The Republic of Malta is an industrial island state that is part of the European Union. The basis of the economy consists of tourism, trade, and financial services. There are several reasons why experts recommend open bank account in Malta :
- opening account wouldn’t cause high financial costs because banking requirements for each client in Malta are minimal, so that is why the prices for services are low;
- accounts for legal entities guarantee the complete security of the processed information, as banks use various cryptographic systems to protect personal data.
Moreover, opening a bank account in Malta will be a profitable option for companies that plan to enter the European and international markets. The banking sector of Malta has a high level of service, many years of experience, as well as an excellent business reputation.
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Why open bank account in Malta
Malta is a recognized international financial center and the financial core of the Mediterranean region. The main advantages of this jurisdiction are:
- membership in the EU and full Euro area access;
- stable policy environment and economy;
- variety of available financial products and services;
- more than seventy double tax treaties.
Malta is a very respectable, low-tax jurisdiction with conservative and financially solvent banks. Whether you are an ordinary entrepreneur or heavy investor interested in setting up an offshore company or opening a Malta offshore bank account, Malta has something to offer everyone.
With the help of our team of offshore specialists, you can quickly and professionally become the owner of a personal or corporate account in any Maltese bank by contacting our team directly.
Methods to open a bank account in Malta
Maltese banks are by far the most stable and safest in Southern Europe. At the same time, they go on equal terms with some of the best German ones, regarding capitalization and service level.
Conventionally, all local banks can be divided into 4 groups:
- Large banks occupying a majority of the market (Bank of Valletta, HSBC Malta, and BNF Bank).
- Medium-sized banks including Sparkasse Malta, MeDirect Bank, Lombard Bank, FIM Bank, and others.
- Small ones.
- Special financial institutions, which are more likely to be called pocket banks.
The easiest way to open an account with large banks, especially if you are a foreigner and non-resident. Medium and small ones are ready to work with you for medium-sized deposits, manage your wealth, and provide pleasant private banking. Special institutions are created to manage the assets of companies or holdings and cannot accept deposits from the general public. It is possible to open an online bank account Malta, but it is advised to come and visit the preferred bank personally.
A non-resident wishing to open an account in Malta will have to provide a set of documents in addition to an identification card. This set includes:
- Application for opening an account.
- A contract for the purchase or rental of housing in Malta, as well as several recently paid utility bills as proof of residence. In the absence of these securities, it is necessary to present payroll from the previous place of residence, which may require English translation.
- Account statements from previous financial institutions to check credit history and absence of debts.
- A statement of income, which is usually a certificate of employment, although the presence of deposits or investments in securities increases the likelihood of a positive decision.
Who can open an offshore bank account in Malta?
Open bank account Malta non resident is possible subject to the availability of the contract for the purchase or rental of housing in Malta. To successfully open a corporate account, the company must have a real physical presence in Malta, for example, it can be registered in Malta branch of an offshore company. In this case, there will be more chances for a successful account opening. Companies registered in jurisdictions with a good reputation like the United Kingdom, Italy, Canada, and Germany are especially welcomed. Naturally, any such foreign onshore companies in Malta should have an official representative office.
Benefits of Malta offshore bank account
The advantages of opening a bank account on the island are numerous:
- Full confidentiality, a high level of protection of investments, and personal information of customers.
- Continuous testing of information security and the use of new technologies ensure the safety of money storage.
- For businessmen, it is an opportunity to expand the foreign market, as well as simplifying financial procedures when working with partners abroad.
Moreover, foreign investors are attracted to Malta’s low bank account fees. Many of the services in these institutions are not paid. For example, financial transactions between accounts of one bank or ATM withdrawal.
Amongst a few disadvantages of Maltese banks is their willingness to know everything about the customer’s financial history including the source of revenue and the presence of regular transactions. Obtaining such kind of information may require enough long time being entirely dependent on the efficiency of the information exchange system between banks.
Most banks in Malta serve both individuals and legal entities and provide offshore companies with a full range of banking services.Atrium Business Solutions