Banking

In Malta, banks are classified into three categories:

1) Core Domestic Banks,

2) Non-Core Domestic Banks, and

3) International Banks. The Malta Financial Services Authority (MFSA) supervises with the ECB, the three largest domestic banks of the country.

The MFSA also supervises the rest of the banks, and it is the first filter for those organizations seeking to start operating in the financial industry in Malta.

The two largest banks in Malta are HSBC Malta and Bank of Valletta, which are the ones that deal with foreigners the most and have the most substantial part of the market share. There are also eight medium-sized banks, of which some as BNF and Akbank are subsidiaries of foreign companies. The other 18 banks are small banks or specialized service providers. For example, Credoarax only offers payment processing for EU merchants.

Even if Malta has an incredibly secure system, it can be tough to participate in it. Maltese personal bank accounts are only open to citizens, residents, and foreigners living in Malta.

The requirements vary from bank to bank, but in general, they’ll ask for:

Ø Government-issued ID

Ø Proof of Maltese address

Ø Minimum deposit or a term deposit of max €500 that you can’t access for the first year you hold the account

Ø A reference letter from your latest bank that says you are solvent

Ø Proof of employment

For expats, we recommend opening an account in the larger banks, as they are mostly used with dealing with foreigners and don’t ask for too many requirements.

Opening a corporate bank account is as advantageous and as hard as a personal account.

You usually must provide:

Ø Articles of association and proof of registration

Ø Government-issued IDs and proof of address of directors and beneficial shareholders

Ø Banking reference letters of directors and shareholders