Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the GFSC decision, including banking and payment rails.
Get a payment license in Gibraltar.
A British-law licence with a sterling balance sheet and a door into the United Kingdom: the Gibraltar Financial Services Commission grants payment-institution and e-money permissions under the Financial Services Act 2019, with PSD2-shaped capital by class, fees printed in regulation, a three-stage application, 15% tax on local income and no VAT - from the jurisdiction that wrote Europe's first DLT rulebook.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Gibraltar in brief
Three classes, three stages, and the United Kingdom next door.
Gibraltar rewrote its financial law in one act, the Financial Services Act 2019, and hung the payments rules beneath it: the Financial Services (Payment Services) Regulations 2020, the Financial Services (Electronic Money) Regulations 2020 and the Financial Services (Fees) Regulations 2020. A payment firm needs a Part 7 permission from the GFSC. Capital follows the class of service - €20,000 for Class A money remittance, €50,000 for Class B payment initiation and account information, €125,000 for Class C accounts, transfers, cards and acquiring - and an e-money issuer holds €350,000 or 2.2% of its projected average outstanding e-money, whichever is higher. Small e-money issuers register on the 2.2% alone and cannot passport. Customer funds are safeguarded under regulation 84 by segregation or by insurance or a guarantee. The fees are in the regulations: £11,250, £22,500 or £45,000 to apply as a Class A, B or C payment institution, £4,331 for a registered small institution, £45,000 for an e-money issuer; annual fees run from a £9,192 base for payment institutions and £26,262 for e-money issuers, with a scale on outstanding e-money and £262 per agent.
The GFSC works an application in three stages after a pre-application meeting - business model, capital and key individuals first; risk, IT, governance and financial crime second; conduct, resources and procedures third - and moves a file forward only when it is satisfied with the stage before. What the licence opens is not Gibraltar's 34,000 residents but the United Kingdom: Gibraltar firms keep market access under the transitional arrangements of the UK's 2019 Gibraltar regulations, extended by statutory instrument each year, most recently to the end of 2026, while HM Treasury prepares the permanent Gibraltar Authorisation Regime. Add sterling, English-law courts, a 15% corporate rate on income accrued in and derived from Gibraltar, no VAT and no capital gains tax, an online gaming industry that generates payment flows, and the DLT framework that licensed Europe's first regulated crypto exchanges under the same Act. The EU passport ended with Brexit. We build the GFSC file from our London office.
The GFSC grants Part 7 permissions under the Financial Services Act 2019. PI capital by class: €20k A, €50k B, €125k C; e-money €350k or 2.2% of outstanding. Fees in the 2020 Regulations: £11,250 / £22,500 / £45,000 by class, £4,331 registration, £45,000 e-money; annual bases £9,192 and £26,262. Safeguarding under regulation 84.
No EU passport since Brexit; UK access under the transitional regime to end-2026, GAR pending. 15% on local income, no VAT, sterling, DLT regime under the same Act. We file from London.
The two routes
Payment institution - or e-money issuer.
One Act, two permissions from the same commission: the payment institution by class for moving money, the e-money issuer for also issuing it. Both are staged the same way and priced in the same regulations. We fix the route first, then build once.
PI by class for moving money - e-money issuer for also issuing it.
01 - PAYMENT INSTITUTION
PI permission · Classes A, B, C
The permission for remittance, payment initiation, account information, accounts, transfers, cards and acquiring without issuing e-money - capital by class, safeguarding under regulation 84, and fees printed for each class.
The permission for remittance, payment initiation, account information, accounts, transfers, cards and acquiring without issuing e-money - capital by class, safeguarding under regulation 84, and fees printed for each class.
- ✓Class A money remittance: €20,000 · fee £11,250
- ✓Class B initiation and account information: €50,000 · fee £22,500
- ✓Class C accounts, transfers, cards, acquiring: €125,000 · fee £45,000
- ✓Registered small institution: fee £4,331
- ✓Annual base £9,192 + class fee + £262 per agent
- ✓Three-stage application after pre-application
02 - E-MONEY ISSUER
Wallets, cards and tokens - GFSCE-money permission
Everything the payment institution does plus e-money issuance - €350,000 or 2.2% of average outstanding e-money, whichever is higher, safeguarding of e-money funds, a £45,000 application fee and an annual base of £26,262 plus a scale on outstanding e-money.
E-money: issuance plus the full service list; €350k or 2.2%; £45,000 to apply; annual base £26,262 plus scale.
- ✓E-money issuance and redemption
- ✓The full payment-service list
- ✓Capital €350,000 or 2.2% of outstanding e-money
- ✓Small issuer: 2.2% only · no passport
- ✓Application fee £45,000 · annual base £26,262
- ✓£262 per agent · £133 per distributor
Costs and timelines are confirmed for your case before any work begins. Capital sits in the 2020 Payment Services and Electronic Money Regulations and the fees in the Fees Regulations 2020; the file cost, safeguarding set-up and substance are itemised in your quote.
