Is it difficult to open a bank account in Malta

Is it difficult to open a bank account in Malta

There are several reasons why you should open an account in Malta. Such a solution promotes the possibility of business expansion, entering a new market. There are several safe and secure banks in Malta where non-residents can open an account under a number of conditions.

Requirements for account opening

Before buying an account in Malta, you should explore the requirements for non-residents. Payable clients with a good credit history will  have an easier access to creating an account. A company documentation package should be provided.

The advantage of the Malta banking system is that there will be no restrictions on doing business with EU countries. Money transfer will not be difficult to perform, and all procedures are optimized. The financial system in the country is stable, capital is protected. The fees for bank services are relatively small, some services are free.

Malta provides the opportunity for non-residents to open an account even if they are abroad. In this case you should contact an international bank. However, if you apply to such an institution, the cost of services may be higher. To prepare all the necessary documents in a short period of time, please contact our specialists at IT-OFFSHORE.

Where to open an account

One of the banks where you can open a corporate account is Bank of Valetta. The organization was founded in 1974. In total, the bank includes 44 branches and representative offices. Customers have 24-hour access to funds through the new mobile banking program; this service is free of charge.

To create an account with this bank, a standard package of documents and recommendations from partners is required. You will be asked to provide information on the founders of the company, the approximate scheme of work of the company and its activity, etc.

Lombard Bank is one of the largest banks in the jurisdiction. You can open an account within 10 days, assuming that you provide a standard package of documents and recommendations. It is possible to create both personal and corporate accounts. You can open an account remotely.

Sparkasse Bank is one of the largest Austrian banking networks. The organization is widely spread in central Europe. It is possible to create personal or corporate accounts at the bank or remotely. It is necessary to provide recommendations and a full package of documents for the company.

The pros of opening an account in Malta

There are some advantages to creating an account for a company or offshore in Malta. Many banks offer services to open accounts for non-residents. The banking sector is well-developed and the country has a stable political and economic situation.

Other advantages are the following:

  • The provision of a full range of banking services;
  • The conclusion of a double taxation avoidance agreement with some countries;
  • Services are offered in international language - English;
  • The possibility of free trade with EU countries. 

Most banks in the country do not have high requirements for clients and are characterized by low cost of services. The degree of deposit protection is high, given that large institutions are implementing new cryptographic systems to protect deposits.

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