Publications

Private trustee companies: an alternative to foundations

Authors: Anthony Cremona
Published on July 10, 2018
Tags: , ,
Practices: Trusts & Foundations
In 2014, Malta introduced Private Trust Company provisions into its trusts legislation through the introduction of the concept of a trustee acting for a family trust, as the corporate equivalent of the private individual trustee. In this way, the Maltese legislator created an alternative to the more traditional and widespread professional trustee/administrator or individual private trustee role. The trustee of a family trust or the ‘Private Trust Company’ is not required to undergo a full authorization process with the Malta Financial Services Authority (MFSA). If all conditions are satisfied, a Private Trust Company is merely required to apply for registration with the MFSA, which gives it a huge regulatory advantage over professional trustees or administrators other- wise requiring full MFSA authorization.