Banking, Money and Taxes in Gibraltar

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: GIP 5, GIP 10, GIP 20, GIP 50, and GIP 100
• Coins: 1 pence, 2 pence, 5 pence, 10 pence, 20 pence and 50 pence; and GIP 1, GIP 2, and GIP 5

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, you usually need to appear at the relevant branch in person. Required documents include identification (driver’s 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 you will still have access to your 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.

If you’re classified as a non-tax resident, you only pay tax on income earned in Gibraltar, while residents for tax purposes pay tax on their worldwide income. You’re considered a tax resident if you’re present in Gibraltar for at least 183 days of any tax year. Your tax matters can be complex, so it is best to consult a qualified tax specialist if at all unsure.