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Foreign citizens or companies seeking to live and work, respectively to set up operations here must havebank accounts in Malta.
Maltese banks allow EU and non-EU residents toopen bank accountsin foreign currencies. Ourlawyers in Maltacan assist foreign investors insetting upMalta offshore bank account.
| Quick Facts | |
|---|---|
| Banking in Malta | If you are a resident, you may need a bank account in Malta to pay bills, rent, or mortgages or apply for loans, credit cards or to save money. For non-residents, having a bank account in Malta may be necessary for business purposes, such as managing investments or savings in Malta. |
Documents required to open a bank account in Malta for natural persons | –passport or ID, –application form issued by the bank, –a recent utility bill, –a bank reference |
Documents required for companies | – passports or IDs copies of each shareholder and manager, –copy after the company’s statutory documents, –company’s certificate of good standing, –bank references for the shareholders and the company, –utility bills stating the Maltese addresses of each shareholder |
| Types of bank accounts in Malta | – personal, – business, – saving account, – merchant, etc. |
| Requirements to travel to Malta (YES/NO) | NO, you do not need to travel to Malta to open a bank account. Contact us and we'll handle all the formalities for your Maltese offshore or non-resident bank account. |
| Time frame for opening bank account in Malta | 1 – 2 days |
| Main banks in Malta | – HSBC Bank Malta, – Bank of Valletta, – BNF Bank, – MeDirect Bank, etc. |
| Currencies in bank accounts in Malta | You can choose to open a bank account in Malta in either the national currency (EUR) or in a foreign currency of your choice. |
| Types of banks to open account with | – commercial banks, – cooperative banks, – foreign banks and their branches |
| Banking Law in Malta | Malta's Banking Law is divided into 10 parts covering the obligations of financial institutions, including licensing, governance, and capital requirements. |
| Facts about banking in Malta | Malta's well-established banks meet EU standards and have diverse portfolios. The efficient banking system with less bureaucracy is appreciated locally and internationally. Our Maltese company formation agents can assist in selecting a bank for your business needs. |
| Merchant bank account | Merchant account services in Malta are available through the National Bank or a private bank, with only one private bank currently offering such services. |
| Banking fees | – monthly administration fee (depending on the bank), – ATM fees, – transfer fees, etc. |
| Advantages of opening a bank account in Malta | – opening a bank account in Malta can offer tax advantages for foreigners, – easy and fast process, – many businesses and entrepreneurs have created offshore accounts in Malta |
| Bank account for opening a company in Malta | It is highly recommended to open a bank account when you open a company in Malta for the future business transactions. |
Table of Contents
Opening a bank account in Malta in 2022
Maltese residentsusually openbank accountsin order to receive their salaries and to make payments. The same thing is available for foreigners who need to know the rules on how toopen bank accounts Malta as a non-resident. For these purposes they usuallyset up current accounts, while for savings they will usually set up savings or deposit accounts. The following documents are required toopen a current bank account in Malta in 2022:
- a passport or identification papers;
- an application form issued by the bank;
- a recent utility bill;
- a bank reference.
Foreign citizens must also have a good credit score in order to be allowed toopen bank accounts in Malta. Most current accounts have debit or credit cards attached issued once the account is activated. You can also read about abusiness bank account Malta and aboutMalta bank account for a non-residentin the infographic below:
Depending on the Maltese bank selected for opening an account, there are specific fees per transaction made. As such, this cost might range between EUR 1 and EUR 4, depending on the transaction, including ATM withdrawal.
Setting up a corporate bank account in Malta
In order to carry out a commercial activity, aMaltese companymust have abusiness bank account Malta. Thecorporate bank accountis usually set up during the company registration procedure, as the founders must deposit the share capital of the business. After that, most of the company’s transactions will be reflected in their bank statements. The following documents must be provided with the bank upon theopening of a business bank account in Malta:
- copies after the passports or IDs of each shareholder and manager;
- copy after the company’s statutory documents;
- a company’s certificate of good standing;
- bank references for the shareholders and the company;
- utility bills stating the Maltese addresses of each shareholder and director.
