The Maltese government expects new trust laws to bring about an increase in employment and foreign earnings and make Malta more competitive as an international financial services jurisdiction.
The Trusts and Trustees Act 2004, which became effective in January 2005, sweeps away the old offshore regime by allowing Maltese residents and firms to use local trusts, while also furthering Malta’s international obligations on non-discrimination, transparency and the prevention of money laundering.
According to a report in the Times of Malta, the government believes that the legislation, which creates a more streamlined and simplified trust regime, will make Malta much more attractive to both international and domestic clients, by offering greater flexibility and certainty.
It has been reported that the Maltese Financial Services Authority has already licensed the first trustees under the new act.
The MFSA and the Institute of Financial Services Practitioners have also been running training courses on the new trust regime for lawyers, accountants and other professionals.
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