Banking is one of the major pillars of the 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 Gibraltar Financial Services Commission.

 

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.

 

Clients of Gibraltar banks enjoy the 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.  Favorable 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.


Gibraltar promotes itself as a very compliant jurisdiction, and all these banks are licensed and fully regulated by Financial Services Commission. The institutions 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 businesses. For full details regarding authorisations held by these institutions please contact the Financial Services Commission.

 

 Source: World Offshore Banks website