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Forex license in Gibraltar: GFSC investment-firm permission.
A forex license in Gibraltar is a Part 7 investment-firm permission from the Gibraltar Financial Services Commission (GFSC). A CFD market maker holds £750,000 of initial capital; the GFSC's service standard for a Class 2 firm is 9 months from a complete file. There is no EU passport; UK access rests on transitional rules ending 31 December 2026 unless HM Treasury extends them. We file from our Gibraltar office.
Updated · Reviewed by the Prifinance team
Forex license in Gibraltar: a sterling regime with UK access on transitional terms.
Gibraltar licenses forex and CFD brokerage as investment business under the Financial Services Act 2019 (Act 2019-26 of 23 July 2019). The GFSC grants no separate forex or CFD licence, only a Part 7 permission whose permitted business schedule names each service and instrument; its instrument list puts contracts for differences, spread betting and rolling spot FX in one item. A market maker deals on own account under Schedule 2 paragraph 50, with the detail in the Financial Services (Investment Services) Regulations 2020 (LN 2020/041). Brexit ended the EU passport, and neither the EU's IFR and IFD nor the ESMA measures apply. Since 1 January 2022 Gibraltar has run its own Investment Firms Prudential Regime in sterling, under the Financial Services (Investment Firms) (Prudential Requirements) Regulations 2021 (IFPR Regulations, LN 2021/493): £750,000 of initial capital for dealing on own account, £150,000 for an agency firm holding client money, £75,000 for one holding none.
The awkward part is the UK. HM Treasury, citing Government of Gibraltar data from 2024, puts the UK's share of Gibraltar's financial services business at over 95%, yet access rests on UK SI 2019/589, whose transitional arrangements cease at the end of 31 December 2026 unless HM Treasury extends them by another 12 months (reg. 12). The intended successor, the Gibraltar Authorisation Regime (GAR) in the UK Financial Services Act 2021, is not yet in force: in November 2025 HM Treasury said its secondary legislation was still being prepared. The costs are in print. Under the Financial Services (Fees) Regulations 2020, a market maker in fee Category 2A pays £22,000 to apply, then £9,192 base plus £11,817 a year before the turnover, transaction and AML supervision fees. The GFSC's own service standard for a Class 2 investment firm is 9 months from a complete file, against a legislative maximum of 18 months.
The GFSC grants a Part 7 investment-firm permission; Gibraltar has no separate forex licence. A market maker holds £750,000 under the sterling IFPR and pays £22,000 to apply. No EU passport.
UK access rests on SI 2019/589, whose transitional rules end on 31 December 2026 unless HM Treasury extends them. The GFSC's standard is 9 months from a complete file; corporation tax is 15%.
£750,000 to make markets, £75,000-£150,000 to pass orders on.
One GFSC permission covers either model, and its permitted business schedule decides which: dealing on own account means £750,000 of capital and fee Category 2A, while reception, transmission and execution of client orders start at £75,000. We fix the model before the Stage 1 pack is written, since adding a service later takes a variation under s. 68 of the Financial Services Act 2019.
£750,000 to make markets; £75,000 or £150,000 for an agency broker.
The market maker in fee Category 2A
A Gibraltar CFD and FX book run against clients is dealing on own account under Schedule 2 paragraph 50. The firm holds £750,000 of initial capital, pays the GFSC £22,000 on the day it applies, and then pays £9,192 base plus £11,817 for Category 2A each year, before turnover and transaction fees.
A Gibraltar CFD and FX book run against clients is dealing on own account under Schedule 2 paragraph 50. The firm holds £750,000 of initial capital, pays the GFSC £22,000 on the day it applies, and then pays £9,192 base plus £11,817 for Category 2A each year, before turnover and transaction fees.
- ✓Dealing on own account - Schedule 2 para 50
- ✓£750,000 initial capital in sterling
- ✓Application fee £22,000 - Category 2A
- ✓£9,192 base + £11,817 category fee a year
- ✓Transaction fee 3p, up to £51,500
- ✓Class 2 own funds: K-factors, fixed overheads
The agency broker without a dealing book
A Gibraltar broker that receives, transmits or executes client orders without dealing on own account starts at £75,000 if it holds no client money and £150,000 if it does. Its fee category is 2B, at £16,000 to apply and £9,192 a year on top of the base, or Category 3, at £12,000 and £3,283, where it is small and non-interconnected.
