It has now become much easier to open an offshore bank account in digital banks, the latest favorite of the individual or corporate banking system. The number of countries offering offshore banking activities has also increased considerably recently.
So, how are the situations in Malta from these countries? Here is Opening a Malta Offshore Bank Account in 2025.
How to Open an Offshore Bank Account in Malta?
The reason for using offshore banking is mainly due to a number of factors such as confidentiality, disclosure of deposit and loan information under very difficult conditions. The underlying reason for this is that the taxes that are wanted to be collected from the "rich" are shifted from their country to a different country by various means and the need to hide income/wealth.
In addition, the reason for opening an offshore account is a number of reasons such as obtaining high interest income especially for deposits, being able to withdraw loans with low interest rates, and very low tax rates.
Offshore account opening business is often associated with illegal business. Among these, money laundering and similar transactions are shown, but the essence of the matter is not so.
As explained in detail in this article, all of these offshore centers have cooperated with international anti-money laundering institutions in order not to be excluded from the financial sector in order to continue this business, that is, the offshore banking business.
Thus, money laundering is now old-fashioned thinking about offshore account opening.
These institutions, which are now preferred for the purpose of paying less taxes and accumulating wealth, are official and any money transferred to these countries is not money laundering. Even most of them are not.
The most important feature of these offshore banks is that the customer's right not to provide earnings information to the country of citizenship is under legal protection, according to the principles of bank secrecy.
In other words, it is a right of the offshore bank not to give the account information to the country of citizenship of the customer. It is not illegal, it is a right that is specifically protected by law.
Malta is one of the most preferred countries for offshore banking. The reason for this is that there is an older offshore culture compared to other countries and that customer satisfaction is at a high level.
To open an offshore account in Malta, it makes a difference whether you are a citizen of that country or not.
In this case, if you are a Maltese citizen, you can open an offshore account at any bank. However, if you are a citizen of a different country, please proceed to the next section.
Can a Foreigner Open a Bank Account in Malta?
Let's talk about how to open an offshore account in detail and the possibility of this as a foreign citizen. An account opened by a citizen of one country in another country, Malta, is called an offshore account.
You do not have to go and open an account in Malta. All you need is an internet connection and a good command of English.
While some offshore banking services are available in your language, there are also offshore banks that provide services in different languages, but all contracts are in English only.
First of all, it is necessary to go physically and ask the authority of the relevant institution whether you need to open an account.
If it is necessary to go to this country, this work is costly. The reason for this is that there are few flights and accommodation costs are high in this country.
However, online account opening is allowed in some offshore banking countries and Malta is one of them.
How to Open an Offshore Account in Malta?
The conditions for opening an offshore account are essentially the same as opening a domestic bank account. The same documents are requested, perhaps it may be necessary to send an extra copy of physical signature or to enter the physical contract mail exchange.
In addition, offshore banks in Malta may request a power of attorney through a representative (of course a bank employee) or a notary public in that country as an official representative.
If the offshore bank wants the documents submitted to be certified with an apostille (the most frequently requested method), it may be necessary to take action from the official of the ministry of foreign affairs (embassy) in that country.
Which Country is Best for Offshore Account?
The fact that offshore banking in the world has a daily volume of over 1 trillion dollars has increased the interest in this field.
And many countries have turned to this area. As a result, more than 10 overseas countries became part of the system for opening offshore accounts. Switzerland, Cayman Islands, Man Islands, Jersey and Panama are among the countries that do this job professionally.
Is it Legal to Have an Offshore Bank Account?
If questions about offshore banking transactions and their legality had been asked 10 years ago, the rumors about it would probably have been justified.
However, especially with the increase in the demand for offshore banking, illegal transactions and purposes have been restricted and even in some countries and offshore banks, this has become impossible.
The main aim in offshore banking is less tax, less control mechanisms and natural persons to stay in the background. This has eliminated illegal motives such as money laundering. For this reason, countries and even high-level bureaucrats have turned to this field.
A considerable proportion of the top bureaucrats of many countries open accounts in offshore banks.
Despite everything, illegal situations may occur in offshore banks in some countries. However, as we said, this situation has decreased to a very low level, especially in recent years.
Jetonbank carries out its transactions with a legal and reliable service network in offshore banking. If you want to open an offshore account in Malta or another coastal country, you can contact Jetonbank.
