Banking in Gibraltar
Updated 28/08/2019 re changes in Banking, see in RED
Banking is one of the major pillars of Gibraltar economy with total assets over EUR 7.8 billion and some of the major International banks have their offices in Gibraltar. Statistics are available here http://www.fsc.gi/aboutus/stats_ci.htm
Gibraltar culture and legal system are similar to the UK. Its legislation is based on English common law. The banking sector is regulated by the Financial Services Commissioner appointed by the Governor of Gibraltar on behalf of the British Foreign and Commonwealth Office.
There are many advantages to banking in Gibraltar:
- Clients of Gibraltar banks enjoy EU deposit protection scheme of EUR100,000 for accounts held in Gibraltar, as well as some banks may hold some of client deposits in other jurisdictions to enjoy additional protection and diversification.
- Favourable tax status means no tax is payable on interest generated on your savings, however Gibraltar cannot be considered as an offshore jurisdiction in its classical meaning. In compliance with European Union Tax Savings directive all interest paid to individuals resident in the EU is now subject to exchange of Information arrangements, as well as banks in Gibraltar are compliant with USD and UK FATCA.
- Most of the banks having offices in Gibraltar enjoy ability to “Passport” their products to major EU countries.
- Gibraltar promotes itself as a very compliant jurisdiction, and all these banks are licensed and fully regulated by Financial Services Commission.
Here we have compiled a list of local banks with basic information in Official info about themselves and our generic comments including the type of clients they do accept. In summary, there are 8 private banks, 3 universal banks with another one awaiting licence, 1 private/personal bank, 1 card issuing bank and 3 building societies.
If anyone would like anymore details regarding these banks profiles, people, products, processes or pricing, then, please do not hesitate to contact us. We hold in depth peer to peer comparison data on all banks in Gibraltar and beyond. Worldwide we hold analysis on over 100 banks in over 30 jurisdictions so in many cases we can make introductions for clients.
It may be very difficult though to apply with banks directly. Banks usually prefer to deal with clients introduced by professionals and intermediaries. They know bank requirements very well, assist clients with collation of documents and completion of complex applications.
Do not hesitate to contact us at www.how2bank.com and we will assist you with your application to bank in Gibraltar or to bank in another jurisdiction, as there may be challenges of opening account for a trading business in Gibraltar banks. We can do custom selection and comparison of the banks for you based on your individual requirements and preferences.
Banks in Gibraltar:
The institutions listed below are authorised under the Financial Services (Banking) Act for deposit taking business. Most of these institutions are also authorised to conduct investment business and other types of regulated business. For full details regarding authorisations held by these institutions please contact the Financial Services Commission (www.fsc.gi).
Gibraltar International Bank Limited
Tel: +350 200 69217
At the Gibraltar International Bank we believe that managing your money easily is key. We have invested in state of the art technology to ensure that your experience in banking with us is as pleasant and hassle free as possible.
Bank offers fully operational current and savings accounts for personal and business clients in Gibraltar and mainly focused on local market. Bank has very modern facilities and infrastructure and pleasant staff.
Bank J. Safra Sarasin (Gibraltar) Ltd (now also owns former Credit Suisse)
PO Box 542
Suite 971, Europort
Tel: +350 200 49601
“Bank is part of one of the leading private banks in Switzerland Bank J. Safra Sarasin LTD which was established in 1841. Bank J. Safra Sarasin (Gibraltar) Ltd operates under a full banking license and offers private banking services. Bank J. Safra Sarasin (Gibraltar) Ltd has a branch in London which offers UK residents and international clients based in London access to the world’s most important financial centers. Its staff develops comprehensive and flexible private banking services to individuals and families, as well as the full array of financial services to corporate clients worldwide. From inception, Bank J. Safra Sarasin (Gibraltar) Ltd has maintained its growth strategy and strong capitalization.”
This Private bank is accepting High Net Worth Individuals.
