Trusts & Foundations
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Effective I Secure I Skilled investor guide series 2013-2014 edition Trusts & Foundations in association with MALTA ASSOCIATION FOR RETIREMENT SCHEME A CountryProfiler Publication PRACTITIONERS Malta: FinanceMalta investor guide series trusts & foundations Links of Trust FinanceMalta investor guide series trusts & foundations Certainty and security c ntents Malta, a civil law country within the European Union, has created a unique ‘best of both’ vehicle to be able to offer the same benefits of the Anglo-Saxon trust in the context of a more familiar legal terrain for people from other civil law countries. Finance Institutions & Associations ....................................................... 4 Trust & Foundation Domicile at a Glance .............................................. 6 The Maltese Trust and Trustees Act of 2005 brought this streamlined and simplified trust regime into force and the International Finance Centre ...................................................................8 Malta Trust now offers greater flexibility, high standards of certainty and a closely regulated environment for the set-up Trusts & Foundations in Malta ...............................................................14 of the trust. A key feature of the Malta trust is the option to choose to be governed by the laws or be adjudged by the judiciary of another jurisdiction. A Leading Domicile for Asset Protection: Key Reasons for Malta’s Success .............................................................16 Malta’s competitive set-up and management costs are proving attractive to both corporate entities and high net worth Regulation & Oversight .......................................................................... 20 individuals. The sector is served by over 100 companies now licensed to offer trust and trustee services in Malta, and the island has a strong contingent of multilingual, skilled professionals who are available to provide comprehensive Trusts in Malta ......................................................................................... 22 administration and back office services, as well as a STEP branch that was formed in 2006. Trust Forms ............................................................................................. 24 Foundations in Malta ..............................................................................26 Flexible, effective and familiar...a Malta trust offers both certainty and security. Setting up a Trustee Business in Malta ..................................................28 Professional Services ............................................................................... 31 Banking & Financial Services ..................................................................32 Real Estate ................................................................................................ 33 more information on: Communications ....................................................................................34 www.financemalta.org Human Capital ........................................................................................ 35 Taxation ....................................................................................................36 Travel & Living ..........................................................................................39 Company Profiles: Who’s Who ..............................................................43 Scan QR Code with your smartphone Effective | Secure | Skilled Find us on: FinanceMalta @FinanceMalta FinanceMaltaYT FinanceMalta FinanceMalta - Garrison Chapel, Castille Place, Valletta VLT1063 - Malta | [email protected] | tel. +356 2122 4525 | fax. +356 2144 9212 FinanceMalta is the public-private initiative set up to promote Malta’s International Financial Centre 33575 - Segment Adverts A4 - QR.indd 6 25/6/12 17:16:26 2 FinanceMalta investor guide series trusts & foundations FinanceMalta investor guide series trusts & foundations 3 Publication Date February 2013 Effective I Secure I Skilled Effective I Secure I Skilled Effective I Secure I Skilled investor guide series Credit & Financial investor guide series Insurance & Pensions investor guide series Investment Funds & Publisher’s Information 2013-2014 edition 2013-2014 edition 2013-2014 edition …connecting thought Institutions Asset Management and ideas worldwide CountryProfiler Ltd is a specialist publisher of country information that assists corporations managing operations across national borders with trade, investment and relocation decisions. CountryProfiler is recognised by senior business executives, government representatives, institutions and Effective I Secure I Skilled global organisations as a