How to Open a Bank Account in Malta

For those who are living and working in Malta or perhaps looking forward to retiring there or corporations looking to set up an overseas account, you will need to open a bank account in Malta. This is particular true for individuals who wish to purchase a home on the island, but for corporations outside of Malta this represents a marvelous opportunity to move assets overseas to take advantage of better rates of earnings.

To have an offshore bank account for your company’s needs means taking advantage of what Malta has to offer. Unlike many other places that offer offshore bank accounts, Malta has unique advantages in being a member of the EU with a stable political and financial system. If you have not lived in Malta for some time or are just getting acquainted with this marvelous country, you’ll need to have the services of a qualified lawyer to help you make the proper introductions, organize the documents and offer the bank contacts necessary for you to set up a bank account in Malta.


Get the help of an attorney who has the knowledge, skill and networking to make the process as smooth as possible.

How to Set up a Bank Account in Malta

For individuals, setting up a bank account is fairly easy if you are debt free and have a good credit rating. However, if you have experienced bankruptcy in your past or have a long history of carrying debt then you may need to become a citizen of Malta first before you’ll be able to open an account. For those who are not citizens of Malta, setting up an account is fairly straightforward as you’ll need the following items;

  • Photo ID or Passport
  • Bank Reference: Either your current or previous bank
  • Utility Bill w/Full Address
  • Account Application Form

While the process is fairly straightforward in opening an account, the communication between the banks which will include the history you have had with them, statements, proof of regular payments and so forth will take time to assess. Depending on the circumstances it may take up to six months before a decision will be made, but in most cases the waiting time is not that long.

Once you open a bank account in Malta, it will usually take a few weeks for your banking card and PIN number to be assigned. If you are present in the country, you can speed up the process by picking it up at a local branch.

If you are from a country that is not a part of the European Union (EU), then you may be subject to a few more checks before you can open your account. However, it is also possible that you may not even need a bank reference depending on the circumstances. In the end, the exact process is going to be a little different depending on the bank that is selected.

Why Have a Bank Account in Malta

There are a number of reasons why you should open a bank account in Malta. Whether you are an individual looking to work and live in the country or need to have an overseas account for your corporation, the advantages are substantial.

Avoid High Bank Charges: For those who are being paid through a foreign bank, there are a number of charges that occur with currency exchanges and simple transactions that can be avoided assuming your residence is actually in a non-EU country.

Access to Your Cash: You can get a bank debit card and use the ATMs located around the country to access your money. ATMs are usually free if you use your own bank, but if you use another bank’s ATM there will probably be charges. This will allow you to pay bills and the rent more easily.

Charges and Fees: Each bank in Malta is different and some will charge fees for certain types of services while others will not. However, you can choose the bank in Malta where you want to open your account. This means that you have some flexibility in choosing the one that best suits your needs. To have a skilled, experienced lawyer present will help you choose the right on

Opening an international bank account can be done even before you leave your home country. In fact, such an account for expat purposes is perfect for those who are on the move or travelling frequently. Such accounts will usually have a minimum balance with penalty fees if you fall below that amount. So, if you are planning on being in Malta for a considerable amount of time, then opening a bank account in Malta is probably your best move.

Tips on Opening a Maltese Bank Account

Naturally, you will need to go over your information to ensure its accuracy, so working with a skilled lawyer is always good advice since they can help tremendously in getting an account set up for your needs.

While the larger banks may have an advantage when it comes to working with those from overseas, it pays to fully check out the bank so you don’t wind up transferring soon after your arrival because of fees or services that do not fit your needs. So, be sure that you choose your bank as carefully as possible.

Organization: Basically, pull in all the necessary paperwork and organize your information so that it can be fully utilized by the bank when deciding about opening an account. There are some banks that will accept your references while others will want to contact your bank or previous bank directly. Still, having everything prepared is always good and this may include having a letter from where your work as well.

Get a Maltese ID Card: Getting an ID card which will speed up the process when you open a bank in Malta. This will mean being in the country and applying directly at the Department of Citizenship and Expatriate Affairs which is located in Valetta.

To open a bank account in Malta is not complicated, especially if you get the help of an attorney who has the knowledge, skill and networking to make the process as smooth as possible.


Get the help of an attorney who has the knowledge, skill and networking to make the process as smooth as possible.