See the UK system wide financial screening and de banking since 2022.
That’s also being applied on the overseas territories
If you are not aware I am not going to sit around and explain.
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Is Gibraltar a hidden champion?
- Thread starter frankx1
- Start date
That’s also being applied on the overseas territories
If you are not aware I am not going to sit around and explain.
You don't need to bank in the UK as a Gibraltar resident. I am unaware of any system wide attempts at debanking Gibraltar. Since I am apparently unaware, do you have a link? Most recently the UK fought hard for Gibraltar and vehemently claimed it was not being used to avoid Russian sanctions, which the EU alleged, UK's stance on Gibraltar seems to be quite positive overall. UK as a country really only exists due to its business friendly and progressive, some former now (non-dom), tax policies, which overseas territories are instrumental in.
No problem with banking in Gibraltar.
If needed you can also have some basic retail banking in neighbouring Spain. There is also local Xapo if you are into crypto.
If needed you can also have some basic retail banking in neighbouring Spain. There is also local Xapo if you are into crypto.
I have a base there now so quite a lot of time mainly working from home. Banking in both EU and Gib. EU banks updated to Gib address, no problems so far.
If we think legally I can spend 1 day in Gib and then run around EU but have to be sure that I don't trigger tax residence anywhere (ex. neighbouring Spain). But as you mentioned if you have a EU passport it doesn't really matter. If you want to be safe make sure you "buy coffee" every morning in Gib and that these transactions are visible on your bank statement.
And btw I drive EU license plates from my home country (passport country) so that when I'm stopped anywhere in the EU no cop will get confused. I don't drive in Gib (it's small anyway so you don't need to).
So is this any better than what I can do with paraguay or dubai papers for a lot cheaper?
For me yes because I don't have to waste my life living in the barbie desert. Cheaper or no - it depends really, if your personal income is for example mid 6 to 7 figures per year I believe it's worth it. You're paying around 65k (tax+flat rent) and enjoying the benefits of having SoF and free movement of your funds which is rare nowadays.
Xapo is pretty much open to anybody. Turicum bank I think as well, but I would not expect them to be cheap. Gibraltar International Bank and Novus are more selective, you will need to proof some ties to gibraltar to open a bank account.
I personally would not expect much from banking there apart from the cards looking cool or something. Gibraltar banking is pretty much integrated into UK banking. You may as well just bank in the UK.
An exception are businesses of the Falkland Islands for which the Gibraltar International Bank provides bank accounts on a courtesy base.
Yes you need a residence permit to open an account. Ties to Gibraltar - they won't open in 90% of the cases.
Maybe some private bank can onboard you with a 500k deposit but what's the point if you are not a Gib resident. You can get Liechtenstein/Switzerland banking for the same amount
If you place your money with a bank in one of these countries you risk that you have to pay withholding tax right ?
I think many of these jurisdictions, Gibraltar included, are just as good as they used to be. Now it just requires knowing what you’re doing, and above all, it’s not the same as before when a simple company setup could provide extensive privacy and significant tax savings. It requires rethinking and relatively large, professional setups - which can be costly.
100% agree.
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