Why Gibraltar
British law, sterling, UK access and no VAT.
Not a market - a seat with a door into the UK, a tax code without VAT, and a regulator that licensed crypto before anyone else in Europe.
✓
UK market access
Gibraltar firms keep access to the United Kingdom under the transitional regime, extended by statutory instrument to the end of 2026 while the permanent Gibraltar Authorisation Regime is prepared - the only non-UK licence with that door.Transitional regime, GAR pending.
✓
Fees in regulation
£11,250 to £45,000 to apply by class, £45,000 for e-money, £9,192 and £26,262 annual bases - every figure in the Fees Regulations 2020, so the regulatory budget is known before the first meeting.Every figure printed.
✓
15% and no VAT
Corporate tax at 15% on income accrued in and derived from Gibraltar, no VAT, no capital gains tax, no withholding on dividends - a cost structure most licensing jurisdictions cannot match.Local income only; no CGT.
✓
Europe's first DLT rulebook
Gibraltar regulated distributed-ledger providers in 2018 and carried the framework into the 2019 Act - a payment or e-money permission here sits beside a DLT permission under one regulator.Crypto under the same Act.
✓
A staged, predictable process
Pre-application meeting, then three stages with a clear gate between each - the GFSC tells you when a stage is satisfied, so the file never drifts.Three gates, no drift.
✓
Gaming flows
One of the world's largest online gaming industries is licensed in Gibraltar - acquiring and wallet businesses serving it are licensed in the same building.Licensed in the same building.
How it compares
How Gibraltar differs from other routes.
Gibraltar trades the EU passport for UK access, sterling and a tax code without VAT. The honest comparison is below.
Gibraltar vs other jurisdictions
| Feature |  Gibraltar | Other jurisdictions |
|---|---|---|
| Market access | UK - transitional regime, GAR pending | EU passport |
| Fees | Printed in the Fees Regulations 2020 | Tariffs or quotes |
| Tax | 15% local income · no VAT | 16-25% plus VAT |
| Crypto | DLT permission under the same Act | MiCA only |
Market access
GibraltarUK - transitional regime, GAR pending
Other jurisdictionsEU passport
Fees
GibraltarPrinted in the Fees Regulations 2020
Other jurisdictionsTariffs or quotes
Tax
Gibraltar15% local income · no VAT
Other jurisdictions16-25% plus VAT
Crypto
GibraltarDLT permission under the same Act
Other jurisdictionsMiCA only
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Gibraltar | PI / EMI (GFSC) | 15% local · no VAT | €125k PI · €350k EMI · fee £45,000 |
 United Kingdom | PI / EMI (FCA) | 25% CIT | €125k PI · €350k EMI |
 Liechtenstein | PI / EMI (FMA) | 12.5% flat | CHF 125k PI · €350k EMI · EEA passport |
 Lithuania | PI / EMI (Bank of Lithuania) | 17% CIT | €125k PI · €350k EMI · EU passport |
GibraltarLicense typePI / EMI (GFSC)
Taxation15% local · no VAT
Requirements€125k PI · €350k EMI · fee £45,000
United KingdomLicense typePI / EMI (FCA)
Taxation25% CIT
Requirements€125k PI · €350k EMI
LiechtensteinLicense typePI / EMI (FMA)
Taxation12.5% flat
RequirementsCHF 125k PI · €350k EMI · EEA passport
LithuaniaLicense typePI / EMI (Bank of Lithuania)
Taxation17% CIT
Requirements€125k PI · €350k EMI · EU passport
Before you apply
Requirements for the GFSC permission.Requirements for the permission.
The GFSC publishes the stage-by-stage contents of an application; the craft is a file that clears each gate on the first pass. The checklist below is what a passing application contains.
01
A Gibraltar company with its head office and mind and management in Gibraltar - the GFSC expects the business to be run from the Rock, not addressed there.
02
Initial capital by class: €20,000 for Class A, €50,000 for Class B, €125,000 for Class C; €350,000 or 2.2% of projected average outstanding e-money for an issuer - evidenced at Stage 1.
03
Stage 1: application fee, application form, the Stage 1 business plan, a controller form for each controller and transfer-pricing documentation where relevant.
04
Stage 2: the Stage 2 plan, corporate governance, business continuity and disaster recovery, IT infrastructure and cyber controls, financial-crime and AML/CFT controls and the risk management framework.
05
Stage 3: the Stage 3 plan, compliance structure, conduct-of-business framework, regulated-individual and non-executive-director forms, professional indemnity insurance and outsourcing contracts.
