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Open bank account in Gibraltar for not-residents
Banks in Gibraltar are regulated by the Financial Services Commissioner appointed by the Governor of Gibraltar on behalf of British Foreign and Commonwealth Office. British authorities monitor day-to-day operations of banking sector in Gibraltar to ensure transparency and full compliance with applicable regulations. As a result, its clients enjoy the same level of services, security and stability as in other European countries. Gibraltar is a favourable jurisdiction in terms of tax benefits. Interest on savings are exempt from taxation. Gibraltar’s banks are fully licensed and regulated. Funds on the accounts are secured within deposit protection scheme of 100,000 Euro.
In overall, Gibraltar banks are popular among foreign individuals for its excellent private banking services, wealth management benefits and security. Most of the banks are international banks with its stable banking traditions, flexible services and perfect reputation. High-net worth individuals enjoy compatible banking solutions for asset management that ensures long-term stability for them and their families.
How can I open a business bank account in Gibraltar?
Together with company formation in Gibraltar, clients may need to open a business bank account in Gibraltar. This could be an option for companies incorporated in Gibraltar for local business. For an instance, international business companies that would like to benefit from tax exemption in Gibraltar cannot derive any profit from local source, hence they do not need to open a bank account in Gibraltar. If you intend to work with local companies and partners, then having a business bank account in Gibraltar is a convenient way to make transactions with local business.
In order to open a business bank account in Gibraltar, a company should present valid and updated corporate documents. Further, banks usually request identification documents for each individual having authority to act on behalf of such company.
What type of accounts is it possible to open in Gibraltar?
Gibraltar banks offer a diversification in its banking products and provide a variety of services at different rates. Its products are available in a few major currencies. Gibraltar financial services bring international perspective on its banking sector which are available for individuals and companies. It is a preferred destination for global companies, individuals, trusts, institutions, etc. E-banking services is a modern and convenient way for managing accounts that can be accessed online through any device. Some banks offer an opportunity to open a bank account online, but this is not a common case. In the meantime, major banks in Gibraltar have presence across the world.
What are the requirements for opening a bank account in Gibraltar?
As in other European countries due to strict anti-money laundering procedure, an applicant will need to pass through a strict and detailed know your client procedure. If a client has a positive bank history with other European banks, it will certainly facilitate the opening procedure. It is common in Gibraltar that a bank may ask to evidence that an applicant has sufficient funds to support its living.
An applicant submits passport and personal identification documents of individuals, including directors and shareholders, as well as proof of origination of funds. Some banks require to provide a proof of residency, such as utility bills, residence permit. Corporate clients submit articles of association, tax documentation, bank references, corporate certificates, list of activities and clients.
The process of account opening in Gibraltar may take up to 2 months. It is good if a client is referred by a professional advisor or other bank.
All applicants fill in questionnaire with financial information. Based on the information, Gibraltar banks will ensure to give you the best possible financial advice and banking services tailored for particular needs.
What are the major banks in Gibraltar?
There are several international banks in Gibraltar that have a major presence in the country:
- Bank J. Safra Sarasin (Gibraltar) Ltd
This bank is a part of Swiss bank group with strong capitalization. Bank J. Safra Sarasin has branches in Switzerland, UK and other countries. It offers comprehensive and flexible banking services for high net worth individuals and families as well as corporate clients.
- Leeds Building Society
Leeds Building Society is on the UK’s largest bank. It serves both individuals and companies offering a range of savings, loans, cards and other services. With its assets and high capitalization this bank has a good financial standing.
- Norwich & Peterborough Building Society
Norwich & Peterborough Building Society is another UK bank operating in Gibraltar. Its products include savings and mortgage services.
Other well-known international banks in Gibraltar are Barclays Bank, Credit Suisse, Jyske Bank, Lloyds Bank, Royal Bank of Scotland, Lombard Odier & Cie, Banque Audi, IDT Financial Services, etc.
How can I close an account in Gibraltar?
In order to initiate a closure of your bank account, you need to send a termination notice to your bank manager. After clearance, you can withdraw remaining assets from your account. Finally, your account is closed.