Open an account in Malta

How to open a account for a non-resident?

As in any jurisdiction, opening an account in Malta directly depends on the ability to prove the source and legitimacy of the origin of the entity’s funds, as well as the passage of the bank’s internal compliance procedures, including checks for money laundering and terrorism financing.

VigoLex conventionally distinguishes the following types of bank accounts in Malta:

  • Current account – this account can be opened by individuals (residents/non-residents) for personal use;
  • Credit account – an individual or a legal entity can open such an account in a bank in Malta, account maintenance is paid, the cost of such services depends on a particular bank;
  • Deposit account – is opened for depositing money, interest on funds in the account is accrued only if such funds are not debited from the account before the agreed date;
  • Savings account – is used to save funds of the entity;
  • Corporate account – such an account is opened by a company to conduct its own operational activities (making a profit, making payments, paying remuneration to employees, paying taxes, etc.);
  • Offshore account – an offshore company in Malta is used to reduce the cost of conducting business.

Advantages of opening an account in Malta:

  • There are no strict requirements for non-residents when opening a bank account;
  • A stable banking sector;
  • A wide range of treaties for the avoidance of double taxation signed by the Government of Malta;
  • Malta is a part of the EU, which ensures free trade with the countries of the European Union.

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Documents for opening an account in Malta

The list of documents that must be submitted to the bank in order to open an account in Malta will differ depending on whether you are opening an account for a company or for yourself as an individual.

In order to open a bank account in Malta for a company, you will need to provide the following documents:

  • certificate of registration;
  • certificate of the company income;
  • documents that contain information (names, addresses), allowing to verify the identities of the founders and the shareholders of the company;
  • personal documents of a company employee whose authority shall include managing a corporate account – accountant, secretary, director, etc.;
  • an extract from the existing bank account.

If you want to open a bank account in Malta for personal use, you will need to provide the following documents:

  • passport or identity card with photo;
  • a payment document for utilities with the full address of residence indicated in it;
  • a reference from the current bank;
  • application for opening an account.

List of banks

It should be taken into account that the procedure for opening an account in Malta, as in any other jurisdiction, largely depends on the internal rules and policies of the particular bank that you have chosen to open an account.

Based on the experience of VigoLex team, there is no single correct answer to the question of which bank is better to use.

If you need to open an account quickly with a minimum amount of time spent on this process, the services of some banks will suit you, and if your goal is to open an account for a legal entity and maintain a high level of confidentiality of the entire process – the services of other banks.

Basically, when opening an account in Malta, you can use the services of the following banks:

  • Sparkasse Bank Malta;
  • Lombard Bank;
  • Bank of Valletta;
  • BNF Bank.

Open an account quickly and easily with VigoLex

The specialists of VigoLex team have extensive experience in supporting the process of opening bank accounts for the company clients and their business in various jurisdictions, including opening bank accounts in the jurisdiction of Malta.

The available expertise in this field allows us to provide services with high quality, within the agreed terms and with the least possible level of client’s involvement in the legal part of the account opening process.

VigoLex lawyers will be happy to help you with your request and advise on how to open an account in Malta, what are the cost and the terms of opening an account in a bank in Malta, the nuances of such a procedure for opening a bank account, etc.

VigoLex team will also be happy to help you work out the most optimal algorithm of actions at each stage of the process of opening a bank account and advise you on the cost of VigoLex services in this situation.

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