06
Safeguarding under regulation 84: customer funds segregated from every other person and firm, or an insurance policy or guarantee for the equivalent amount.
07
Regulated individuals - directors, compliance and money-laundering reporting officers - approved by the GFSC, with enough of them resident to run the business from Gibraltar.
08
AML/CFT framework under the Proceeds of Crime Act: customer due diligence, monitoring, reporting to the Gibraltar Financial Intelligence Unit and a resident MLRO.
09
For e-money issuers, a demonstrated ability to manage safeguarding risk and notification of every programme-manager relationship.
10
Annual fees budgeted from the Fees Regulations: base plus class or e-money scale, £262 per agent, £133 per distributor.
01
Gibraltar company, mind and management on the Rock.
02
Capital by class: €20k / €50k / €125k; EMI €350k or 2.2%.
03
Stage 1: fee, form, plan, controller forms.
04
Stage 2: governance, IT, financial crime, risk.
05
Stage 3: conduct, compliance, PII, outsourcing.
06
Safeguarding under regulation 84.
07
Approved directors, compliance officer, MLRO.
08
POCA AML with resident MLRO (GFIU).
09
Issuers: safeguarding-risk capability, programme managers notified.
10
Annual fees budgeted from the 2020 Regulations.
Reflects the Financial Services Act 2019 (Part 7), the Financial Services (Payment Services) Regulations 2020, the Financial Services (Electronic Money) Regulations 2020 and the Financial Services (Fees) Regulations 2020, as of 2026.FSA 2019 Part 7; Payment Services, Electronic Money and Fees Regulations 2020, as of 2026.
How it works
From first call to the GFSC register.
01
Route and strategy
PI by class or e-money issuer, DLT pairing or not, UK access plan - the route and budget fixed in writing.Class, e-money, DLT - in writing.
02
Pre-application and Stage 1
Meeting with the GFSC, then the fee, form, Stage 1 plan and controller forms - business model, capital and key individuals.Model, capital, key individuals.
03
Stages 2 and 3
Risk, IT, governance and financial crime; then conduct, resources and procedures - each gate cleared before the next opens.Risk and IT; conduct and resources.
04
Determination
The GFSC determines once Stage 3 is satisfied - plan on nine to twelve months end to end including preparation.9-12 months end to end.
05
Permission and launch
Register entry, safeguarding live, UK access notified - and the reporting calendar running.Registered, safeguarded, UK-notified.
Quick facts
RegulatorGFSC
LawFSA 2019 · 2020 Regulations
Capital PI€20k A · €50k B · €125k C
Capital EMI€350k or 2.2% of e-money
Application fee£11,250-45,000 · EMI £45,000
Annual basePI £9,192 · EMI £26,262
UK accessTransitional to end-2026
Corporate tax15% local · no VAT
Everything that costs money here is printed in regulation. The file that clears each of the GFSC's three gates on the first pass is the entire game, and our job.
Your Gibraltar desk
Run from our London office.
Prifinance London
London · UK and Gibraltar mandates
7 Bell Yard, London
01
Gibraltar company formation
Incorporation, capital to the class figure and the corporate layer the GFSC expects - structured for the permission from day one.Capital by class, corporate layer.
02
The three-stage file
Business plans for each stage, governance, IT and financial-crime frameworks, conduct policies and regulated-individual forms - drafted by us and cleared gate by gate.Cleared gate by gate.
03
UK access strategy
The transitional regime and the coming Gibraltar Authorisation Regime mapped onto your product, so the UK market plan survives the change of law.Transitional regime and GAR mapped.
04
Substance on the Rock
Resident directors, a compliance officer and MLRO, and premises in Gibraltar - the mind and management the GFSC looks for, recruited from a financial centre of long standing.Resident directors, MLRO, premises.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
Madeira
Portugal
Rua da Alegria 31, 1F
Budapest
Hungary
Korányi Sándor u. 4
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of payment companies in Gibraltar.
A 15% rate on income accrued in and derived from Gibraltar, no VAT, no capital gains tax and no withholding - one of the leanest codes in Europe.
Corporate tax 15%
The standard rate since 1 July 2024 on income accrued in and derived from Gibraltar; utilities and dominant companies pay 20%. Foreign-source income sits outside the net under the territorial system.Local income; 20% for utilities.
No VAT
Gibraltar has never had VAT - no registration, no returns, no irrecoverable input tax on the technology a payment business buys.Never had one.
No capital gains tax
Gains on shares and assets are untaxed - exits and reorganisations of a licensed group are planned without a gains bill.Exits untaxed.
No withholding
Dividends, interest and royalties leave Gibraltar without withholding tax - outbound flows are planned without treaty gymnastics.Dividends, interest, royalties.
