Banking activities in Gibraltar fall under the regulations of the Banking Ordinance enabled in 1992. Banks are supervised by the Federal Services Commission. Also, Gibraltar banks follow EU directives when it comes to regulatory standards which has turned the Rock into a preferred destination for foreign investors interested in setting up companies in the financial sector. The Gibraltar International Bank is the country’s national bank and was enabled in 2015. There are over 10 private banks operating here, some of them as subsidiaries or branches of foreign institutions. Those interested in opening a bank account in Gibraltar in 2024 can choose any of them, depending on their needs and preferences.
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Types of bank accounts in Gibraltar
The National Bank of Gibraltar allows both local and foreign citizens to open personal or mortgage bank accounts in the Rock. Personal bank accounts can further be divided into:
- current accounts, which are also the most employed;
- savings accounts.
Savings accounts can have immediate access or can be opened for a fixed period of time. Those seeking to purchase a property and need a loan can set up a mortgage account in Gibraltar.
Foreign enterprises opening companies in Gibraltar are also required to have a bank account in this country. Gibraltar banks allow them to set up corporate bank accounts.
Our company formation representatives can assist you in setting up corporate bank accounts in Gibraltar.
We invite you to watch our video on how to set up a bank account in Gibraltar:
How to set up a bank account in Gibraltar in 2024
Many banks in the Rock offer the possibility of opening a bank account through an online procedure, however it is advisable to go in person when opening a current account. The following documents must be provided:
- copy after the ID, passport or driver’s license;
- proof of Gibraltar residential address, such as a recent utility bill;
- a prescribed application form.
Certain banks may also verify the clients’ creditworthiness if they have an account with another bank. Most Gibraltar banks will issue debit cards when opening the account, while others will also offer other facilities such as overdrafts.
Like in many other jurisdictions, choosing the bank with which to open a corporate or individual account will be a decision based on what the respective bank offers to its clients. the available banking products, the network of bank branches (at an international level), and the number of local ATMs, as well as the options for online banking and mobile banking can all be important criteria.
The HM Government of Gibraltar issues a series of statistical data concerning the financial centre in the jurisdiction. Our team presents some of the statistical data available for 2021 on banking licenses:
- In January 2021 there were 2 applications for banking licenses;
- In March 2021 there was only 1 application for a banking license.
Other economic data shows that:
- The GDP per capita for 2022/23 was £80,517;
- The nominal GDP annual growth for 2022/23 was 7.5%;
- The real GDP annual growth for 2022/23 was 1.2%;
- The annual inflation (calculated in October 2023) was 4.3%;
- The employee job growth in 2022 was of 2.5% and there were 14,150 frontier workers.
For more information on setting up a bank account in the Rock in 2024, do not hesitate to contact our company registration agents in Gibraltar.