HarryGibson
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| | Opening a private bank account in Malta (28th Jan 24 at 4:49pm UTC) |   | Private banking is investment, financial, and other day-to-day banking services provided by banks and other financial institutions to high-income individuals and other assets commonly referred to as high net worth individuals. In general, the term private refers to the more personal attitudes and services of the bankers as part of the private banking service package compared to mass market retail banking. Private banking is typically a subset of wealth management and includes a wide variety of services, such as general banking, brokerage, wealth management, wealth structuring, insurance, advice, lending, investment services, and even tax planning.
Historically, opening a private bank account was only possible for particularly wealthy individuals with a liquidity of over USD 2 million. Even now there are banks that charge an even higher amount in your bank account in order to participate in their exclusive private banking. Typically the largest amounts of deposits are required by the private offshore banks and can easily exceed US $ 5 million. There are now banks that offer to open a private or sometimes premier bank account with significantly smaller deposits. Certainly the personal attitude as well as the offer and the quality of the offered services differ accordingly.
For private bank account holders, among other things, customer service is indispensable. When handing your assets over to professionals to manage, you want to be sure that they are making the right decisions, are working in your best interests, and are keeping your funds safe.
Banking in Malta overview
Malta, with its rapidly growing banking sector and specialized niches such as trust services, wealth management and private banking, has managed to establish itself as an international banking center in the Mediterranean region. Banking is the backbone of Malta that supports the growth of numerous other sectors. Domestic banks' capital buffers are among the highest in Europe and solvency ratios are kept constant at a level almost double the EU average. The average core capital ratio of the Maltese banks is almost twice as high as the ratio required by Basel III. Thanks to a significant transformation over the past decade, the Maltese banking sector has transformed from a tightly controlled public sector to a liberal and private sector. This has helped attract international companies to start their business in Malta and further expand into Europe, Africa and the Middle East.
Whether you want to open a private or corporate account, Malta offers numerous advantages. The country's banking sector was ranked the 10th strongest among 144 countries in the world by the World Economic Forum in its 2014-15 Global Competitiveness Report. The diverse banking industry is not only a trustworthy and secure location for your savings, it also provides a wide range of high quality services to its clients, including trade and project finance, custodians and specialized wealth management services. And this is done by very experienced, English-speaking legal and financial experts. In addition, Malta's fiscal policy was one of the main reasons for creating an attractive investment environment. The country's tax system complies with EU non-discrimination principles and shares around 70 double taxation treaties, so that both businesses and individuals can achieve significant tax efficiency if properly designed and planned.
Private bank account in Malta
If you are a Malta resident or planning to transfer your money to a Maltese bank from abroad, you should consider the personal approach and professional services guaranteed by Maltese private banking. Malta is rich in banks, especially considering the size of the country, so there are many options to choose from. In case you are a foreign investor, you can choose the largest international bank in Malta - HSBC (or maybe you already have an account with this bank in your home country, which would make opening a bank account in Malta a lot easier). HSBC also offers private banking of the highest quality for individuals with the option of depositing at least EUR 70,000.
The authorization for private banking opens up completely new advantages for you and your family. Interestingly, all of these benefits are free as long as you have at least EUR 70,000 in your account. The advantages include preferential terms and conditions for overdraft and debit cards, free internet and telephone banking, exclusive services from other banking areas such as loans and insurance and, of course, a committed customer advisor who is available to you and your family around the clock, 7 days a week Week.
To open a private bank account, the main criterion is the specified minimum deposit amount that you need to keep in your bank account. Other requirements relate to the procedures for getting to know your client to ensure your funds are not coming from illegal activities. When opening a private bank account, you will need to declare your passport, proof of residence and documents proving the legitimacy of your income (such as certificate of inheritance, annual accounts, proof of sale of real estate or business, etc.). In general, the opening procedure takes longer compared to the conventional checking account due to the compliance procedures carried out by the bank. After you have applied for a private bank account online or by phone and have submitted all the necessary documents, a special committee will examine your suitability as a customer and your personal banker will represent your interests. | |
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