Gibraltar Banking Facilities
The Financial Services Commission regulates banking in Gibraltar under The Banking Ordinance 1992. A substantial amount of subsequent legislation has kept Gibraltar up with current EU regulatory standards. See Offshore Tax Regimes and Law of Offshore for further details of the regulatory regime and of the offshore taxation regimes for banks.
Under EU 'common passport' legislation any branch of an authorised EU bank may establish itself in Gibraltar subject only to notification procedures. Likewise a Gibraltar-licensed bank may set up branches elsewhere in Europe. Most of the 14 banks established in Gibraltar are branches of major UK, European or US banks. Gibraltar-registered banks have three branches elsewhere in Europe.
The banks in Gibraltar provide a full range of commercial services and are well connected internationally, making this probably one of the better jurisdictions in which to operate e-commerce operations from a financial services point of view, and of course transactions, balances and remittances will not be taxed as long as the appropriate corporate set-up has been structured.