OPENING A BANK ACCOUNT IN MALTA

The procedures for acquiring a bank account in Malta are governed by regulations set forth by the State Central Bank. As a member of the European Union, Malta adheres to generally accepted European conditions for granting bank accounts to non-residents.

Individuals eligible to open accounts include residents, students, non-resident students, temporary visitors, private entrepreneurs, and foreign corporations. The process involves submitting a set of documents, including identification documents, residence permits, previous bank extracts, income statements, and certificates from places of work. Non-residents may also require a residence permit for registration, and additional documents may be requested based on the manager’s discretion.

For legal entities, both resident and foreign-capital companies can operate in Malta. Regardless of registration, corporations are obligated to pay income tax to the state treasury. The required documents for opening a corporate account include a certificate of registration, company income statement, identification documents of founders and shareholders, personal documents of a designated employee, and an extract from the previous bank. Each bank may have varying requirements, leading to potential additions to the document list.

Current Account: Open to local and foreign individuals, linked to a debit card for non-cash payments.

Credit Account: Open to individuals or legal entities, with fees based on the loan amount and repayment terms.

Deposit Account: Offers high-interest rates, with profits accruing if funds remain untouched until the contract-specified date.

Savings Account: Maltese banks feature lower rates for saving funds compared to many European counterparts.

Corporate Account: Intended for accumulating and preserving a company’s profit, facilitating tax payments, wage transfers, settlements, etc. Only companies complying with local laws can open a corporate account.

Offshore Account: Used for international business, reducing costs due to the absence of tax fees and capitalizing on favourable rates.

• No strict requirements for non-resident account registration.
• Stable economic and political system, ensuring banking sector stability.
• Comprehensive banking services.
• Numerous double taxation prevention agreements.
• English-language service.
• EU membership facilitates free trade with EU countries.

POPULAR MALTESE BANKS

APS Bank: One of Malta’s oldest institutions, offering a full range of services with customer loyalty and affordable tariffs.

Bank of Valletta: Considered one of the most profitable banks with low tariffs and high deposit interest rates.

BANIF Bank: Registers various accounts and is known for high service standards and innovative banking methods.

Lombard Bank: Popular for providing credit accounts to new entrepreneurs and comprehensive banking services.

Sparkasse Bank Malta: Recognized for resilience in the global economy, offering individualized account terms.

Open a Bank Account in Malta

The conditions for obtaining a bank account in Malta are regulated by the State Central Bank. Due to the fact that the state is part of the European Union, generally accepted European conditions for issuing a bank account to non-residents apply in Malta.

Residents of the country, students, non-resident students, foreigners temporarily staying in the territory of the state, private entrepreneurs and foreign corporations can open an account in one of the local credit and financial institutions.

For Individuals

Any individual can get a bank account in Malta. At the same time, he will need to provide the following set of documents:

• Identification documents;
• Residence permit (lease or ownership agreement of housing, utility bills);
• Extract from previous banks, credit history;
• Income statement;
• Certificate from the place of work.

Non-residents will also need a residence permit to register. In some cases, at the request of the manager, additional documents may be required, for example, a certificate of no criminal record in the country of citizenship of a non-resident.

For Legal Entities

According to local legislation, both resident businessmen and companies with foreign capital can do business in Malta. At the same time, regardless of registration, corporations are required to pay income tax to the state treasury. It is most convenient to do this by means of “manual” or automatic debiting of funds from a bank account.

In order to open an account, you will need to provide the following documents:

• Certificate of registration;
• Company income statement;
• Identification documents of founders and shareholders;
• Personal documents of an employee of the corporation, whose duties will include managing the corporate account;
• An extract from the previous bank.

It should be borne in mind that the requirements for opening an account of each bank vary, as a result of which the list of necessary documents may include additional requirements.

Types of Accounts

Current

It is open for individuals to the local population and foreigners. A debit card is linked to the account for making non-cash payments.

Credit

It can be open to an individual or a legal entity. The amount of the fee for the use of bank funds depends on the loan amount and its repayment terms.

Deposit

It has high interest rates. The profit on the invested funds is accrued only if the money is not withdrawn from the account before the date specified in the contract.

Savings account

In comparison with many banks in Europe, Maltese credit and financial institutions are characterized by lower rates for saving funds.

Corporate

It is intended for accumulation and preservation of the company’s profit, as well as for payment of taxes, transfer of wages, Settlements with counterparties, etc. Only companies operating in accordance with local laws can open a corporate account in Malta.

Offshore

It is used to conduct international business, reduce costs due to the absence of tax fees and save money at favourable rates.

Advantages of Owning a Bank Account in Malta

• Absence of strict requirements for registration of an account by non-residents;
• A stable economic and political system that ensures the stability of the banking sector to the adverse challenges of the global economy;
• Full range of banking services;
• Many agreements to prevent double taxation;
• Service in English;

Joining the EU ensures free trade with EU countries.

ASSISTANCE IN OPENING A BANK ACCOUNT

Regulated United Europe‘s team assists in preparing documents for bank account registration in Maltese banks. With eight years of experience, we leverage our network of trusted partners to provide tailored and cost-effective solutions, enhancing the operations of the businesses we serve. If you wish to open a business bank account in Malta, our team is ready to assist you.