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Trusts, Foundations and Wealth Management

Registrar for Companies Assumes the Function of Registrar for Legal Persons

The President, by and with the advice and consent of the House of Representatives, has enacted Act No. XLVII of 2020 to amend the Second Schedule to the Civil Code, Chapter 16 of the Laws of Malta (the "Second Schedule"), and the Companies Act, Chapter 386 of the Laws of Malta, and to provide for related and ancillary provisions.The function of the Registrar for Legal Persons has now been assumed by the Registrar for Companies of the Malta Business Registry. The Registrar for Legal Persons previously fell under the purview of the Public Registry within Identity Malta. Any reference to…
Joshua Chircop
18th August 2020
Trusts, Foundations and Wealth Management

Amendments to Beneficial Ownership Regulations relating to Trusts, Foundations and Associations

Amendments have been made to the beneficial ownership regulations relating to trusts, foundations and associations together with other amendments to the principal AML/CFT regulations. The purpose of the majority of these amendments is to transpose Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing as amended by Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 and other amending Directives that might be applicable.Amendments to TrustsIn exercise of the…
Joshua Chircop
24th February 2020
Legal UpdateNewsTrusts, Foundations and Wealth Management

Malta Foundations

INTRODUCTIONMaltese law allows for the establishment of various types of foundations, whether for a social or private purpose or for the benefit of named beneficiaries or a class thereof. DEFINITION OF FOUNDATIONA foundation is an organisation consisting of a universality of things constituted in writing, including by means of a will, by a founder or founders whereby assets are destined either:(a) for the fulfillment of a specified purpose; and/or(b) for the benefit of a named person or class of persons,and which are entrusted to the administration of a designated person or persons.TYPES OF FOUNDATIONS1. Purpose foundations(a) Public benefit foundationsA public…
MamoTCV Advocates
21st February 2020
Legal Update

Registrar of Legal Persons moving to MBR

The Identity Malta Agency and the Malta Business Registry have announced that as from the 3rd February, 2020:-(1) All new applications pertaining to registration of foundations and association as legal persons in terms of the Second Schedule of the Civil Code; and(2) The submission of information pertaining to the Register of Beneficial Owners in terms of the Civil Code (Second Schedule) (Register of Beneficial Owners - Associations) Regulations and Civil Code (Second Schedule) (Register of Beneficial Owners - Foundations) Regulations; Shall be delivered to the Malta Business Registry, AM Business Centre Triq il-Labour Zejtun, ZTN 2401, Malta.Mamo TCV AdvocatesMamo TCV…
MamoTCV Advocates
23rd January 2020
Trusts, Foundations and Wealth Management

All Foundations and Associations to Submit Beneficial Ownership Information by 30th June 2019

This article was written by Dr Joshua Chircop and Dr Dorita Cardona.The Registrar for Legal Persons has announced that all foundations and associations are required to submit information on their beneficial ownership by the 30th June, 2019. This announcement follows another recent announcement by the Commissioner for Voluntary Organisations requiring all foundations and associations in Malta which qualify as voluntary organisations to enrol or notify the Commissioner by the 30th June 2019.  Foundations and Associations are required to comply with the Civil Code (Second Schedule) (Register of Beneficial Owners – Foundations) Regulations and the Civil Code (Second Schedule) (Register of…
Joshua Chircop
27th June 2019
Trusts, Foundations and Wealth Management

Mandatory Enrolment or Listing of all Voluntary Organisations in Malta

This article was written by Dorita Cardona and Joshua ChircopRecent amendments to the Voluntary Organisations Act in Malta have introduced new provisions requiring foundations, trusts, associations and other organisations which qualify as Voluntary Organisations to mandatorily enrol or enlist as Voluntary Organisations with the Commissioner for Voluntary Organisations.The Commissioner has announced that all Voluntary Organisations are required to bring themselves in line with the Act by the 30th June 2019.The Administrators of Voluntary Organisations who fail to enrol or enlist by the deadline shall be guilty of an offence and shall be liable on conviction to a fine of not…
Dorita Cardona
22nd May 2019