No more offshore accounts for Maltese residends?

[landogarner]

It seems that EU / CH banks start to close bank accounts if you are resident in Malta due to its greylisting. Are there any *approved* recommendations for EU / CH banks who still accept Maltese residence accounts?

Important : I would require a letter from that bank stating that I am the account owner so EMIs are out of the game for me.

Thanks !

 

[Sols]

Whenever something like this happens (grey listing, not black listing), banks tend to just get more selective. Clients from or resident in grey listed jurisdictions require extra attention from the compliance department. If you're not a VIP client, it's often more cost beneficial to terminate the account than to keep it around.

I have heard different things from people in Malta. Most are unaffected so far, but some have closed a few less important accounts and consolidated their wealth into preferred financial institutions.

 

[Marie Manila]

If I remember right, there is a EU law, which gives you the right to open a basic bank account (personal) in every EU country as long as you reside inside EU.

See here:

Opening a basic bank account within the EU - Your Europe

Your right to a basic bank account in the EU, when you can be refused an account, and what help you should get if you decide to switch accounts

europa.eu

I think also Dukascopy (CH) will accept Maltese residents. But be aware of the fees!

 

[backpacker]

If I remember right, there is a EU law, which gives you the right to open a basic bank account (personal) in every EU country as long as you reside inside EU.

No, it only grants you the right to open one account in the EU country where you are legal resident.

Example:

1. A Dutch citizen moves to Portugal and becomes a legal resident of Portugal - he has the right to open a basic bank account in Portugal.
2. A Dutch citizen resides in his home country and wants to open a bank account in Portugal for an unknown reason (no legal ties to Portugal) - he may find a bank who opens an account for him but he has no legal right based on EU law to enforce getting a Portuguese bank account.

The basic idea of this specific EU law is that EU citizens should not be unbanked just because they move from one EU country to another.
This law is not intended to give an EU citizen the right to maintain a basic bank account in each EU member state.