Orders passed on without a dealing book: £75,000 without client money, £150,000 with it, fee Category 2B or 3.
- ✓Reception, transmission, execution for clients
- ✓£75,000 - no client money held
- ✓£150,000 - client money held
- ✓Category 2B: £16,000 application fee
- ✓Category 3 (SNI): £12,000 application fee
- ✓New services by variation under s. 68
Costs and timelines are confirmed for your case before any work begins. The GFSC may charge a further application fee where an applicant fails to put inadequate documents right (reg. 4(7)), aggregates fees and may require aggregate capital from a firm with several permissions, and adds 40% of the annual fees for a firm under intensive supervision (reg. 4A).
A sterling rulebook and printed fees, with one date to watch.
Gibraltar's prudential rules were developed in line with the EU and UK regimes, and its capital floors, fees and service standard are all published.
Since 1 January 2022 the IFPR Regulations have set Gibraltar's capital floors in sterling rather than euros: £750,000, £150,000 or £75,000 by model. Firms licensed before that date phase in over five years.£750,000, £150,000 or £75,000 since 2022.
For a Category 2A firm the Fees Regulations print £22,000 to apply, £9,192 base and £11,817 category fee a year, a turnover fee from nil to £7,877, 3p a transaction up to £51,500 and £798 for AML supervision.£22,000 to apply, from £21,009 a year.
The GFSC commits to 9 months for a Class 2 investment firm, split 5, 2 and 2 across its three stages, with a progress update every month. Regulated Individuals named in that file are assessed inside the 9 months; a later appointment has its own standard of 30 working days with an interview, 10 without.9 months for a Class 2 firm.
Gibraltar charges corporation tax on profits accrued in or derived from Gibraltar, at 15% since 1 July 2024. The rate was 12.5% from 1 August 2021 and 10% before that.Since 1 July 2024, territorial basis.
Every investment firm authorised in Gibraltar belongs to the Gibraltar Investor Compensation Scheme (GICS), which pays 90% of a customer's loss up to €20,000, converted into sterling at the official rate nearest the default declaration.GICS pays up to €20,000 per customer.
UK SI 2019/589 lets Gibraltar firms serve UK clients and open UK branches until 31 December 2026, and each extension HM Treasury makes adds only 12 months. We plan the UK business around that date and around the GAR meant to replace it.UK access ends 31 December 2026 unless extended.
How Gibraltar differs from other routes.
A dealing broker holds £750,000 in Gibraltar and the UK and €750,000 in Malta and Cyprus, so capital does not separate them. The market behind the licence does: Malta and Cyprus passport across the EU, the UK has its own market and no EU passport, and Gibraltar reaches UK clients on transitional terms.
| Feature | Gibraltar | Other jurisdictions |
|---|---|---|
| Dealer's capital | £750,000 · IFPR Regulations 2021 | £750,000 UK · €750,000 Malta, Cyprus |
| Application fee | £22,000 · Category 2A | €15,000 Malta (2026) · UK, Cyprus by schedule |
| Realistic timeline | 12-15 months · GFSC standard 9 | 9-15 months UK · 9-12 Malta · 8-14 Cyprus |
| Market access | UK to 31 Dec 2026 unless extended · no EU passport | EU passport Malta, Cyprus · none from the UK |
| Country | License type | Taxation | Requirements |
|---|---|---|---|
Gibraltar | GFSC Part 7 investment-firm permission | 15% since 1 July 2024 | £750,000 dealing, £22,000 fee, no EU passport |
United Kingdom | FCA investment firm | 25% CIT · 19% small | MIFIDPRU tiers, CASS, PS19/18 |
Malta | MFSA investment services licence | 35% · 5% effective or 15% final | IFD €75k-€750k, AX08 questionnaire |
Cyprus | CySEC CIF | 15% CIT (2026) | IFD €75k-€750k, EU passport |
Gibraltar
United Kingdom
Malta
CyprusForex licences in neighbouring jurisdictions
All 79 forex licence jurisdictions →
How to start a forex brokerage: license, capital and steps →
Forex license requirements in Gibraltar: what the GFSC checks.Gibraltar forex license requirements.
The GFSC takes the file in three stages after its pre-application process and opens each stage only when the previous one satisfies it, so the list runs in the order the documents fall due.
