Gibraltar banks do require a higher deposit than other jurisdictions, normally starting from EUR100,000 for business bank accounts and EUR500,000 for personal bank accounts. No physical visits are required for Gibraltar.
In 1967, Gibraltar established itself as an offshore financial center, parlaying its low tax rates and access to the EU. Financial services account for about 21-32% of the economy, and this sector is still expanding. Telecom and internet gambling have also become sectors of note.
Gibraltar is a small British Overseas Territory and is known as a tax haven due to its tax benefits on non-resident companies. Though it is a relatively small territory it has a number of unique financial benefits for individuals and companies seeking a jurisdiction that is not associated as an offshore tax haven, has little or no corporate tax, a booming international financial centre, geographic proximity to Europe, and access to EU trade agreements.