IDT Financial Services Limited
PO Box 1374, First Floor
3 Bedlam Court
Tel: +350 200 79616
“IDT Finance is the trading name of IDT Financial Services Limited. IDT Finance is a subsidiary of IDT Corporation, an innovative and opportunity-seeking multinational company headquartered in the US and listed on the New York Stock Exchange (NYSE: IDT) with offices in over 30 countries. IDT Finance has been operating since 2006 as a regulated issuing bank. Bank has passported its license authorising it to provide payment services and issue electronic money across the whole of the European Economic Area (EEA). IDT Financial Services Limited is a regulated bank, licensed by the Financial Services Commission (FSC), Gibraltar
Unlike other banks IDT Financial Services Limited core focus is Prepaid cards and provision one of the best BIN Sponsorship in the market place. Its cards are issued pursuant to license by MasterCard International Incorporated and Visa Europe Limited.”
This bank does not accept clients for regular banking services and works through BIN Sponsorship arrangements with program managers.
Jyske Bank (Gibraltar) Limited
PO Box 143
76 Main Street
Tel: +350 200 72782
“Jyske Bank (Gibraltar) is a subsidiary of Jyske Bank A/S. Jyske Bank Private Banking is part of the Jyske Bank group and solely serve clients who do not live in Denmark. Group has about 20,000 clients from 135 countries. Every client is attached to one of our Private Banking units in Copenhagen, Zurich, Gibraltar or Weert. Bank focuses on advice about investments in equities and bonds in various countries and sectors and selected investment funds as well as various investment and service products, the most popular ones of which are wealth management, capital insurance and Visa cards.”
The bank accepts both personal and business clients. Jyske Bank has no defined criteria for accepting client, however to become a Private Banking client, the minimum initial deposit is EUR 150,000.
The bank has recently reopened their new renovated offices, please find our report here: http://www.how2bank.com/2014/10/08/how2agency-attends-opening-newly-refurbished-office-jyske-bank-gibraltar/
Leeds Building Society
First Floor Heritage House
235 Main Street
Tel: +350 200 50602
“Leeds Building Society is the UK’s fifth largest building society, with assets of more than £10 Billion and over 696,000 members. Our Gibraltar branch opened in November 2002 and has been proud to serve the local community with a competitive range of savings products and mortgages for property purchases in Gibraltar, all managed with excellent customer service and customer focus. Applicants must be aged 18 years or over. Mortgages are subject to eligibility, status and financial standing.”
Solution for local private individuals only as Leeds Building Society is focusing on private individuals resident in Gibraltar.
Barclays Bank PLC (closed in Gibraltar)
PO Box 187, 1st Floor
Regal House, 3 Queensway
Tel +350 200 41222
“Barclays is a leading global wealth and investment manager providing international and private banking, wealth planning, trust and fiduciary services, investment management, brokerage services and research to private and intermediary clients across the world. Additionally our client benefit from access to the breadth of personal, corporate and investment banking expertise across Barclays, one of the largest financial services groups in the world.
In October 2013 Barclays announced that it is reviewing its business in Gibraltar and in July 2013, bank announced its intention to reduce our presence. Following a thorough review, bank made the difficult decision to scale back our operations. Bank will no longer offer local banking services and as a result, the Barclays branch situated on Main Street will close. No new business will be accepted and no new accounts will be opened in Gibraltar. Going forward, Barclays will retain a presence in Gibraltar focussed on supporting current lending and larger corporate and intermediary relationships. Source: https://wealth.barclays.com/en_gb/home/others/barclays-in-gibraltar.html“
We are assisting clients to find alternative solutions
Credit Suisse (Gibraltar) Limited (Taken over by Safra Sarasin, see above)
PO Box 556
Tel: +350 200 4000
“Credit Suisse (Gibraltar) Limited supports your investment objectives: from portfolio management and investment funds, to active advice. We offer customized and intelligent solutions. Credit Suisse (Gibraltar) Limited is part of Credit Suisse Group and specializes in portfolio management for affluent private clients. Bank products and services are designed to meet the needs of affluent private clients who are interested in investing and require comprehensive financial advisory services and customized financial products. In general, Bank targets clients with investable assets of at least GBP 400,000 or with comparable medium-term investment potential. Bank services span the entire private client business, from individual comprehensive investment and financial advice to professional portfolio management. As part of Credit Suisse Group, you can rely on the excellent reputation of a global financial institute and enjoy a level of financial security comparable to that of Credit Suisse in Switzerland.”
