Bank Account Opening

Individuals, not resident in Malta may have multiple bank accounts in multiple currencies with one or more banks in Malta. The Malta tax regime exempts interest income earned on deposits held with any local banking institution arising to non-resident account holders.

A Malta company may also have multiple bank accounts in multiple currencies with both local and foreign banks. In most cases a bank account with a Maltese bank is used in view of the efficiency of the Malta Banking System.

The Maltese banking system is regulated by the Banking Act and is efficient, robust and enjoys a strong worldwide reputation. This is further confirmed by the number of foreign banking institutions that have established fully fledged banking operations in Malta offering highly specialized banking services including factoring and trade finance. The sector is highly competitive and local banks are continually upgrading their services to meet clients’ demands and expectations and in the process, increase their market share.

The larger local banks provide a wide variety of sophisticated services, from online banking services to conventional telephone support. Cheque book and credit card facilities are also available from most of the local banks.

Capstone provides assistance with the selection of the banking institution that best meets your requirements and the related preparation and submission of bank account opening formalities.