The video below presents the main steps to follow whenopening personal or business bank account in Malta:
The increasing number of companies and citizens borrowing money frombanks in Maltahas also led to situations in which the amounts could no longer be recovered and thusbanking litigationhas become quite common in our days. However, Malta has a flexible legal system which allows for the settlement of any type ofdisputes, includingbankingones, in several manners. Among the most employed ways ofsettling banking disputes in Maltaare court proceedings and arbitration. There is also mediation, but this method is seldom used.
Ourattorneys in Maltacan offer information about all the legal ways toresolve banking litigation, in respect with the2022 procedures.
Provisions of the Maltese Banking Law
TheBanking Law in Maltais divided in 10 parts which provide for the obligations of financial institutions. The first part establishes the rights and requirements the Minister of Finance must fulfill. The other parts refer to:
- the supervisory activities of the MFSA;
- licensing of banking institutions in Malta;
- the opening of branch and representative offices of foreign banks;
- the governance of financial institutions;
- capital requirements;
- the activities that cannot be carried out by banks in Malta.
Virtual bank accounts are also available in Malta. There are financial institutions that can provide such services at convenient fees. Most of them do not impose fees for money transfers in Europe, which is quite advantageous for foreigners living in this country.
Documents required for opening a Maltese bank account
Maltese law does not impose foreign investors toopen Malta bank account for non-resident, but it is recommended to own aMaltese accountfor various reasons, andour specialists in company formationcan help you with consultation on this matter, by assisting you in the preparation of the documents and presenting theMaltese bank systemand its requirements.Opening a bank account in Maltamay vary according to the bank you will be collaborating with, but the following documents are compulsory:
- certificate of registration;
- memorandum and articles of the underlying shareholders;
- identity documents (passports) of the owners of the company;
- bank references, containing all the shareholders and directors of the company;
- completion of bank opening forms.
There is no specific duration for the application process whenopening a busines bank account in Malta, as it may vary due to the requirements imposed by the bank. After the required documents are verified,thebank account can be opened in several days. When the bank account is available, the bank activity can be performed not only at the bank office, but also through the internet, e-mail, post, fax and telephone.
Even though it is quite easy toopen a bank account in Malta as a foreigner, some banks might require a small deposit for this kind of operation. The minimum deposit can be around EUR 50, ranging to EUR 500 if a 12-month term deposit is made.
Banking services in Malta
An entrepreneursetting up a company in Maltain 2023 will find thebanking servicesvery useful to his or her business, which can be tailored according to the needs of the company:
- thebank accountcan be opened in the national currency of Malta or in a requested foreign currency;
- the account can offer services such as transfer, payments deposits, letters of credit and other banking instruments the company needs;
- cheque book instruments;
- credit card services, which are offered in special conditions;
- internet banking services.
Information about banks in Malta
Banks inMaltaare well exploited and have vast and differentiated portfolios in complete agreement with the EU standards. Thebank capital in Maltais mostly sustained by the deposits of clients alongside with varied investments in the sector. With an advantageous environment, efficiency and less bureaucracy, thebanking system in Maltais appreciated on the local plan and also internationally.
When choosing the properbankfor future financial transactions in your company, one can ask for support from ourMaltese company formation agents. We remind that thecompany registration in Maltais an easy process which can be done within a few working days.
The bank structure in Malta
The foreign and localbanksactivating inMaltaaregrouped into 3 main categories considering the services and the products served to customers, such as:
- core domestic banks which are universalbankswith a wide range of services, operating through a branch network in the country’s main cities;
- non-core domestic banks which offer a limited area ofbanking servicesfor residents and foreigners;
- the international banks which mostly deal with foreign customers or businesses outside borders of Malta.
A business person inMaltacan choose the properbankto meet the needs and requirements of acompany.