leading provider of informative, insightful and actionable country intelligence. investor guide series 2013-2014 edition Trusts & Foundations in association with in association with in association with Europe MALTA MALTA MALTA ASSOCIATION ASSOCIATION ASSOCIATION FOR RETIREMENT FOR RETIREMENT FOR RETIREMENT SCHEME SCHEME SCHEME 5 Ivo Muscat Azzopardi, St Julians, STJ 1904, Malta A CountryProfiler Publication PRACTITIONERS A CountryProfiler Publication PRACTITIONERS A CountryProfiler Publication PRACTITIONERS Tel: +356 20 601 060 Fax: +356 20 601 059 North America First Canadian Place, 100 King Street West, 56th Floor, Effective I Secure I Skilled Effective I Secure I Skilled Toronto, Ontario, M5X 1C9, Canada investor guide series Trusts & Foundations investor guide series Wealth Management 2013-2014 edition 2013-2014 edition Investment Guide & Business Directory 2012 | 2013 EDITION in association with T: +1 416 304 3956 F: +1 416 352 7826 MALTA ASSOCIATION FOR RETIREMENT SCHEME A CountryProfiler Publication PRACTITIONERS E: [email protected] W: www.countryprofiler.com The information included in this publication is for information purposes Editor only and is subject to change. With regard to the licensing of a business, Sonja Lindenberg / CountryProfiler - [email protected] income generation or any other legal or accounting matters, the Publisher Malta’s in association with in association with International strongly recommends that the reader seeks the advice of an appropriately Regional Directors Financial Centre Built on Stability, Managed Effectively MALTA MALTA ASSOCIATION ASSOCIATION FOR RETIREMENT FOR RETIREMENT SCHEME SCHEME www.financemalta.org licensed professional. The Guide is meant as general information and should Kristina Ernst / CountryProfiler - [email protected] A CountryProfiler Publication PRACTITIONERS A CountryProfiler Publication PRACTITIONERS not be interpreted as legal advice or as a technical guide in substitution Garvan Keating / CountryProfiler - [email protected] of the relevant legislation. Additional requirements may also apply. Administrative Director All rights reserved. Reproduction in whole or part is strictly prohibited Rick Martin / CountryProfiler - [email protected] without the written permission of the publisher. Opinions expressed Promoting and Fostering Malta’s in this publication are not necessarily those of the editor or publisher. Administration All reasonable care is taken to ensure truth and accuracy, but the Melissa Puglisevich / CountryProfiler - editor and publishers cannot be held responsible for errors or [email protected] International Finance Centre omissions in articles, advertising, photographs, or illustrations. Art Director CountryProfiler would like to thank the Office of the Prime Minister, Ramon Micallef / Box Design - [email protected] Ministry of Finance, the Economy and Investment, FinanceMalta, Malta Financial Services Authority, the Association of Insurance Brokers, the Advertising Sales Malta Bankers’ Association, the Malta Funds Industry Association, the Malta [email protected] Insurance Association, the Malta Insurance Management Association, the Institute of Financial Services Practitioners, the Society of Trust and Estate Photography Practitioners, the Malta Association for Retirement Scheme Practitioners Alan Carville / Malta Tourism Authority / and in particular Mr James Bonello, Mr Kenneth Farrugia, Dr Marina Grech, Chris Sant Fournier / Michael Jurick Dr Priscilla Mifsud Parker, Mr Malcolm Becker, Dr Rosanne Bonnici, Dr Matthew Brincat and Dr Chris Cachia for their support and assistance. 4 FinanceMalta investor guide series trusts & foundations FinanceMalta investor guide series trusts & foundations 5 Finance Industry Representative Finance Industry Regulator FinanceMalta Chairman: Kenneth Farrugia Malta Financial Services Authority (MFSA) Chairman: Joseph Bannister FinanceMalta, a non-profit public private initiative, was formally set up on the 21st May 2007 with the The Malta Financial Services Authority (MFSA) is the single licensing and supervisory authority for scope of promoting Malta’s international financial centre, both within, as well as outside, its shores. all financial services activity. The Authority is an autonomous public institution set up by law. The It brings together, and harnesses, the resources of the industry and government, to ensure that Malta sector overseen by the MFSA includes banks, investment firms, insurance companies and financial maintains a modern and effective legal, regulatory and fiscal framework in which the financial intermediaries who provide a wide range of products and services on the domestic and international services sector can continue to grow and prosper. The founding associations are: the Malta