Offshore bank license in Gambia

March 16, 2023
cityscape gebf46dc03 1920

Having a permit such as offshore bank license in Gambia gives possibilities to offer accounts opening and management services, and to carry out all related operations related to them. Offshore-accounts in the Gambia give certain advantages. The list of such privileges includes:

  • strong assets protection-mechanisms;
  • higher interest-rate;
  • low-rates or no taxation.

How to get offshore banking licenses Gambia?

Getting such a permit as offshore Gambia bank-license is a rather complicated process. Entrepreneur needs to clearly indicate what services will be provided by this banking-institution and what services are covered by permission. To do it, you need to familiarize yourself with financial normative bases for banking-establishments in this space and history of servicing Gambian clients.

In some cases, in order to grant permission, the regulator may request recommendations from another party or put forward certain requirements for transactions carried out on accounts. Therefore, it is imperative to study all the requirements and then prepare a package of relevant documents.

Previously, offshore-banking in Gambia was used as a variant for transferring personal finances abroad, but the rise in tax-evasion and tax-havens usage in Gambia has led to new regulations making it tight to get such permission.

Privileges of getting Gambia offshore banking license

Gambian offshore-banks possess standard features like any others. But what may be different is the fees related to getting clients access to their funds can be lower, including commissions for wire-transfers and foreign-transactions in or outside Gambia. Banking normative bases in Gambia are frequently adjusted to prevent illegal deals engaging international bodies, including country itself.

Opening and using Gambian offshore-accounts is a convenient way to store money, nevertheless, many customers worry as for confidentiality of process. Having received Gambia offshore bank-licenses, entrepreneurs will offer accounts’ opening services without disclosing personal data during operations. Banks maintain confidentiality of all processes, regardless how much funds are withdrawn or credited.

Offshore Gambia bank license requirements

If entrepreneurs decide to get such permission, then they present all documents for issuing such permission.

  1. Banking institution name and registration form.
  2. Status – branch, subsidiary or new establishment.
  3. Details of shareholders, management and directors.
  4. Information about structure of bank’s capital.
  5. Confirmation of payment of capital.
  6. Confirmation that all applicable fees and royalties have been paid by the company.
  7. Presence of an office.
  8. Description of type of services bank intends to provide to customers.
  9. Business-plan.
  10. Description of internal mechanisms for minimizing and controlling risks, and protecting client funds.

To obtain such a license, it will also be necessary to hire two residents, one of whom must have relevant managerial knowledge and experience.

Related insights

Cost of living in Cyprus: a detailed guide for expats

Cyprus is pretty costly for livelihood. Nevertheless, the costs are more reasonable in contrast to the UK, USA, West and North Europe. But don’t forget that it mostly depends on the city. For instance, it is more lucrative to reside in Cyprus if your wish is a big city. If you are curious about the…

Read more 19.07.2024

What is important to know when buying property in Cyprus

Buying property is always a responsible decision, that requires full comprehension of the law and regulations of the country you want to buy a housing in. This also applies to one of the most desirable places for investment – Cyprus. The island is famous for its clean remarkable sea and hot sunny days almost all…

Read more 18.07.2024

No property taxes: complete list of countries with details

Chattel real levies are imposed by officials in many states around the globe either yearly or semi-annually, with the level of charges depending on the overall price of an investor’s asset. In contrast, in the world there exist some countries with no property tax.Here, we provide a comprehensive catalogue of places with no property tax…

Read more 26.06.2024

TOP 6 countries for investment in foreign real estate in 2024. Expert opinion

Investing in chattel real abroad has gained immense popularity as a means to preserve and grow wealth. In this article about, six routes that have captured the curiosity of stakeholders in question considering questions in property for sale  from non-EU nations. We delve into why these routes are currently the utmost appealing, providing valuable insights…

Read more 25.06.2024

Advantages of buying property with a real estate agency

Acquiring estate is a complex endeavor. While saving up the necessary funds is challenging in itself, it’s only the beginning. Verifying papers, drafting contracts, navigating the purchase agreement, and registering the housing – each step presents feasible pitfalls that could leave you both financially and literally homeless.  Therefore, selecting the right seller is paramount to…

Read more 18.06.2024

Discover the benefits and pitfalls of investing in property in Bali

Bali attracts everyone from digital nomads and entrepreneurs to retirees and the ultra-wealthy. The island’s enduring popularity among tourists combines with a vibrant local market, presents lucrative chances. Nevertheless, discrete analysis is crucial. This article highlights pros and cons of investing in property in Bali and other details you may be interested in. Why Bali’s…

Read more 18.06.2024

A guide to paradise: discovering the beautiful world of Bali for property investment

Bali, the jewel of Indonesia, is no longer just a traveler’s paradise – it’s an investor’s dream realized.  The island’s allure extends far beyond its captivating beauty, fueled by a potent combination of surging tourism and unwavering economic strength. This tropical haven boasts an enviable economic track record. Indonesia’s GDP has witnessed a remarkable upswing,…

Read more 18.06.2024

Obtaining residence permit and citizenship in Turkey when buying a property

Dreaming of life under the Turkish sun? A Turkish Residency Permit is your ticket to a carefree holiday. Residency allowance not only legalizes your stay for a year or more but also opens doors for work, depending on the type of document obtained. Learn who can get the coveted status, under what terms, and what…

Read more 03.06.2024

NIE NUMBER in Spain: Definition, Types, Procedure and Papers

Provided that you are a non-citizen, buying a property in Spain is possible with the NIE. It is your unique number as a non-citizen. It’s vital for various activities, from buying housing to making a bank account. However, it’s important to note that the NIE alone doesn’t grant lawful residency. This article will guide you…

Read more 28.05.2024

How to Purchase a Property in Spain

Buying a property in another state offers numerous chances, from generating rental income to becoming a resident or even a citizen. With a diverse range of places to choose from, finding the ideal house in Spain is within reach. While the acquiring procedure may appear daunting at first, this guide provides a clear and concise…

Read more 28.05.2024

Gaming license in Portugal

The gaming industry in Portugal has seen substantial growth, prompting both local entrepreneurs and global investors to explore opportunities in this lucrative market. Understanding the legal framework for obtaining a gaming license in Portugal is essential for those interested in documenting this sector. This comprehensive guide covers the essentials of the gaming-license process, the associated…

Read more 27.05.2024

Buying A House In Spain In 2024

Acquiring housing requires careful navigation of legal procedures and a keen awareness of the accommodation market. Before investing, in-depth investigation is vital to avoid scams, understand taxation, and stay ahead of market changes.  This guide provides valuable insights for a smooth transition to homeownership in Spain, whether you’re interested in coastal areas or major cities….

Read more 27.05.2024