How to open a bank account in Malta: the most reliable banks

In general, a foreigner can open a bank account in Malta. However, most banks require them to have a registered address in the country.

Malta Permanent Residency Programme

Malta authorities fight against fraud and money laundering. It is easier to check the sources of funds of those who are Maltese tax residents or reside in the country. That’s why banks are more likely to decline applications from foreigners without residence permits in the country.

Non-residents also might require additional documents proving the legality of income and connection to the country.

Maltese banks offer their clients to open different types of accounts. The most common are current and savings accounts.

A current account is the most basic one. It keeps the money that you need for everyday transactions. The account usually comes with a debit card that can be used for making purchases or withdrawing money.

Some accounts have maintenance fees and minimum balance requirements that allow one to avoid fees.

Usually, banks offer different types of current accounts: for teens, students, seniors and others.

A savings account is an account that one can use to hold money for a particular time. It accumulates interest on the deposited money daily, weekly, monthly, or annually. It usually comes with no card and either doesn’t allow withdrawals or limits their amount.

Savings accounts have fixed or unlimited terms. A fixed savings account is opened for a period during which money accumulates interest. After the time is up, you can either withdraw money with interest or transfer it to a new account.

How to benefit from the special tax regime and visa-free access to Schengen with a Malta residence permit

Personal account. The list of required documents for opening an account may vary from bank to bank. However, the minimum package usually includes the following:

• a passport, an ID card, or a residence permit;

• proof of address in Malta: a recent utility bill that contains the address or a rental contract for more than six months;

• an application form.

Banks can also require documents such as proof of the legality of the person’s income, tax identification numbers, a bill from a telephone service provider to verify a contact number, and a reference letter from your previous or current bank.

Business account. To open an account for a company, you would need to provide the following documents:

• a certificate of registration issued by the Malta Business Registry;

• the Memorandum and the Articles of Association;

• a corporate structure chart that explains the company’s ownership and control structure;

• IDs of all directors, shareholders, ultimate beneficial owners, key controllers, signatories and entity representatives of the company;

• an application form for everyone whose IDs were provided.

A bank can require other additional documents, such as reference letters from your previous or present bank.

Malta has a stable and reliable banking system that meets EU standards.

About 20 banks operate in Malta. Only a few of them are local: APS Bank, Bank of Valletta, and BNF. Other banks represented in Malta are international.

APS Bank was founded in 1910, so it is considered the oldest bank in Malta. Its headquarters is in Birkirkara, and six other branches operate in different parts of the country. APS Bank offers personal and business services and has a licence as an investment services firm.

Bank of Valletta (BOV) is the largest bank in Malta. It has operated since 1974 and offers services to individuals and businesses. BOV has 39 branches in the country.

In 2022, the Global Finance magazine named the Bank of Valletta the best in Malta.

BNF is a Maltese bank that also operates in the UK. It has 12 branches across Malta and works with individual and corporate clients.

BNF has been called Malta’s best bank by the Banker magazine in 2020, 2021 and 2022.

HSBC is a British bank that was founded in 1865 in Hong Kong. Now it is one of the largest financial institutions in the world, with a presence in 63 countries and territories. There are also around 30 branches of HSBC in Malta.

In 2022, the Global Finance magazine named HSBC the Best Emerging Markets Bank.

Sparkasse Bank is owned by an Austrian company. It has operated in Malta since 2000; its office is in Sliema. It offers banking and investment services to individuals and companies.

Citizens or residents of Malta can open bank accounts easier than non-residents. There are some ways for investors to obtain a residence permit or a passport in the country.

The Malta Global Residence Programme. To obtain residency in Malta under the GRP, the investor needs to:

• pay an administrative fee of €5,500+;

• buy or rent a property for €220,000+ or €8,750+ per annum, respectively, and the real estate can’t be rented out or subleased;

• pay an annual tax of at least €15,000 per annum under a special tax regime.

With a Maltese residence permit, you are allowed to:

• travel visa-free to the Schengen countries;

• optimise taxes: pay 15% of the income earned abroad and received in Malta and no tax at all on the global income not transferred to the country;

• visit Malta anytime, even if the borders are closed to foreigners.

1. A person is generally required to be 18 years or older and to have a registered address in Malta to open a bank account there.

2. The documents required for opening an account vary from bank to bank. There are also different documents needed to open a personal or a corporate bank account.

3. A bank can also ask for additional documents, such as a reference letter from your previous bank.

4. A person can apply to open a bank account in Malta online. However, one must come to the bank’s branch in person to complete the procedure. It’s better to schedule an appointment in advance.

5. The fee for opening a bank account depends on the bank; in many cases, it is free of charge. However, some banks require their clients to pay administration fees.

6. Local and international banks provide financing services to individuals and companies in Malta. The majority of the banks in the country are international.

7. The status of a permanent resident or a citizen of Malta simplifies the process of opening a bank account. Investors obtain permanent residence under the Malta Permanent Residence Programme, and one of the possible paths to citizenship is naturalisation by exceptional services by direct investment.