Reflects the Financial Services Act 2019, the Investment Services Regulations 2020 in their version of 7 September 2023, the IFPR Regulations 2021 and the Fees Regulations 2020 as amended to 3 September 2026, as of October 2026.Financial Services Act 2019 and its regulations, as of October 2026.
Official sources
Regulator pages, legal texts and public registers the figures on this page are based on.
- LawFinancial Services (Investment Services) Regulations 2020 - gibraltarlaws.gov.gigibraltarlaws.gov.gi
- RegulatorGFSC - Applying for a permission: Investment firmfsc.gi
- RegulatorGFSC - IFPR: Own Funds and Initial Capitalfsc.gi
- FeesFinancial Services (Fees) Regulations 2020 - gibraltarlaws.gov.gigibraltarlaws.gov.gi
- LawFinancial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2019, reg. 12 - legislation.gov.uklegislation.gov.uk
From the GFSC pre-application process to a Part 7 permission.
The CFD and FX book is mapped to Schedule 2 and the fee categories, so the permitted business schedule asks for what the firm will actually do and the capital matches it.Schedule 2 service and fee category fixed.
The project goes through the GFSC's pre-application process before anything is filed; the staged application opens after it.The GFSC sees the project first.
Application form, business plan, controller forms, ICARA and the £22,000 fee go in through the GFSC's cloud access. The service standard gives the GFSC 5 months for this stage.Form, plan, ICARA, £22,000 fee.
Governance, IT and risk for Stage 2, then conduct, Consumer Duty, liquidity and the individuals' forms for Stage 3, two months each, each opened when the GFSC is satisfied with the last.Governance, conduct, individuals.
The Part 7 permission arrives with its permitted business schedule. The base fee falls due within 28 days of the notice of grant; the rest of the annual fee is invoiced near the GFSC's 31 March year-end on audited figures.Base fee within 28 days of grant.
The 9-month standard runs only once the fee and all the information the GFSC requires are in, and it pauses while the GFSC waits for answers; the GFSC puts the legislative timeframe at 18 months. We plan for 12-15 months from the pre-application process to the permission.
Run from our Gibraltar office.

The pre-application process, then the Stage 1 pack: application form, business plan, controller forms, ICARA, indemnity confirmation and the £22,000 fee, filed through the GFSC's cloud access.The project put to the GFSC.
A Gibraltar private company with its head office and registered office in Gibraltar, directors who meet reg. 17 and Regulated Individuals prepared for interview.Office, directors, capital.
Governance, IT, outsourcing and the K-CON risk register for Stage 2; conduct, Consumer Duty, liquidity and internal audit for Stage 3, each sent when the GFSC invites it.Each pack when the GFSC invites it.
A UK plan dated against SI 2019/589 and the GAR, GICS membership, and the base fee paid within 28 days of the notice of grant.SI 2019/589 plan, GICS, fees.






Taxation of forex brokers in Gibraltar.
A broker's company in Gibraltar pays corporation tax at 15%, the rate since 1 July 2024, on a territorial basis.
The rate rose from 12.5% to 15% on 1 July 2024, after an earlier step from 10% to 12.5% on 1 August 2021, and a period straddling a change is apportioned by days. Utilities and companies with a dominant market position pay 20% (Schedule 6, Income Tax Act 2010).Since 1 July 2024.
A company is taxed on profits accrued in or derived from Gibraltar, under s. 11 and Schedule 1 of the Income Tax Act 2010. We map where the broker's income arises before its first return.Profits accrued in or derived from Gibraltar.
The return and the tax fall due 9 months after the end of the month in which the period ends. Payments on account are made on 28 February and 30 September.9 months after the period's month end.
For periods ending on or after 1 July 2024, a company with assessable income above £1,750,000 needs audited accounts, as the Income Tax Office's guidance of August 2025 sets out.Above £1,750,000 assessable income.
A company that declares a dividend files Form CT2 with the Income Tax Office within nine months of the end of the period (s. 59).Form CT2 within nine months.
A Qualified Domestic Minimum Top-Up Tax applies from fiscal years starting on or after 31 December 2023 to groups with revenue of €750 million or more in at least two of the four preceding periods; the Government of Gibraltar said it would not reform the domestic system for the vast majority of taxpayers.Groups with €750 million revenue.
*As of 2026 per the Income Tax Act 2010 and the Income Tax Office's guidance notes for companies of August 2025. Group and founder-level outcomes are modelled per structure.
