Learn all the steps to open a bank account in Gibraltar today!
Gibraltar is a warm British Territory at the southern tip of the Iberian Peninsula. It is also an important refueling center for merchant ships. But today we’ll talk about opening a bank account in Gibraltar, not the geographical features of the region.
To open a bank account in Gibraltar, you must pay attention to the following points:
- Most banks do not work directly with customers and prefer to cooperate with experts. This is beneficial for the customer. Because a good specialist will help with the paperwork, which will reduce the likelihood of denial of service.
- Do you want to open an account in private banking for corporate purposes? Then you may need to meet with bank managers one-on-one.
- You need to translate the documents into English.
- Opening a personal bank account in Gibraltar is a very challenging process. Even opening an account in private banking with 1 million euros is difficult.
- If you have ties to Gibraltar, this will make the process easier.
- You can only open corporate bank accounts for certain activities. Even in this case, you may encounter various difficulties. You must act patiently during this process.
- Gibraltar exchanges tax information under FATCA and the Common Reporting Standard.
- They are especially attentive when accepting customers from the CIS countries.
Gibraltar banks may require additional documents along with the usual documents proving the identity and residence address of beneficiaries. What makes opening a bank in Gibraltar long and unpredictable is their careful selection of customers.
As you understand, Gibraltar has a banking system that prefers to serve those with high net-worth or blood ties to the country. But considering that this is the standard in most European countries, it should not be surprising. However, if you have a Gibraltar-registered company or several ties to the country, your bank account opening process will be considerably easier.
If you have a company in Gibraltar, you can open a corporate bank account in almost any country. The specific choice depends on the type of business and the location of the client. Opening a non-resident corporate account is difficult, but it is still much easier for a company from a reputable jurisdiction.
What do you need to open a bank account in Gibraltar?
Most banks in the country allow you to open a bank account online. But we talked about the meticulousness of banks earlier in our article. For this reason, it is a more reasonable way to be in direct contact with the bank when opening a current account. Remember to take the following documents with you when you go to open a bank account:
- At least a copy of your identity card, driving license and passport.
- Proof of your residential address in Gibraltar. This can be any of your recent bills.
- An application form that you can download from the bank’s website and fill out before you go. You can also do this at the bank. However, we recommend you do this beforehand to be prepared.
Benefits of opening a bank account in Gibraltar
Most countries have strict rules about opening bank accounts for non-residents. But if you have enough money and can meet the requirements, you still have a chance in Gibraltar, although it won’t be easy. But if you can manage to open a bank account in Gibraltar, there are some advantages too.
If you are looking for reasons to open a bank account in Gibraltar, here are some examples:
- The corporate tax rate is 10%.
- If you have a high net worth, you will be treated quite friendly. It’s hard to say if this is good for you. However, it is your decision!
- Deposits in banks are guaranteed up to 100,000 euros.
- Some banks in the country also offer the service of keeping their customers’ deposits abroad. This can give you some tax advantages.
- Regulated by UK standards.