Gibraltar

corporate Bank Account

Opening a business bank account in Gibraltar

Gibraltar is a small British Overseas Territory in the Iberian Peninsular known for its large gaming sector, with major players in the gaming industry having their headquarters in the territory.

Gibraltar has also a relatively large fiduciary sector with a relevant number of trust companies further enhancing its financial landscape.

Despite its small size, Gibraltar has a notable banking sector with nine banks operating within its territory.

The Gibraltar Financial Services Commission (GFSC) is the primary regulatory authority for the financial sector in Gibraltar, encompassing banking, insurance, investment services, and more.

In Gibraltar, nonresident banking services are provided by a mix of local banks and subsidiaries of foreign banks, each catering to specific needs and client profiles.

Local banks include Gibraltar International Bank, Trusted Novus Bank (formerly, Jyske Bank), and Turicum Bank.

Besides serving local resident clientele, Gibraltar International Bank and Trusted Novus Bank primarily focus on Gibraltar-based companies with a substantial presence in Gibraltar.

They may also accept foreign companies with significant business activities elsewhere, provided there is a clear rationale for banking in Gibraltar, although exceptions are made for larger businesses handling commercially attractive trading volumes.

Additionally, the aforementioned banks also offer private banking services in wealth management to both foreign individuals and companies, without requiring relevant physical presence in Gibraltar. Minimum relationships tend to be in the 7 figures.

Then, Turicum Bank specializes in wealth management and private banking services for nonresidents, with an emphasis on portfolio management, securities brokerage, and investment advisory. Turicum Bank does onboard nonresident clients without major restrictions as long as the client profile falls within their risk appetite. The minimum required relationship is also between 6 and 7 figures.

When it comes to subsidiaries of foreign financial institutions, we can find a bank subsidiary of J. Safra Sarasin, RBS (Royal Bank of Scotland), and Kleinwort Hambros (Societe Generale), which provide wealth management services for high-net-worth individuals, including their family offices and personal investment vehicles.

For strictly transactional banking purposes, both local and foreign companies may use Moneycorp Bank, a subsidiary of the British payment service provider of the same name.

Moneycorp Bank offers accounts to nonresident companies requiring foreign currency exchange services and/or international payment services. The bank tends to prefer companies with a decent volume of payments and FX needs. No minimum initial deposit is generally required.

The latest bank to obtain a banking license in Gibraltar is Xapo Bank.

Xapo Bank offers personal banking services to both resident and nonresident individuals with a special focus on individuals investing or considering investing in crypto assets. The bank offers crypto-fiat off-ramp and on-ramp services, as well as exchange and custody services in selected crypto assets such as Bitcoin or Ethereum. They also provide brokerage services in stocks.

Despite its small size, Gibraltar has a diverse banking landscape and multiple banking options that nonresidents may consider.

Our services in Gibraltar include opening corporate accounts for non-resident companies for both commercial and investment purposes. We also assist individuals with opening personal bank accounts.

We work with 2 different banks in Gibraltar, each bank has different eligibility requirements, types of accounts available and onboarding processes.
We invite you to carefully review each banks requirements and services to better understand if their banking services meet your needs.

Bank Accounts in Gibraltar

click the bank for more details

Bank Option 1

Account Details

Corporate
Not Required

Eligibility

Bank Option 2

Account Details

Corporate
Not Required
USD 200,000

Eligibility

Country Details

Gibraltar
GIP
Gibraltar
Europe
27,884

Gibraltar is a British Overseas Territory located at the southern tip of the Iberian Peninsula, east of the Bay of Algeciras, and extends over the geological formation of the rock of Gibraltar, bordering Spain and communicating the Mediterranean Sea and the Atlantic Ocean. It has a population of 33,000 inhabitants in an area of less than 7 sq. km.

Its official language is English and its official currency is the Gibraltar Pound (GIP), pegged to – and exchangeable with – the British pound sterling at par value.

The central bank controlling the GIP, with the responsibility of minting coins and printing notes, is the Government of Gibraltar.

As a British Overseas Territory, Gibraltar has a governor, appointed by the monarch of the United Kingdom, who works as a representative of His Majesty's Government.

The governor is responsible for security in the territory and representation between the territory and the British Government; Also dissolves the legislature and acts to enforce the laws.

The Government of Gibraltar is elected for a term of four years. The unicameral Parliament currently consists of seventeen elected members. The head of the chamber is appointed by a resolution of the Parliament. The head of government is the Chief Minister.

Gibraltar is part of the European Union (EU) although with a special status. Being a British Overseas Territory, the UK is in charge of foreign affairs and business affairs.

According to the Treaty of Accession of the United Kingdom to the European Economic Community (EEC) in 1973, Gibraltar entered the EEC as a 'European territory whose external relations the UK Government is responsible'.

Gibraltar is the only European territory enjoying this status in the European Union. In the referendum of Brexit, its population voted mainly in favor of staying in the European Union.

As negotiated by the UK at the request of the Gibraltar government, some EU laws do not extend to Gibraltar. According to several provisions of the Treaty of Accession of the United Kingdom to the European communities, Gibraltar:

  • It is outside the customs union of the EU.
  • It is excluded from the Common Agricultural Policy (CAP).
  • It is excluded from the harmonization of VAT.
  • It does not allocate any part of the customs revenue to the EU.
  • Its economic activity is conditioned by its physical limitations and the lack of open land, which make agriculture non-existent.

It maintains a small amount of light industry for domestic consumption such as beverages. The main sources of income are on shipping, tourism, financial services, and the Internet.

In recent years there has been a significant expansion of hotel facilities to stimulate tourism. The port facilities occupy most of the western shore of the territory, as well as a portion of land gained to the sea in the bay of Algeciras.

In 1998, Gibraltar developed a tax law that made it an active offshore financial center, and currently boasts a broad offer of banks, investment banks, insurance companies, credit card companies, consumer finance companies, government-sponsored enterprises, and stock brokerages.

Gibraltar has become a center for Internet gaming companies. All gaming operations in Gibraltar require licensing under the Gambling Act of 2005. Despite the difficulties in obtaining these licenses, there are currently several operating in the Rock, some of which are among the world’s largest.

Services & Fees

Our banking support service is not just a mere introduction to the bank. We assist you in filling out the business questionnaires appropriately and help you understand and provide business details, commercial information and purpose/use of the bank account that a given bank wants to know in order to approve your account application. Banks want certainty and clarity on how the account will be used. Everything must be watertight. We will work with you to make sure there is minimal 'back and forth' and a smooth account opening process.

Bank Account opening requirements are subject to change at the discretion of the bank. There might be additional fees charged by the bank itself. Bank account opening is not guaranteed and is subject to the bank policies and compliance department. There might be restrictions on UBO nationalities, business activities and/or jurisdictions. A refund is available if the account is not successfully opened subject to our terms of service (20% to partly cover service and payment processing and administrative costs apply).

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