Frequently Asked Questions: Banking

Practical answers on opening and maintaining Gibraltar bank accounts for companies, trusts, foundations, and individuals — including what banks require and how to avoid common delays.

• Which banks operate in Gibraltar?

  Gibraltar has a small but well-established banking sector. Licensed deposit-taking banks include Barclays, NatWest International, Jyske Bank, and Ebury (among others), alongside several smaller private and specialist banks. All banks operating in Gibraltar are licensed and regulated by the Gibraltar Financial Services Commission (GFSC).

• How do I open a bank account for a Gibraltar company?

  Opening a corporate bank account requires submitting a formal application to the chosen bank, including certified constitutional documents, KYC on all directors and beneficial owners, a description of the business and expected transaction flows, and source of funds evidence. Having a licensed fiduciary such as Resilience Group as company administrator significantly smooths the process and improves acceptance rates.

• What documents are required to open a corporate bank account?

  Banks typically require: certified copies of the certificate of incorporation and Memorandum and Articles of Association; certified ID (passport) and proof of address for all directors, shareholders, and beneficial owners; a company profile setting out the nature of business and expected transactions; source of funds and source of wealth evidence for significant stakeholders; and professional references where available.

• How long does it take to open a bank account in Gibraltar?

  Corporate account opening in Gibraltar typically takes 4–12 weeks, depending on the bank, the complexity of the ownership structure, and the quality of the documentation provided. Straightforward structures with clean documentation and well-known beneficial owners tend to be processed faster. Incomplete or unclear applications materially extend the timeline.

• Does having a corporate director help with bank account opening?

  Yes. Having a GFSC-licensed corporate director such as Resilience Group provides banks with confidence that the company is properly administered, that KYC has been conducted to a professional standard, and that the structure has legitimate substance. Banks generally regard companies administered by regulated fiduciaries more favourably than self-administered structures during the onboarding process.

• Can a Gibraltar company open a bank account remotely without visiting Gibraltar?

  Some Gibraltar banks permit remote account opening for lower-risk client profiles, provided all documentation can be certified remotely. Others require at least one in-person meeting with a director or significant beneficial owner. Resilience Group can advise on which banks are more amenable to remote onboarding for specific client profiles, and can facilitate introductions.

• Can Gibraltar companies hold multi-currency accounts?

  Yes. Most Gibraltar banks offer multi-currency accounts holding GBP, EUR, USD, and other major currencies within a single account relationship. This is particularly useful for international trading companies and fund structures that transact in multiple currencies. Fees and exchange rates vary by bank.

• Can I use an e-money institution instead of a traditional bank?

  Yes, for many payment and transaction needs. E-money institutions (EMIs) licensed in Gibraltar or the UK/EEA can provide payment accounts, card issuing, and FX services. EMI accounts are not covered by the Gibraltar Deposit Guarantee Scheme (which covers licensed banks up to £85,000 per depositor), so they are not appropriate for holding significant cash reserves, but they are efficient for operational transaction accounts.

• Do Gibraltar banks handle international wire transfers?

  Yes. Gibraltar banks facilitate SWIFT international transfers in all major currencies. Outgoing transfers are subject to the bank's standard AML and sanctions screening. Transfers to or from higher-risk jurisdictions may require additional supporting documentation, and for large or unusual transactions, providing advance notice and supporting evidence helps prevent delays.

• What ongoing compliance requirements apply to a Gibraltar bank account?

  Gibraltar banks conduct periodic KYC reviews — typically annually or on a risk-adjusted basis. You will be required to provide updated identification, proof of address, and evidence of ongoing business activity. Material changes to ownership, directors, or business activity must be notified to the bank promptly, and failure to respond to KYC refresh requests can result in account suspension.

• Can non-residents open a personal bank account in Gibraltar?

  Non-residents with a genuine connection to Gibraltar — such as Category 2 residents in the process of establishing their status, individuals employed by a Gibraltar entity, or directors of Gibraltar companies — can generally open personal accounts. Non-residents without any Gibraltar nexus will find it difficult, as banks are required to satisfy themselves of the legitimate purpose for the account.

• What is the Gibraltar Deposit Guarantee Scheme?

  The Gibraltar Deposit Guarantee Scheme (DGS) protects depositors at GFSC-licensed banks up to £85,000 per eligible depositor per institution (or £170,000 for joint accounts). The scheme covers personal and corporate deposits held with licensed banks in Gibraltar. EMI accounts, brokerage accounts, and non-bank financial institutions are not covered by the DGS.

• Can a trust or foundation open a bank account in Gibraltar?

  Yes. Trusts and foundations are common account holders at Gibraltar banks. The bank will require certified copies of the trust deed or foundation charter, KYC on all trustees or council members, and identification of all beneficiaries and protectors (or the class of beneficiaries for discretionary structures). Having a GFSC-licensed trustee or foundation councillor as the account signatory simplifies the process considerably.

• Are there minimum balance requirements for Gibraltar corporate accounts?

  Minimum balance requirements vary by bank and account type. Some banks impose minimum average balances or minimum opening deposits (typically £5,000–£25,000 for corporate accounts), while others have no formal minimum but price their services on a transactional or retainer basis. We advise clients on appropriate banking relationships based on their expected transaction volumes and account balances.

• What happens if a bank decides to close my account?

  Banks have the right to close accounts with reasonable notice under their terms of business, typically 30–60 days. Account closures are most commonly triggered by KYC refresh failures, changes in the bank's risk appetite, or material changes to the account's transaction profile. If an account is closed, Resilience Group can assist in identifying and onboarding with an alternative banking provider and can facilitate the transfer of company documentation required by the new bank.

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