(Taken over by Safra Sarasin, see above)
Lloyds Bank (Gibraltar) Limited (Lloyds Bank International) (closed offices in Gibraltar and moved to Jersey and Isle of Man)
PO Box 482, First Floor
Royal Ocean Plaza
Tel: +350 200 50999
“Our journey begins in 1765 with a Birmingham button maker and an iron dealer. We’ve grown a bit since then, but through booms, recessions and recoveries, we’ve always believed in the value and power of relationships – and what these can do for our customers.
Today, more than 240 years on, we help our customers get to where they want to be in life by delivering expert relationship banking.
If you’re living, working or travelling abroad, you may need to carry out day-to-day banking transactions in multiple currencies. Get a dedicated Relationship Manager and additional services when you save or invest £100,000 or have £100,000 annual income. International wealth management solutions for customers with £500,000 or more to save or invest with us.”
(closed offices in Gibraltar and moved to Jersey and Isle of Man)
Bank mainly focuses on the needs of its International private clients/expats based in Europe with the links to UK. The office is not a cash holding office and mainly services its clients remotely.
Bank accepts private clients from major European countries with either gross annual income of GBP50,000 or initial deposit of GBP25,000. Bank does not offer corporate banking.
Lombard Odier & Cie (Gibraltar) Limited
PO Box 407, Suite 921
Tel: +350 200 73350
“Established in 1796, Lombard Odier is the oldest private bank in Geneva as well as one of the largest in Switzerland and Europe. The bank is an independent, family-owned business, answerable only to its clients and regulators. Exclusively focused on private wealth and institutional asset management, bank provides its clients with bespoke, discreet and high-quality service. Since founding more than two centuries ago, the bank have stayed true to our primary vocation of preserving and growing the assets entrusted to the bank, and helping to hand them to future generations. Lombard Odier has been an independent family business for seven generations and today the firm is led by eight partners”.
This Private bank offers its private clients consulting services and wealth management expertise – integrating financial, tax and legal related disciplines. Bank has multilingual staff and accepts clients with minimum EUR500,000 of investable assets.
NatWest Offshore Limited (The Royal Bank of Scotland International Limited)
PO Box 707
57 Line Wall Road
Tel: +350 200 77737
“In 2012 it was confirmed that the RBS International brand would be replaced by the Natwest International brand for personal banking customers, although business banking customers would remain under the RBS brand.The Bank International Personal Banking products and services are designed for UK expatriates, foreign nationals living in the UK and the internationally mobile. When you open an account with us you can enjoy the full support of an experienced Relationship Manager.”
The bank in Gibraltar is offering personal and business banking servicing local community and businesses, as well as International Personal Banking. The bank offers current accounts, savings and investments, loans, mortgages and other to both private individuals and businesses.
There is no fixed criteria for clients, however bank in Gibraltar mainly focuses on local community and businesses. Other clients are reviewed on individual basis. As to international personal banking, To open an account you must have at least £75,000 annual income mandated to the account or more than £50,000 to deposit (or the currency equivalent). Currently bank experiences peak activity and account opening process may take more time than usual.
Newcastle Building Society (moved out of Gibraltar)
197-201 Main Street
Tel: +350 200 41143
“Newcastle Building Society is one of the top ten building societies in the UK and the the largest to be based in the North East of England. In August 1990 the Society became the first UK building society to provide a full range of investment and housing finance services in Gibraltar. Newcastle Building Society is servicing the needs of customers in Gibraltar with its range of savings accounts and mortgages.“
(moved out of Gibraltar) Solution for local private individuals only as Newcastle Building Society is focusing on private individuals resident in Gibraltar.
