Gibraltar has become quite a fascinating destination for expats to explore due to its unique location and political situation. For the expat who is looking to reside in a country that accepts most major European currencies, Gibraltar makes more an interesting choice due to its nature to be easily livable for Europeans.
That being said, Gibraltar has a complex political situation and is quite expensive for expats and locals alike. This is why many expats residing there actually live in Spain and then commute to Gibraltar, which can be quite problematic. Essentially, it is best to consider carefully whether Gibraltar is the ideal expat destination that you are hoping for in order to make the proper decision when selecting your expat destination of choice.
How Gibraltar is a Unique Destination for Expats
Gibraltar is quite unique in that the territory is involved in a sparing match between the Spanish and British governments. Culturally, the territory is more Spanish than British in that many of the locals prefer to converse in Spanish even though English is widely spoken. Expats should consider this linguistic preference in order to anticipate how they will be treated when relocating there.
Another aspect of “living” in Gibraltar that is unique is that many expats commute there daily by crossing the border from Spain, which makes quite the fascinating cultural crowd that one will encounter when having a meal after work in Gibraltar. The reason that this has occurred is that Gibraltar is quite expensive and it is more cost effective for expats looking to save a substantial amount of money to relocate to Spain in order to cut their costs in half.
The Pros and Cons of Moving to Gibraltar
Gibraltar offers spectacular views to expats that have more established resources than expats who are just starting out in their professional careers. Even though there are expats that have opted to live in Gibraltar, they are expats that can afford the exorbitant price difference that exists there. What is also important to consider is the employment situation in Gibraltar. There are not a plethora of jobs open to expats.
Typically, expats looking for employment will have to secure their position beforehand in order to avoid being out of work for a substantial period of time when moving to Gibraltar. Additionally, there is a large market in the online gaming industry; however, many of those opportunities go to locals. Expats need to consider this carefully before deciding to relocate to Gibraltar in order to ensure that they are lacking in resources while they are getting settled in Gibraltar.
How the Money Situation is Unique There
Due to the constant battle between the Spanish and British governments and the small size of Gibraltar, there is a constant availability of both Pounds and Euros. That being said, expats that do decide to relocate to Gibraltar need to be flexible due to how these currencies are utilized interchangeably within the territory due to the fact that there is a third local currency with a similarity to the Pound that is also accepted there making the currency dilemma quite difficult. The key to successfully relocating to Gibraltar is going to revolve around the foreigners’ utilization of money exchange companies to cut costs of relocation considerably.
For expats coming from the United Kingdom, there are many money exchange companies that have a great deal of expertise on how to send money to Gibraltar from the United Kingdom by transferring money to a Gibraltar bank account, or any Spanish bank account.
Where this sort of expertise becomes useful is due to the money exchange company’s way of providing individualized customer service to provide effective solutions that will help the prospective expat move the necessary assets that they have to Gibraltar. Due to how expensive Gibraltar is, these savings will be instrumental to how the expat will be able to setup their new lifestyle in Gibraltar.
All in all, Gibraltar provides for a very stimulating expat experience. The key to moving here for expats is going to be having enough money to live well once they get there.
For those expats looking for retirement or that have established employment positions with high salaries, Gibraltar allows the opportunity to live within Spain or Gibraltar along with a close proximity to Morocco. The travel opportunities in this region are incredible and allow the expats to enjoy a very new experience on the Mediterranean while residing in Gibraltar.
As long as the expat is prepared for the financial hurdles related to local currency and highly expensive cost of living, Gibraltar has a wonderful opportunity for the right sort of expat to set up a home base and enjoy living in a very unique part of the world.