Payroll and social insurance
Employee income tax on allowance or gross-income based systems and capped social insurance - a resident team costs less than in London.Capped social insurance.
Pillar Two
Groups above €750 million in revenue face the 15% global minimum - for them the local rate and the minimum now coincide.€750M+ groups at 15%.
Tax summary
Corporate tax15% · local income
Foreign-source incomeOutside the net
VATNone
Capital gains taxNone
Withholding taxNone
CurrencyPound sterling
*Figures as of 2026 per the Gibraltar Income Tax Office. Source-of-income tests are assessed per structure.
Turnkey professional support
Experienced lawyers and international consultants.
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.
Oleksii Kindratenko
Builds the application itself: Gibraltar company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
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 institution.
Follow Prifinance
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Gibraltar · GFSC
Launch your payment project in Gibraltar with expert support.
Full-service assistance - from incorporation to the GFSC permission, safeguarding design, UK access and ongoing compliance, from our London office.
Get a consultation →Free legal opinion
Is Gibraltar the right fit for 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.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Gibraltar payment licence, answered.
What licence does a payment business need in Gibraltar?+
A Part 7 permission from the GFSC under the Financial Services Act 2019 - as a payment institution under the Payment Services Regulations 2020 for moving money, or an e-money issuer under the Electronic Money Regulations 2020 for also issuing it. Small institutions and small issuers register on lighter terms without passporting.
How much capital is required?+
By class: €20,000 for Class A money remittance, €50,000 for Class B payment initiation and account information, €125,000 for Class C accounts, transfers, cards and acquiring. An e-money issuer holds €350,000 or 2.2% of its projected average outstanding e-money, whichever is higher; a small issuer holds the 2.2%.
What does the application cost?+
The Fees Regulations 2020: £11,250, £22,500 or £45,000 to apply as a Class A, B or C payment institution; £4,331 to register a small institution; £45,000 for an e-money issuer. Annually, a £9,192 base plus £9,192, £13,167 or £17,070 by class and a turnover element for payment institutions; a £26,262 base plus a scale from nil below £1 million of outstanding e-money to £45,959 above £20 million for issuers; £262 per agent, £133 per distributor.
How does the application work?+
In three stages after a pre-application meeting: business model, capital and key individuals; then risk management, IT, governance and financial crime; then conduct of business, resources and procedures. The GFSC confirms each stage before the next opens. Plan on nine to twelve months end to end.
Can I passport into the EU?+
No - the EU passport ended with Brexit. Gibraltar's door is the United Kingdom: market access continues under the transitional arrangements of the UK's 2019 Gibraltar regulations, extended by statutory instrument to the end of 2026, pending the permanent Gibraltar Authorisation Regime being prepared by HM Treasury.
How are customer funds protected?+
Under regulation 84 of the Payment Services Regulations 2020 and its e-money equivalent: segregated from every other person and firm, or covered by an insurance policy or guarantee for the equivalent amount - and the GFSC expects issuers to show they can manage the safeguarding risk continuously.
How are payment companies taxed?+
15% on income accrued in and derived from Gibraltar since 1 July 2024, with foreign-source income outside the net; no VAT, no capital gains tax and no withholding on dividends, interest or royalties.
Can I combine payments with crypto?+
Yes - Gibraltar's DLT provider framework sits under the same Act and regulator, with a £45,000 application fee of its own. Groups hold an e-money permission for fiat rails and a DLT permission for digital assets under one supervisory relationship.
What substance does the GFSC expect?+
Mind and management in Gibraltar: resident directors, an approved compliance officer and MLRO, real premises and the licensed activity run from the Rock - the GFSC licenses businesses, not letterboxes.
Why Gibraltar rather than the UK or Lithuania?+
The UK licence is the direct route to the UK market at 25% tax with VAT; Lithuania is the EU passport at 17%. Gibraltar is UK access at 15% on local income with no VAT, sterling books and a DLT regime beside the licence - for gaming, crypto-adjacent and UK-facing groups, that combination is the reason to be here.
Which licence?+
GFSC Part 7: PI by class or e-money issuer.
Capital?+
€20k / €50k / €125k by class; EMI €350k or 2.2%.
Fee?+
£11,250-45,000 PI; £45,000 EMI; £4,331 small.
Process?+
Three stages; 9-12 months.
EU passport?+
No - UK access instead, to end-2026, GAR pending.
Safeguarding?+
Regulation 84 - segregation or insurance.
Taxes?+
15% local, no VAT, no CGT, no WHT.
Crypto?+
DLT permission under the same Act, £45,000.
Substance?+
Resident directors, MLRO, premises.
vs UK / Lithuania?+
UK access at 15% without VAT.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
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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 Gibraltar route fits your project and what it will cost.
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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 or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.