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We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Builds the application itself: Gibraltar private company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed broker.
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Get your forex license in Gibraltar with expert support.
Full-service assistance - from the GFSC pre-application process and the Stage 1 pack to the ICARA, the directors' forms and a UK access plan - run through our Gibraltar office.
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Founders' questions on the GFSC, UK access and capital.
What licence does a forex broker need in Gibraltar?+
A Part 7 investment-firm permission from the GFSC under the Financial Services Act 2019; Gibraltar has no separate forex or CFD licence. The permitted business schedule names each service and instrument, and the GFSC's instrument list groups CFDs, spread bets and rolling spot FX together.
How much capital does a CFD market maker need in Gibraltar?+
£750,000 of initial capital for dealing on own account, in sterling under Gibraltar's IFPR Regulations 2021. A Class 2 firm then holds the highest of that floor, a quarter of the previous year's fixed overheads and its K-factor requirement; an agency broker starts at £75,000, or £150,000 with client money.
How long does a forex license in Gibraltar take?+
The GFSC's service standard for a Class 2 investment firm is 9 months from a complete file: 5 months for Stage 1 and 2 each for Stages 2 and 3. The GFSC puts the legislative maximum at 18 months. With the pre-application process first, we plan for 12-15 months end to end.
What does a forex license in Gibraltar cost?+
A market maker in fee Category 2A pays the GFSC £22,000 on the day it applies, then £9,192 base and £11,817 category fee a year, a turnover fee of up to £7,877, 3p a transaction up to £51,500 and £798 for AML supervision. Capital is £750,000; our fees are confirmed in the quote.
Can a Gibraltar firm serve UK clients?+
Yes, under UK transitional rules: SI 2019/589 lets Gibraltar firms provide cross-border services and set up UK branches until the end of 31 December 2026, and HM Treasury may extend that 12 months at a time. The Gibraltar Authorisation Regime meant to replace it is not yet in force; in November 2025 HM Treasury was still preparing its secondary legislation.
Does a Gibraltar licence passport into the EU?+
No. Gibraltar's EU membership, shared with the UK, ended with Brexit, so a GFSC permission carries no passport into the EU or the EEA. Gibraltar now applies its own sterling prudential regime instead of the EU's IFR and IFD.
Which retail CFD rules apply in Gibraltar?+
Gibraltar's Investment Services Regulations 2020 contain no CFD-specific limits on leverage, margin or negative balances; MiFIR applies through reg. 111, and the Consumer Duty has covered UK retail customers since 9 May 2024. We build the retail terms to the UK standard the firm will sell into and confirm the GFSC's current expectations before launch.
Who has to run a Gibraltar investment firm?+
A management body the GFSC accepts, for a firm whose head office and registered office are in Gibraltar (reg. 13). The GFSC must refuse members who lack repute, knowledge, skills, experience or time (reg. 17). The first file's individuals are assessed within the staged timetable; a later Regulated Individual has a 30-working-day standard with an interview, 10 without.
Gibraltar or Malta for a CFD broker?+
Malta for EU clients, Gibraltar for UK ones. The MFSA licence passports across the EU and EEA, Malta's Investment Services Act prints a six-month clock, and the dealing application fee is €15,000 in 2026. Gibraltar has no EU passport; its case is UK business, reached on transitional terms that run to 31 December 2026.
Why Prifinance for Gibraltar?+
We take the project through the GFSC's pre-application process and all three stages, write the business plan and the ICARA around your CFD and FX book, and plan UK access around SI 2019/589 and the GAR. The file runs through our Gibraltar office.
Which licence?+
A GFSC Part 7 investment-firm permission.
Capital?+
£750,000 for a market maker.
How long?+
GFSC standard 9 months; 12-15 planned.
Cost?+
£22,000 to apply; from £21,009 a year.
UK clients?+
Until 31 December 2026 unless extended.
EU passport?+
None since Brexit.
Retail CFD rules?+
Built to the UK standard; GFSC view confirmed.
Who runs it?+
Gibraltar head office, approved directors.
Or Malta?+
Malta for EU clients, Gibraltar for UK ones.
Why you?+
Gibraltar office, all three stages run.
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Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.Free legal opinion: which GFSC permission and capital class your model needs in Gibraltar, and what it will cost.
Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Gibraltar Financial Services Commission (GFSC) or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.