Family Wealth & Family Trust Company
A Malta Family Trust Company is Malta’s latest initiative to service families, as Malta is a particularly favourable jurisdiction in which to establish family wealth structures.
Providers of both trusts and foundations in Malta are highly regulated by the Malta Financial Services Authority.
In conjunction with Malta’s tax and fiscal rules, the establishment of holding, operating, investment and special purpose vehicles, including trusts and foundations.
Family Trust Companies
Legislation enacted pursuant to Article 52(3), amending the Trusts and Trustees Act has resulted in the introduction of the concept of Family Trusts Companies – property settled upon trust for the present and future needs of family members and family dependants.
Family Trust Companies offer some very interesting opportunities for HNWI’s and families who favour a tailor -made trustee solution in which they can actively take part on a formal or informal basis, especially when compared to the mainstream professional or institutional trustees.
Family Trust Companies that satisfy the prescribed legal requirements are not required to obtain full authorisation, although they must apply for registration with the Malta Financial Services Authority and adhere to on-going compliance and other regulatory conditions.
- set up as a company (Ltd) with objects and activities limited to acting as a trustee to
- specific settlors in respect of the family estate, for the benefit of the family members
- maximum of 5 settlors
- minimum of 3 board directors – one of which must have knowledge of trust law and administration
- limited to acting as a trustee to specific settlors in respect of the family estate, for the benefit of the family members
- Money Laundering Reporting Officer (MLRO) required
Acumum’s Service Offering
Our essential starting point when advising on establishment, restructuring & re-domiciliation, is to understand the particular circumstances & dynamics of the family & the purposes of the office. This provides the framework for effective & enduring legal & structuring advice.
- Organising the implementation & on-going maintenance of family wealth & investment structures
- Establishment of family trusts / foundations & family trust companies
- Acting as ‘knowledgeable’ director of family trust companies
- Ensure on-going legal & regulatory compliance
- Regular asset summaries, activity reports & accounts
- Oversight of asset, investment strategies and 3rd party providers
- Preparation of management and financial accounts
Our overall aim is to ensure that the operating & tax structures are established & governed sensibly, as well as run efficiently & effectively.
About Acumum – Legal & Advisory
Acumum Legal & Advisory is a well-established set of multidisciplinary legal, tax and accounting firms located and managed in the tax efficient EU jurisdiction of Malta. It operates as a full service law firm with services including aviation, corporate formation, accounting, estate & wealth planning, taxation, intellectual property and more. The firm is overseen by Geraldine Noel, a British barrister – registered in Malta, working alongside an expert team of lawyers and accountants with extensive specialist commercial and private client expertise, particularly to an individual, corporate and family office clientele.