • Maintenance of sea vessels;
  • Registration of maritime documents.
  • At the same time, offshore companies are prohibited from operating in the local market and providing services to residents of Gibraltar. They are also prohibited from owning real estate in the country.

How to Initiate the Process of Opening a Bank Account in Gibraltar

When considering the opening of a bank account in Gibraltar, careful preparation and attention to the following aspects are essential:

  • Many banks prefer to collaborate with specialists rather than deal directly with clients. Engaging a skilled specialist is advantageous as they can assist with paperwork, thereby reducing the likelihood of service denial.
  • For both private banking and corporate purposes, a personal meeting with bank managers may be necessary to initiate the account-opening process.
  • Documents required for the process need to be translated into English.
  • Personal accounts are challenging to open, and even private banking becomes difficult with amounts less than 1 million euros.
  • Corporate accounts are opened for specific business activities, but may encounter considerable challenges.
  • Gibraltar participates in the exchange of tax information under FATCA and Common Reporting Standard.
  • Customers from the Commonwealth of Independent States (CIS) are approached with additional caution.

Gibraltar banks have the authority to request not only standard documents confirming the identity of beneficiaries and their residential addresses but also additional documentation. The careful selection of clients makes the procedure for opening an account in Gibraltar a lengthy and somewhat unpredictable process.

If you’re looking to establish a business bank account in Gibraltar, the team at Regulated United Europe is ready to assist. With eight years of experience in facilitating the opening of bank accounts across Europe, we leverage our extensive network of reliable partners within the European financial services sector. Our goal is to deliver optimal and cost-effective solutions that enhance the operational efficiency of the businesses we support.

Why is a bank account in Gibraltar of interest?

How do I open a bank account in GibraltarGibraltar is located at the southern tip of the Iberian Peninsula. Legally, Gibraltar is under the jurisdiction of the United Kingdom. The basis of the economy is ship maintenance, tourism and financial services.

As a territory of the UK, Gibraltar is part of the European Union, but at the same time has a separate tax system from both the UK and the EU. As a result, there is no need to pay VAT (VAT) and with the right structure, there is no need to pay corporate tax for non-resident companies.

There are also exempt companies (exempt companies) that pay tax at a reduced rate and, according to experts, are an adequate replacement for companies in Cyprus.

The financial sector provides about 20% of the country’s GDP, banks are no exception. Both local and foreign banks are represented in Gibraltar. The market is regulated by the Financial Services Commissioner.

 

How to open a bank account in Gibraltar

In order to open an account in Gibraltar, you should carefully prepare and take into account the following points:

Most banks do not work with clients directly and prefer to cooperate with specialists. This is also beneficial to the client, since a good specialist will help with the paperwork, which will reduce the chance of denial of service.;

  • To open an account, both in private banking and for corporate purposes, a personal meeting with bank managers may be required;
  • Documents need to be translated into English;
  • It is almost impossible to open personal accounts, private banking is difficult even with amounts from 1 million euros;
  • Corporate accounts are opened for specific types of activities, but also with great difficulties;
  • Gibraltar exchanges tax information under FATCA and Common Reporting Standard;
  • Customers from the CIS are perceived with additional caution.

Gibraltar banks have the right to demand not only the usual documents proving the identity of the beneficiaries and their residential addresses, but also additional ones. They carefully select clients, which makes the procedure for opening an account in Gibraltar long and unpredictable.

If you are interested in opening an account in Gibraltar, then write to us at [email protected] . We will offer you an individual solution that will take into account your situation. Sign up for a free consultation on the selection of a bank account.

Open a bank account in Gibraltar and alternatives

If you need a bank account faster and with more predictability, then we are ready to offer you alternatives. These can be both payment systems and bank accounts around the world.

If you have opened a company in Gibraltar, then you will be able to open a corporate bank account in almost any country. The specific choice depends on the type of business, on the location of the client.

It is not easy to open a non-resident corporate account in general, but for a company from a reputable jurisdiction, after all, it is much more predictable.

If you wish to open a business bank account in Gibraltar, our team here at Regulated United Europe will be delighted to assist you. We have eight years of experience in helping clients to open bank accounts in Europe. We tap into our vast network of trusted partners in the European financial services industry to offer the most suitable and cost-effective solutions that improve the functioning of the businesses we serve.

Assistance in opening a corporate bank account
2,000 EUR
Viktoriia

Gibraltar provides a supportive environment for startups, backed by government initiatives. We offer full legal support in Gibraltar. As a specialist, I’m here to help. Feel free to reach out—I’m eager to assist you in achieving your goals.

Viktoriia Korotkevich

LICENSING SERVICES MANAGER

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At the moment, the main services of our company are legal and compliance solutions for FinTech projects. Our offices are located in Vilnius, Prague, and Warsaw. The legal team can assist with legal analysis, project structuring, and legal regulation.

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