How to open a bank account in Gibraltar in 2021: recommendations and tips
To open a bank account in Gibraltar means to save on taxes and not worry about deposits. The absence of VAT, favorable tax policy, and the optimal reputation of a reliable financial center make the country an ideal place for the registration of foreign companies.
Development of the banking sector
Gibraltar is an overseas territory of Britain, which is located in the south of the Iberian Peninsula. The land has a separate tax system from Britain and a huge number of other benefits, hence, the activity of banks with foreign companies provides Gibraltar 20% of GDP.
Among the advantages of the jurisdiction, there is no need to pay VAT and corporate tax. For non-resident companies there is no tax on capital gains and inheritance, as well as on profits, which were obtained outside Gibraltar if they do not work within the jurisdiction.
The advantages of opening a bank account in Gibraltar
- Low cost of service;
- Insurance of deposits up to 100 thousand euros;
- A company that has an account in a Gibraltar bank is trusted, and therefore will have no Problem opening one in another jurisdiction;
- No taxes on interest from deposits;
- The absence of state tax inspections;
- The reliable financial system, which is regulated by the Gibraltar Financial Services Commission.
Who can open a bank account in Gibraltar in 2021
Gibraltar occupies a favorable politico-military position, so a Schengen or British transit visa is required for residents of non-EU countries. The same applies to opening an account for individuals, except if you want to deposit 1 million euros.
Foreign companies can open an account with a Gibraltar bank, as long as they act through intermediaries and follow the rules. For example:
- A non-resident company cannot own property here or provide services to Gibraltarians, and locals must not be involved in management.
- A foreign company must register an office here and hire a resident secretary.
- A foreign company can do business with other non-residents.
How to open
When applying for a commercial account in Gibraltar, all papers must be translated into English and notarized. Banks carefully check the people they work with, and in case of finding a mistake, they can refuse to open an account.
In most cases, the following documents must be presented to the bank:
- Exhaustive documents about the company (ask our specialists for the list);
- A financial reference letter from another bank where the client has an account;
- Business plan.
The bank can ask for any other information that must be provided. The necessity of a personal meeting depends on the financial institution where the account will be opened.
The best banks in Gibraltar for international companies
- Jyske Bank Gibraltar, a subsidiary of the Danish Jyske Bank, is one of the most regulated banks in the world. Among the advantages are service in Russian and the ability to register an account remotely.
- Credit Suisse Ltd. is a Swiss bank, the reliability of which has been verified by time. This institution is focused on working with major clients. To open an account, you need to visit the bank or meet the manager in person.
- Barclays Bank PLC (Gibraltar) is a leading global financial institution specializing in investment and wealth management.
- Lloyds TSB International is a British bank that has offices in many countries around the world, which makes it convenient in terms of international transactions. It prefers remote customer service.
- Bank J. Safra Sarasin (Gibraltar) Ltd is one of the best banks in Switzerland with a representative office in Gibraltar. It offers customers access to important financial institutions in the world.
To find out where best to open an account for your company, contact our experts. We'll recommend the best option, tell you what documents you need, and open an account quickly.