Gibraltar has emerged as a popular overseas banking destination for non-residents and residents alike seeking to set up an offshore bank account.
Gibraltar is a British Overseas Territory, which means it is economically and politically tied to the UK but subject to its own laws and regulations. This exclusive position has enabled Gibraltar to establish a respectable offshore banking market over the years.
In this post we will explore if non-residents are allowed to open overseas bank accounts in Gibraltar and what their options are.
We’ll discuss what type of account you need, what documents you need, account security, and recommend the best digital bank for offshore remote banking in Gibraltar – Jetonbank.
What Types of Overseas Banking Accounts are Available to Non-Residents in Gibraltar?
Non-locals may open the following overseas bank accounts in Gibraltar:
- Savings Accounts - Basic savings accounts that pay interest on deposits. They’re useful for stashing money overseas.
- Current Accounts - Checking accounts for deposits, withdrawals, bills, and transfers. Give you more liquidity than savings accounts.
- Time Deposit Accounts - Money stored in the account for an ad valorem period (3-24 months) at a premium rate. Penalties apply for early withdrawals.
- Currency Accounts - Accounts in currencies other than the Gibraltar pound, such as USD, EUR, GBP. Useful for those living abroad.
- Shared Accounts - Joint accounts shared by two or more individuals, which may include non-resident family members.
The majority of Gibraltar banks provide these standard account types to residents and non-residents. Minimum deposits can be minimal, but they are usually adequate to provide overseas banking for companies.
Can Non-Residents Open an Overseas Banking account in Gibraltar?
Well, in a word yes – Gibraltar banks do enable non-residents (individuals as well as companies) to open foreign bank accounts. Gibraltar has more open banking systems than some other offshore countries.
Non-residents can open and hold bank accounts in Gibraltar with minimal documentation as long as the minimum requirements are satisfied.
The applicants just need to provide identity and address verification along with source of wealth certificates.
With this transparent approach, overseas citizens can easily establish a financial foothold overseas in Gibraltar for all sorts of financial services such as international payments, foreign investments, tax planning, and asset protection. You can even maintain the account at home through online and mobile banking.
What Documents are Required for a Non-Resident to Open an Overseas Banking Account in Gibraltar?
If you’re an overseas customer, opening an overseas banking account in Gibraltar is subject to some simple KYC (know your customer) requirements, and the banks will require these documents:
- Official photo ID (passport or driving licence)
- Representation of current address — Utility bill or bank statement within the last 3 months.
- Documentation regarding wealth, such as pay stubs, tax returns, or financial reports of a company.
- Two professional references, such as an employer or another bank.
Depending on the type and volume of account activity expected, some banks might ask for additional documents. For instance, trusts and companies often require registration documents and information about ultimate beneficial owners.
They are simple to apply for and they can often be submitted entirely online.
Account holders who are approved are able to use remote banking services immediately without having a Gibraltar address. You may require periodic updates to ensure KYC files remain updated in the long term.
How Secure is an Overseas Banking Account in Gibraltar for Non-Residents?
Compared to other bank services abroad, security is one of the top priorities for non-resident accounts. Gibraltar resolves this problem through rigorous regulatory controls and aggressive risk management by local banks.
Gibraltar, as a sovereign state in the EU, has implemented stringent AML and CTF laws in accordance with the recommendations of the International Financial Action Task Force (FATF). Regular audits ensure compliance.
All Gibraltar banks hold large capital adequacy ratios and liquidity buffers as mandated by the Gibraltar Financial Services Commission (GFSC).
Deposits are further backed by the Gibraltar Deposit Guarantee Scheme which provides coverage up to €100,000 per depositor/bank.
Modern cybersecurity tools also protect your online identity. Gibraltar banks invest millions of pounds on encryption, firewalls, malware detection, and employee training in order to protect customer data and financial transactions on the Internet.
Being supported by EU-quality rules and well-funded institutions gives foreign savers the peace of mind that their funds in Gibraltar are safe from foreign incursions. Over time, prudential control eliminates compliance and solvency risks.
Best Digital Bank to Do Overseas Banking in Gibraltar Remotely
Jetonbank is an ideal option for foreigners who are looking for a secure digital platform for banking abroad from a distance.
With its unique FinTech platform, Jetonbank offers numerous advantages over traditional banks.
Jetonbank doesn’t have branches and clients can open and manage their accounts online through a simple web portal and mobile app. This remote access makes it ideal for overseas account holders around the world.
The digital bank’s full-service digital banking service offers all of the usual account types along with additional benefits such as free global transfers, multi-currency wallets and crypto services. Best-of-breed security relies on biometrics, multi-factor authentication, and frequent vulnerability assessments.
Customer support is another advantage, as we offer 24/7 multilingual customer service through phone, email and live chat.
Setting up an overseas bank account with Jetonbank only takes few minutes from any connected device.
For those looking for a secure and easy offshore banking in Gibraltar, Jetonbank can certainly be said to be the top choice given its cutting-edge digital banking offering and customer experience.
The 100% online interface makes account opening and usage on a remote desk accessible to non-resident customers around the world.
The documentation is minimal and account security is guaranteed by the country’s strong regulations and regulated banking industry.
Digital banking platforms such as Jetonbank make accessing services from abroad even easier through advanced online and mobile interfaces.
Gibraltar banking provides overseas savers with a legal, reliable way to invest globally from a secure European financial hub.
Jetonbank is a good choice for individuals and companies who are interested in creating an overseas bank account in Gibraltar remotely for international payments, investments or other financial requirements.
Its innovative digital banking system enables non-resident clients to get convenient and secure overseas banking services at any point in the world.