Norwich & Peterborough Building Society (Unfortunately, the Gibraltar branch has been closed and applications for new Gibraltar accounts are no longer available.)
198-200 Main Street
Tel: +350 200 45050
“Norwich & Peterborough Building Society is a branch of UK operation in Gibraltar. It mainly offers savings and mortgage services to its local community, however at the moment applications for new Gibraltar savings, current accounts or mortgages are no longer available.”
Unfortunately, the Gibraltar branch has been closed and applications for new Gibraltar accounts are no longer available. Solution for local private individuals only as Newcastle Norwich & Peterborough Building Society is focusing on private individuals resident in Gibraltar.
SG Hambros Bank (Gibraltar) Ltd (now Kleinwort Hambros)
PO Box 375
32 Line Wall Road
Tel: +350 200 02000
“Hambros Bank was established in the UK in 1839. Since this date, the bank has operated as both a merchant and a private bank and accumulated a wealth of experience in the financial services sector. Following a series of acquisitions as Hambros Bank it was ultimately acquired by Societe Generale in 1998 and became Societe Generale Private Banking Hambros. Hambros Bank has been based in Gibraltar since 1981. As a client, you will have a dedicated private banker who works with teams of investment advisers and wealth planners to help you identify and implement your financial decisions. From day-to-day banking and financing to long-term wealth planning and complex investments.
The bank offers ‘restricted advice’, which means that bank advises on a selective range of investment and wealth planning solutions. The bank providers are specifically chosen for their performance, expertise, service standards and financial strength so that we can ensure you receive the most appropriate service for your needs.
With a network of offices in the UK, Jersey, Guernsey and Gibraltar, the Bank has a range of teams offering its services to clients around the world. Its Multi-lingual teams include the French, Arab, Russian and South Asia desks and solutions are provided for both domestic and non-domestic clients with more than EUR 500k of investable assets.”
Bank has very experienced multilingual staff and accepts clients with minimum EUR500,000 of investable assets.
Turicum Private Bank
PO Box 619
315 Main Street
Tel: +350 200 44144
“Turicum Private Bank is a privately owned private bank, based and licensed in Gibraltar but committed and led by Swiss tradition. The bank philosophy is to provide a sophisticated Private Banking service with a family office approach resulting in strong client relationships. The Bank does not engage in any proprietary activity which strengthens its balance sheet and allows it to focus on excelling on client services for which the bank is known by our exclusive clientele.”
The bank has flexible client criteria of EUR500k investable assets and unique “All in” management fee.
Union Bancaire Privee (Europe) SA (Closed its offices in Gibraltar)
Po Box 482
Trinity House 102
Tél: +350 200 51155
“Union Bancaire Privée, which was founded in 1969 by Edgar de Picciotto, specialises in private banking and asset management. UBP is a family-owned company, driven by an entrepreneurial vision, innovation and independence. With a Tier-1 ratio of 28%, it is one of the most strongly-capitalised private banks. As an asset-management specialist, UBP is committed to providing innovative investment solutions suited to the new market environment, with the highest levels of service quality and transparency. The Bank strives for performance and the preservation of capital, and develops innovative, traditional and alternative product ranges for both private and institutional clients.”
(Closed its offices in Gibraltar) According to GBC, Swiss Bank, Union Bancaire Privee, is reviewing its operations in Gibraltar following its recent acquisition of part of the Lloyds business here. More info will be available later.
Gibraltar Savings Bank
206/210 Main Street
This is institution is actually part of H.M. Government, Ministry of Finance, Treasury Department, and is available to local residents. Mainly issues Government Debenture notes (1 month notice debentures, 10 year fixed senior citizen debenture, 3 and 5 year fixed debentures and children’s bond account)
Please contact us by e-mail info at how2agency.com or visit our websites www.how2agency.com and www.how2bank.com to request assistance with your international banking.