A general misconception regarding new beneficial owner (BO) regulations is that the BO information of an express trust is publicly disclosed, defeating the purpose of a trust. This, however, is not the case, as sharing of information is strictly controlled and limited by the Malta Financial Services Authority (MFSA).
The following parties can request certain information about a BO from the MFSA under the conditions as stated:
Consequently, the MFSA can refuse to provide information if it deems that granting access would expose the BO to the risk of fraud, kidnapping, blackmail, extortion, harassment, violence or intimidation, or in the event that the BO is a minor or otherwise legally incapable.
Access to BO information is subject to online registration on the MFSA portal and to payment.
What information can be disclosed?
– Name and surname
– Date of birth
– Nature and extent of beneficial interest
The MFSA aims to combat ML/FT and tax evasion. Therefore, the goals of a trust – such as asset protection, asset management, controlled distribution and/or privacy – remain unchanged and uncompromised.
For more information, please contact Emily Gauci.
Disclaimer Clause: While the information contained in the document has been formulated with all due care, it is provided by Trustmoore for information purposes only and does not constitute an offer, invitation or inducement to contract. The information herein does not constitute legal, tax, regulatory, accounting or other professional advice and therefore we would encourage you to seek appropriate professional advice before considering a transaction as described in this document. No liability is accepted whatsoever for any direct or consequential loss arising from the use of this document. The text of this disclaimer is not exhaustive, further details can be found here.