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Open a Bank Account in Malta

Open a Bank Account in Malta

Updated on Friday 10th March 2017

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Open-a-bank-account-in-MaltaForeign citizens or companies seeking to live and work, respectively to set up operations here must have bank accounts in Malta. Banks in Malta allow for an array of bank accounts available for natural persons and corporate entities in order to offer viable solutions for every need. The following types of bank accounts can be set up in Malta:

  • -          current bank accounts, which are also the most employed;
  • -          savings accounts;
  • -          deposit accounts;
  • -          corporate accounts.

The last type of account is available for Maltese companies only. Also, Maltese banks allows EU and non-EU residents to open bank accounts with them in foreign currencies.

Our lawyers in Malta can assist foreign investors in setting up corporate accounts.

Opening a current bank account in Malta

Maltese residents usually open bank accounts in order to receive their salaries and to make payments. For these purposes they usually set up current accounts, while for savings they will usually set up savings or deposit accounts.

The following documents are required to open a current bank account in Malta:

  • -          a passport or identification papers;
  • -          an application form issued by the bank;
  • -          a recent utility bill;
  • -          a bank reference.

Foreign citizens must also have a good credit score in order to be allowed to open bank accounts in Malta. Most current accounts have debit or credit cards attached issued once the account is activated.

Setting up a corporate bank account in Malta

In order to carry out a commercial activity, a Maltese company must have a bank account. The corporate bank account is usually set up during the company registration procedure, as the founders must deposit the share capital of the business. After that, most of the company’s transactions will be reflected in their bank statements.

The following documents must be provided with the bank upon the opening of a corporate bank account in Malta:

  • -          copies after the passports or IDs of each shareholder and manager;
  • -          copy after the company’s statutory documents;
  • -          a company’s certificate of good standing;
  • -          bank references for the shareholders and the company;
  • -          utility bills stating the Maltese addresses of each shareholder and director.

The video below presents the main steps to follow when opening personal or corporate bank accounts in Malta:

For assistance in opening bank accounts, do not hesitate to contact our law firm in Malta.



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