List of Banks in Gibraltar

Gibraltar is a long established centre for international banking services, starting back in the 19^th century when banks established on the Rock to service the demands of traders and international commerce at the entrance to the Mediterranean

The following is a list of licensed banks currently trading in the British overseas territory of Gibraltar:

Bank Jacob Safra (Gibraltar)
Barclays Bank PLC
Barclays Wealth
Credit Suisse (Gibraltar) Limited
EFG Bank (Gibraltar)
Jyske Bank (Gibraltar) Limited
IDT Financial Services Limited
Leeds Building Society
Lloyds TSB International
Lombard Odier Darier Hentsch Private Bank Limited
NatWest Offshore Limited
Newcastle Building Society
Norwich & Peterborough Building Society
SG Hambros Bank (Gibraltar) Limited
Turicum Private Bank Limited
 

Banco Galliano was the oldest bank in the British overseas territory of Gibraltar.

 

 Economy of Gibraltar
The British military traditionally dominated the Gibraltar's economy, with the naval dockyard providing the bulk of economic activity. This however, has diminished over the last twenty years, and is estimated to account for only 7% of the local economy, compared to over 60% in 1984. Today, Gibraltar's economy is dominated by four main sectors - financial services, internet gaming, shipping and tourism (including retail for visitors).

Recently, many bookmakers and online gaming operators have relocated to Gibraltar to benefit from operating in a regulated jurisdiction with a favourable corporate tax regime. However, this corporate tax regime for non-resident controlled companies is due to be phased out by 2010, to be replaced by a low tax regime across the board

Tourism is also a significant industry. Gibraltar is a popular port for cruise ships and attracts day visitors from resorts in Spain. The Rock is a popular tourist attraction, particularly among British tourists and residents in the southern coast of Spain. It is also a popular shopping destination, and all goods and services are VAT free. Many of the large British high street chains have branches or franchises in Gibraltar including Marks & Spencer and Mothercare. Branches and franchises of international retailers such as Tommy Hilfiger and Sunglass Hut are also present in Gibraltar, as is the Spanish clothing company Mango.

A number of British Banks and international banks have operations based in Gibraltar. Jyske Bank claims to be the oldest bank in the country, based on Jyske's acquisition in 1987 of Banco Galliano, which began operations in Gibraltar in 1855. An ancestor of Barclays, the Anglo-Egyptian Bank, entered in 1888, and Credit Foncier (now Crédit Agricole) entered in 1920.

In 1967, Gibraltar enacted the Companies (Taxation and Concessions) Ordinance (now an Act), which provided for special tax treatment for international business. This was one of the factors leading to the growth of professional services such as private banking and captive insurance management. Gibraltar has several positive attributes as a financial centre, including a common law legal system and access to the EU single market in financial services. The Financial Services Commission (FSC), which was established by an ordinance in 1989 (now an Act) that took effect in 1991, regulates the finance sector. In 1997, the Department of Trade and Industry established its Gibraltar Finance Centre (GFC) Division to facilitate the development the financial sector development.

In Gibraltar we use the Pound Sterling, this is exactly the same currency used in the United Kingdom.
However you will find both Government of Gibraltar issued notes and Bank of England issued notes in circulation in Gibraltar completely intermixed. They have different designs and exactly the same values in Gibraltar but NOT in the UK. You will also find Gibraltar issued coins intermixed with UK issued coins - again they are the same weight and size and hold the same value in Gibraltar but NOT in the UK.
Many places will also accept Euros and some may accept US Dollars. However your change may be in Pounds Sterling, and you might not get the best rate.
You can find money exchange shops (bureau de change) in the airport / land border area, and along Main Street.

The official language of Gibraltar is English, and is used by the Government and in schools. Most locals are bilingual, also speaking Spanish, due to Gibraltar's proximity to Spain. However, because of the varied mix of ethnic groups which reside there, other languages are also spoken on The Rock. Berber and Arabic are spoken by the Moroccan community, as are Hindi and Sindhi by the Indian community of Gibraltar. Hebrew is also spoken by the Jewish community and the Maltese language is still spoken by some families of Maltese descent.

Gibraltarians often also call themselves Llanitos.
 

Gibraltar duty free
The following goods may be taken into Gibraltar by travellers aged 17 and over without incurring customs duty:

• 200 cigarettes or 100 cigarillos or 50 cigars or 200g of tobacco.
• 1L of spirits or 2L of fortified or sparkling wine.
• 2L of wine.
• 50ml of perfume.
• Other articles up to £32.