Opening a Malta Offshore Bank Account in 202310 min readReading Time: 4 minutes
Opening a Malta Offshore Bank Account is a curious subject. We will answer in detail. The island of Malta is a popular tourist destination, as well as one of the most popular centers for offshore banking.
Banking service for Maltese citizens is quite easy. But what if you are a foreign national? Of course, there are different methods for this, and you can open an offshore account in this country as a foreign citizen.
So how? Here are the methods of Opening a Malta Offshore Bank Account in 2023…
How to Open an Offshore Bank Account in Malta?
An offshore account can be briefly defined as a bank account opened in a non-officially resident area.
It is the process of opening a bank account in a country other than the country of citizenship for any reason. Of course, at this point, tax advantage is an important parameter for opening an offshore bank account.
However, you can also open an offshore bank account if you live in a country with high transparency and you do not want anyone else to see your account.
It also provides important advantages in terms of security. So how do you open an offshore bank account? Is the situation different in Malta? Here is the answer…
To open an offshore bank account, if you are a citizen of a different country, you must first prove that you are a citizen of that country.
For this, you must clearly confirm your passport and residence address. You can use your country’s international address identification service for this. The next process is the SWIFT and BIC codes to be defined on your behalf.
This is a requirement for each bank account. Of course, we are not talking about the SWIFT codes required for money transfer.
This is a process required to prove that you own the transaction in the money transfer of your account that you will open in the future.
After opening your offshore account, the upper limit is determined by the laws of Malta and you can log in and out of your account daily, monthly and annually over this limit.
This limit usually varies depending on the reliability of the brokerage firm. If you are also a The Kingdom Bank customer, be aware that you may have more limits when opening an offshore account in Malta.
Can a Foreigner Open a Bank Account in Malta?
What you need to pay attention to when opening an offshore account is whether the country is integrated into this system. Of course, there are many countries that open and allow offshore accounts.
However, it is not known whether all countries have the same security concerns. However, Malta is a relatively safe country at this point. In this country, you can open an offshore account as a foreign citizen.
For this, you need to define the country of residence and the statement of your full address and a photocopy of your passport. You have to go to this country to deliver them. However, if you do not want to go, you can do this with intermediary institutions or with a power of attorney.
As a foreign national in Malta, you can open a bank account if you meet the following conditions.
Conditions for Opening an Offshore Bank Account in Malta
1 – Persons or organizations that want to open a bank account are in compliance with Maltese laws.
2 – The documents required to open an offshore bank account must be prepared in accordance with Maltese law.
3 – The minimum capital required to opening a Malta Offshore Bank Account must be confirmed.
4 – Fees for applications to open an offshore bank account in Malta must be paid.
Before attempting to open an offshore bank account on the Island of Malta, it should be checked that all requirements are met.
How to Open an Malta Offshore Bank Account?
To open Malta Offshore Bank Account, you can open a personal bank account or a company account. In this case, if you want to open a company (limit), it is necessary to prepare 1.165 Euros, of which at least 2 and maximum 50 shareholders and 20% of which must be invested in advance.
Thereafter, the articles of incorporation and the charter must be drawn up in accordance with Maltese law.
20% of the initial capital of the company to be opened in Malta must be deposited into the bank account to be opened in the name of the company in Malta.
After the notification made to the bank, the receipt to be prepared stating that the capital is ready should be obtained from the bank. The documents and receipts required for company establishment are submitted to the Malta Trade Registry Office in full.
Afterwards, the company establishment procedures are initiated and the company is registered with the Maltese government within a few days.
After completing the company incorporation phase in Malta, the required licenses according to the industry must be requested through the form to be filled in to the Malta Department of Commerce. And then a bank account will be opened and necessary information will be given to you.
Which Country is Best for Offshore Account?
Especially in the last 10 years, the world finance sector has evolved into a different area in terms of offshore banking. In this context, countries have tended to this area.
Although offshore accounts seem to be opened mostly in small island countries, large developed countries have also made remarkable strides in this area.
The 2012 Global Financial Centers Index (GFCI) determined countries/regions such as Guernsey, Mauritius, Malta, Isle of Man, Bermuda, British Virgin Islands, Cayman Islands, Gibraltar, Bahamas and Jersey as places where offshore accounts can be opened, in line with international data and expectations.
Is it Legal to Have an Offshore Bank Account?
One of the most frequently asked questions is whether it is legal to open an offshore account. If we have to say; If you have opened an offshore bank account from a legal country bank, following legal protocols, then having an offshore account should not be a problem.
This will also reduce or eliminate the possibility of encountering problems in your country. However, transactions that are made with too many intermediary institutions and serve a number of situations such as money laundering are defined as illegal.