According to Karol Gabarretta, opening a corporate bank account in Malta is not as daunting as it is often portrayed and while acknowledging existing challenges, he believes the perception of widespread difficulty may be inflated and that businesses genuinely committed to transparent operations rarely encounter obstacles. Businesses have a range of options to choose from. The banking industry in Malta is highly competitive and beyond traditional credit institutions there is a growing presence of financial institutions, including electronic money institutions, which also offer solutions for opening accounts.
“The reality is that interest in Malta comes in all forms – the good, the bad, and the ugly. Reputable businesses normally have little trouble completing the banking process and when challenges arise, these may often stem from legitimate concerns. “In many cases, businesses facing hurdles typically may have a chequered past, whether due to poor credit histories or significant negative findings during due diligence.
Such caution is absolutely essential for maintaining the integrity of Malta’s financial system.” It is true, however, that, as a result of Malta’s FATF grey listing in 2021, banks had taken a cautionary approach and decreased their risk appetite, particularly in areas where they lacked sufficient knowledge of proposed business lines or activities. However, recent developments, including Malta’s removal from the grey list in 2022, suggest a gradual .