Important banks in Malta
Maltais seen as aninternational banking centerand it is respected just as the other countries of the Mediterranean region. Thebanking sector in Maltaconsists of bothretailbanksandforeign-owned bankswhich offer several important services and solutions for companies and natural persons in the country. There are about 25banks with operations in Malta, and each of them can sustain the domestic funding in the market and also credits for local or foreigncompanies in Malta.
Frequently Asked Questions
Ourlawyers in Maltaoften encounter questions about how toopen a bank account in Malta. Below you will find some useful questions and answers on this subject, mentioning that our agents are ready to offer you the necessary support in this endeavor, if you want to collaborate with us.
Who can open a bank account in Malta?
Entrepreneurs wishing toregister a company in Maltamust consideropening a Malta business bank account. It will serve both for the minimum share capital, but also for future financial transactions in the company.
Can foreigners open a bank account in Malta?
Of course, there are no restrictions on opening a Malta bank account for a non-resident. We remind you that all formalities in this direction can be managed by our lawyers in Malta.
Is it possible to open a bank account in Malta with currency from the country of origin?
Yes, foreigners whorelocate to Maltaor those who want to open a business in this country can opt for the desired currency. Thus, they have better control over personal or company finances.
Do I have to travel to Malta to open a bank account?
You do not need to travel to Malta toopen a bank account. It is enough to contact us, and then deal with all the formalities related toMalta offshore bank accountorMalta bank account for non-resident.
What documents are required for a Malta bank account for a non-resident?
In addition to a valid passport, the bank will ask you to fill in some specific forms, plus a recent utility bill. In the case of companies, their documents are needed, and banks may impose other formalities. We remind you that ourlawyers in Maltacan handle the entire process ofopening a bank account in Malta for non-residents.
What banking services can be used in Malta?
Apart from depositing and withdrawing money, either from the bank or online with the help of a dedicated platform, foreigners can make interbank transfers in any kind of currency. But it is important to consider the taxes imposed.
How quickly can a Malta business bank account be opened?
Normally, if all documents are accepted by the bank you intend to work with, aMalta business bank accountcan be ready in a few hours. Instead, if you still need to present some documents, then the process can be extended.
Can I open Malta offshore bank account?
Of course, theMalta offshore bank accountinvolves the same process as a regular account, but the financial institution is entitled to request other information or documents. In order to simplify this process, we suggest you use the services of ourlawyers in Malta.
Can banks cooperate with the authorities and carry out checks before opening a business bank account in Malta?
If the banks consider that they need to do specific checks beforeopening a business bank account in Malta, then they will collaborate with certain institutions.Malta Financial Services Authorityis one of them.
How can a Maltese lawyer help me open a bank account in Malta?
Our specialists can provide complete support and assistance for foreigners who want toopen Malta bank account for non-residents. They can handle all the formalities, including those related toMalta offshore bank account, so do not hesitate to contact us.
Making investments in Malta
Malta is a small island country that offers many advantages to foreigners who want to make investments and who want to enjoy consistent profits in various fields. Due to its geographical position in the Mediterranean area, Malta offers access to major international financial markets. Besides this aspect, it is good to point out that the taxation system is beneficial for foreign investors who can easilyopen offshore companies. Even if the corporate tax is 35%, there are lower rates, depending on profits and other conditions imposed.
Skilled, multilingual, and experienced workforce, but also the opportunity to open successful businesses in sectors such as tourism, finance, insurance, gambling, and pharmaceuticals are other benefits for foreign players to take full advantage of. Here are some statistics that outline the economic direction of Malta:
- Malta has the highest GDP in the world, of 1425%.
- The total FDI for Malta in 2021 was approximately USD 231,4 billion.
- Around USD 309 million was the total value for greenfield investments in Malta in 2021.
Ourlawyers in Maltacan offer detailed information about the content of theBanking Act. For assistance inopening bank accounts in 2023, do not hesitate tocontact our law firm in Malta.
