Where to open a bank account in Gibraltar in 2023

It is difficult to open a bank account in Gibraltar in 2023 if you are not a resident or do not have close ties to the country (e.g., own a business there). In this case, the only option is to create a payment system account or deposit a very large amount of money. In some institutions, the amount starts from £50,000. In others, it reaches a million pounds.

Banks of Gibraltar: what you need to know

There are 10 local banks in Gibraltar as of 2022. They are supervised by the Financial Services Commission and deposits up to €100,000 are insured.

Financial regulation is much stronger now than before. Local banks prefer to work with residents or foreigners who have registered a business in Gibraltar. Therefore, all applicants for an account with a local bank must rationalize the application. You will most likely be turned down if you don't have a job, property, business, or investment there. The exception is if you can deposit an amount of £50,000 or more.

How to become a local bank client

To become a client of a bank in Gibraltar, you must provide the following documents:

• Proof of identity (passport, driver's license, registration card, etc.).
• Proof of residence. Most institutions require that the applicant lives in Gibraltar, so you must provide a rental agreement that confirms the real estate's ownership. If you live abroad (eg, in Spain), but work in Gibraltar, registering an account is more complicated.

Local banks provide a wide range of services - personal and corporate accounts, credit cards, overdrafts, etc. Most charge a monthly service fee of £10 to £20. There are also fees for cash withdrawals, cheques, international transfers and currency exchange.

The easiest way for a foreigner to open an account is the state bank known as Gibraltar International Bank. The institution goes to meet foreigners who live abroad but work in the jurisdiction. Online registration is available,which is a huge benefit.

If you live in Gibraltar, you can open an account with Trusted Novus Bank, a small private bank. You can also register online there, but if you live in another country, they won't open it.

Payment system

If you live abroad, it is better to open an account with one of the payment systems. Their peculiarity is that they provide online services and there are no branches. Multicurrency accounts, debit cards, SEPA, SWIFT, and IBAN are available to the clients. The common drawback is a limited range of services, but it all depends on the particular fintech company.

It's convenient to register an account in the following payment systems:

• Wise is a London-based fintech company that allows users to pay and receive transfers like a Gibraltarian. To open an account with Wise, all you have to do is confirm your identity.
• Revolut Bank does not yet have a banking license, but is a popular payment system that operates in France, Germany, Italy and other EU countries. The company is headquartered in London. To open an account with Revolut Bank, it is not required to prove residence in Gibraltar.
• N26 is one of the most famous German online banks operating in many EU countries. It's not available to Gibraltar residents, but if you open an account with N26, you can use it to process any transaction in the country.

Large deposit

Many Gibraltar banks open an account to foreigners if they make a large deposit. There is no requirement to do business in the jurisdiction or have any connection to it.

Large deposits from non-residents are accepted by the next institutions:

• SG Kleinwort Hambros, a branch of the British multinational Société Générale. To open an account at SG Kleinwort Hambros, you need to deposit £50,000 or more.
• Bank J. Safra Sarasin is a private Swiss bank operating in Gibraltar. You need a deposit of £1 million to sign up, and annual fees range  from £1,500 to £4,000.

How to become a Gibraltar bank customer

To register a Gibraltar bank account in 2023, contact an IT-OFFSHORE expert.