With regulations and bank checks becoming tighter in the last few years, opening a bank account in an EU country has changed. Still, both EU and non-EU nationals can open bank accounts in Malta.
Special terms exist only for people who have a certain amount of debt. They are required to be in Malta for some time before opening a bank account. If you do not have high debt levels, opening a bank account in Malta should be pretty straightforward.
What are the requirements for opening a bank account?
It is always advisable to work with a legal and accounting professional when opening a bank account anywhere. In Malta, banks require applicants the following documents:
- A photo ID or passport
- A bank reference either from your current bank or a previous one (always required for non-EU national)
- A utility bill showing your full residential address
- The Bank Account Application Form (which may vary depending on the bank of choice)
The bank you are applying with will also request your bank history. Provide statements, assets, debts, etc., and they will also conduct KYC (Know Your Customer) checks. These detect persons at high risk of using the account for money laundering and similar unlawful practices.
How long does it take to open a bank account in Malta?
Spending on the bank and the detail required in your specific case, this process may take up to six months. However, it typically takes a fraction of that time.
Malta’s banking system offers all the banking services you would expect, such as online and telephone banking, credit and debit cards, and various accounts such as savings, current, and deposit.
The banking system is largely similar to the UK system, but the banks are now under tighter regulation and are not quick to lend. Banks thoroughly investigate individuals. They investigate their company’s financial record first if they own shares or are the company’s director.
What are the bank options in Malta?
If you are not present in Malta, your best option is to open an international bank account. This account usually has a minimum balance limit, and penalty fees are incurred if your funds fall below the minimum amount required. It is intended for expats and those who frequently travel.
However, if you opt to get a Maltese Residence Card, this will speed up opening a bank account in Malta. Your residency also entails a lot of other benefits that you can maximise.
If interested, Integritas can assist you in obtaining a Maltese Residence Card.