Gibraltar has long held a reputation as a banking centre, and expats can expect the full range of banking services from both local and international banks. It’s also a popular location for offshore banking.
Currency in Gibraltar
The official currency in Gibraltar is the Gibraltar Pound (GIP), which is divided into 100 pence. Its value is pegged to the British Pound. UK notes and coins are also accepted in Gibraltar.
Currency is available in the following denominations:
Notes: 5 GIP, 10 GIP, 20 GIP, 50 GIP and 100 GIP
Coins: 1 pence, 2 pence, 5 pence, 10 pence, 20 pence and 50 pence; and 1 GIP, 2 GIP and 5 GIP
Banking in Gibraltar
A good variety of local and international banks offer cheque and savings accounts, credit cards, online banking, ATMs and foreign exchange services.
Opening a bank account
To open a bank account in Gibraltar, expats must usually appear at the relevant branch in person. Required documents include identification (driving licence or passport) and proof of address (rental agreement or utility bill).
Credit cards and ATMs
ATMs are widely available, and are usually easy to find at banks and in shopping areas. These ATMs generally accept international bank and credit cards, so expats will still have access to their funds.
Taxes in Gibraltar
There is no capital gains tax, VAT or sales tax in Gibraltar. However, other types of tax, such as income tax, do apply.
Expats classified as non-tax residents only pay tax on income earned in Gibraltar, while residents for tax purposes pay tax on their worldwide income. Expats are considered tax residents if they’re present in Gibraltar for at least 183 days of any tax year. Expat tax matters can be complex, so it is best to consult a qualified tax specialist if at all unsure.