Trusts are flexible tools mainly for asset protection and estate planning and can take different forms, ranging from employee share option schemes to private trusts.
A trust is deemed to exist whenever a person (the “Trustee”) holds as owner or has vested in him property under an obligation to deal with that property for the benefit of other persons called the beneficiaries (whether or not yet ascertained or in existence), or for a charitable purpose which is not for the benefit only of the trustee, or for both such aforesaid benefits.
One of the main benefits of trusts is that they are easy to set-up and do not need to be registered with any authority. The Trustee may carry on such activity in a professional or in a private capacity in or from within Malta, provided that an authorisation from the MFSA is required if such person:
receives or is entitled to remuneration for so acting; or
does so on a regular and habitual basis; or
holds himself out to be a trustee.
Should you intend on providing the above-mentioned services, we would be able to assist you with the following:
Structuring, legal and regulatory advice;
Assisting with the entire authorisation process;
Drafting of all internal rules, internal policies, and internal procedures;
Liaising with the competent Maltese authorities on an ongoing basis;
Assisting with the company incorporation; and
Advising to ensure compliance with all the Anti-Money Laundering (AML) requirements and establishing effective KYC procedures.
If you are already operating as a Trustee or require any assistance in relation to the applicable requirements in terms of the Trusts and Trustees Act (“TTA”) and any other applicable rules and regulations, our firm would be able to provide you with advice in relation to the regulatory requirements applicable.
We understand that adherence to the applicable legislation is vital to your business. Our compliance services include the following:
Acting as a Compliance Officer on your regulated entity;
Preparing an Annual Compliance Program;
Assistance with implementing adequate policies and procedures to identify breaches by the Companies and to minimise such breaches;
Ensuring that the activities of the Company are in line with the applicable laws and MFSA rules;
Ensuring that an adequate reporting procedure is in place for any breach;
Assistance with Informing the Authority and management in case of any material breaches by the Companies;
Monitoring returns provided to the MFSA to ensure that all information is in order;
Assistance with ensuring that your staff is familiar with the applicable legislation and any relevant conditions applicable to their role;
Providing adequate training to the officers of the Companies with regards to any compliance issues; and
Any other duty that is ancillary or complimentary to the above duties.
