Banking In Malta
Maltese banking originated and follows, by and large, British banking. Thus, established local banks enjoy deep rooted traditions which make their services efficient, speedy and friendly. In these last years, an array of other non-retail banks have been granted licence to operate through and in Malta. Most of the latter offer non-retail specialized services.
Companies registered in Malta can opt to open and operate a bank account in Malta. This is however not mandatory. Maltese companies can also have bank accounts outside of Malta. However, we always recommend that bank accounts are opened in Malta. We recommend that at least accounts are opened in Euros and US Dollars. Directors and Shareholders can follow and operate their company's bank accounts through Internet Banking which is available at a very low fee.
Having said this and given banking developments of the last, say twenty years, it always remains a headache for banks to safeguard against all means of money laundering. It is naturally a fundamental part of our professional duties to deter and distance our hard-won integrity from any entity, whether personal or corporate, which can or is capable of carrying suspected transactions. Such entities are not welcomed neither at this Office nor in our banking system.
Having pronounced such a "health warning", this Office shall assist any company, registered in Malta or abroad or any other person, on bona fide basis, to open and operate bank accounts in Malta. Our long-standing relationship with top local retail and non-retail banks gives us an edge to provide you and your company with platinum service whenever requested.
Companies or persons, intending opening bank accounts in Malta have to complete an account opening form which we normally send by email and which is returned to us by post or courier. Current bankers and their contact email and fax are required fro bank reference purposes. Accounts are not opened without a bank's reference.
Immediately this is available, bank accounts are opened and internet banking is activated. We shall take care of emailing all details (IBAN, BIC etc) as also of sending internet banking instructions and keys. Persons and companies can also indemnify banks in order to remit instructions by fax. We however try to discourage such practice.
Normally, persons or shareholders do come to Malta physically to open bank accounts. We are always available to attend with them the usual short introductory sessions at the bank. Immediately the introductions are made and bank accounts are opened, we expect that companies and persons conduct their banking activities on their own. Should any difficulty arise, this Office is always available, even at a very short notice, to straighten things out.
Our final recommendation is directed towards the tax implications of interest earned on bank accounts. Maltese tax legislation gives persons and companies an option to deduct 15% of the interest earned at source as a means of Final Withholding Tax. We strongly recommend this option. Alternatively, any interest earned has to suffer corporate tax at 35%.