How to start the process of opening a bank account in Gibraltar? This is a common query among entrepreneurs and individuals with capital. In this article, we will take an in-depth look at the feasibility of opening a bank account in Gibraltar, shedding light on the process and the level of effort involved.

Gibraltar's banking sector is uniquely attractive. Gibraltar is located at the southern tip of the Iberian Peninsula and is governed by British law. The economy is mainly driven by ship repair, tourism and financial services.

As a British territory, Gibraltar is part of the European Union. However, it operates under a separate taxation system that is different from both the UK and the EU. This unique positioning eliminates the obligation to pay Value Added Tax (VAT) and with the right structure set up, non-resident companies can also be exempt from corporate tax.

Gibraltar offers the advantage of “tax-free companies” which benefit from lower tax rates, which experts consider to be a viable alternative to Cyprus companies.

The financial sector plays an important role in Gibraltar's economy, contributing approximately 20% to the country's GDP, with both local and foreign banks operating in the territory. Regulatory oversight is the responsibility of the Financial Services Commissioner. Understanding these aspects can provide a comprehensive overview for those considering opening a bank account in Gibraltar.

What are the advantages of banking in Gibraltar?

• Competitive Service Rates: Gibraltar banks offer relatively low service charges, enhancing cost-effectiveness for account holders.

• Up to €100,000 Deposit Insurance: Enjoy the security of deposit insurance, providing coverage of up to €100,000—in line with standards across the European Union.

• International Deposit Diversification: Some banks in Gibraltar offer the option of holding customer deposits in other jurisdictions, providing additional protection and diversification.

• Favourable Tax System: Benefit from a favourable tax system with tax-free interest on deposits.

• A Well-Respected Banking Centre: Gibraltar has earned a reputation as a well-respected banking centre. Complying with all regulations and being regulated by the Financial Services Commission ensures a safe and trusted environment.

Who is eligible to open a bank account in Gibraltar?

Both individuals and companies wish to open a bank account in Gibraltar. However, qualifications are not universal.

Given Gibraltar's role as a key British military installation and important sea routes, security concerns limit the possibilities for individuals to open accounts. For private banking clients, exceptions may be granted requiring an investment of €1 million in a local account. It is important to note that such accounts may not fundamentally differ in service levels or capabilities compared to private banks in other jurisdictions such as Switzerland or Liechtenstein.

Gibraltar banks are only willing to work with residents.

If you open a company, your chances here are slightly higher. With some luck, resident companies will be able to open accounts in Gibraltar, which have offices, employees and complete business activities in Gibraltar. Although at the same time, some of the tax benefits offered by certain offshore (non-resident) companies will be 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 areas of business:

• Global banking implementation;

• Video game development;

• Insurance;

• Administration of funds, co-investment schemes and trusts;

• Marine vessel maintenance;

• Registration of maritime documents.

• Meanwhile, offshore companies are prohibited from doing business in the local market and providing services to Gibraltar residents. They are also prohibited from owning real estate in the country.

How to start the Gibraltar bank account opening process

When considering opening a bank account in Gibraltar, there are a few areas that require careful preparation and attention:

• Many banks prefer to work with experts rather than dealing directly with clients. Hiring skilled experts is advantageous as they can assist with paperwork, thus reducing the likelihood of service being denied.

• Whether it is for private banking or corporate purposes, a face-to-face meeting with a bank manager may be a necessary step to initiate the account opening process.

• Documents required for account opening need to be translated into English.

• Personal accounts are difficult to open, and even private banks become difficult for amounts below €1 million.

• Corporate accounts are opened for specific business activities but can come with considerable challenges.

• Gibraltar participates in the exchange of tax information under FATCA and the Common Reporting Standard.

• Clients from the Commonwealth of Independent States (CIS) are treated with extra caution.

Gibraltar banks have the right to request additional documents in addition to the standard documents confirming the identity of the beneficiary and his/her residential address. The careful selection of clients makes the process of opening an account in Gibraltar a long and somewhat unpredictable one.

If you are looking to establish a business bank account in Gibraltar, the team is here to help. With eight years of experience in opening bank accounts in Europe, we draw on our extensive network of reliable partners within the European financial services industry. Our goal is to provide optimized, cost-effective solutions that enhance the operational efficiency of the businesses we support.

Why should you care about a Gibraltar bank account?

Gibraltar is located at the southernmost tip of the Iberian Peninsula. Legally, Gibraltar is under British jurisdiction. The basis of the economy is ship repair, tourism and financial services.

As a British territory, Gibraltar is part of the EU but has a different tax system from both the UK and the EU. Therefore, there is no Value Added Tax (VAT) to pay and, with the right structure, for non-resident companies, no corporate tax to pay either.

There are also exempt companies, which pay tax at a lower rate and, according to experts, are an adequate alternative to Cyprus companies.

The financial sector contributes approximately 20% to the country's GDP, and banks are no exception. There are both local and foreign banks in Gibraltar. The market is regulated by the Financial Services Commission.

How to open a bank account in Gibraltar

In order to open an account in Gibraltar, you should make careful preparations and consider the following points:

Most banks do not work directly with clients, but prefer to work with experts. This is also beneficial to the client, as a good expert will assist with paperwork, thus reducing the likelihood of service being denied;

• In order to open an account, whether for private banking or corporate purposes, a face-to-face meeting with a bank manager may be required;

• The document needs to be translated into English;

• It is almost impossible to open a personal account, even a private bank account with 1 million euros is difficult;

• Corporate accounts are opened for specific types of activities, but they also face great difficulties;

• Gibraltar exchanges tax information under FATCA and the Common Reporting Standard;

• Clients from the Commonwealth of Independent States (CIS) are treated with extra caution.

Gibraltar banks have the right to request not only the usual documents, documents proving the identity of the beneficiary and their residential address, but also additional documents. They are very selective with their clients, which makes the process of opening an account in Gibraltar long and unpredictable.

Opening a bank account in Gibraltar and alternatives

If you need a faster and more predictable bank account, we can provide you with alternatives. These alternatives can be payment systems or bank accounts around the world.

If you register a company in Gibraltar, you will be able to open a corporate bank account in almost any country. The choice depends on the type of business and on the location of your clients.

Generally speaking, it is not easy to open a non-resident company account, but for companies from reputable jurisdictions, the situation is much better.

If you are looking to open a business bank account in Gibraltar, our team here at  will be happy to assist you. We have eight years' experience in helping clients open bank accounts in Europe. We draw on our extensive network of trusted partners within the European financial services industry to provide the most appropriate and cost-effective solutions to improve the operational efficiency of the businesses we serve.