Douglas based family office and fiduciary services firm, Boston Group has been granted a full Trust licence by the Malta Financial Services Authority (MFSA) as part of an ongoing strategy for service development and expansion. The licence complements and mirrors the Group’s full service offering in the Isle of Man.
As a civil law jurisdiction, Malta is unusual in that it acknowledges and embraces the Common Law concept of equity and, therefore, Trusts. The creation of Trusts in Malta is not limited to those operating under Maltese law as a foreign proper law can be applied. Flexibility is further enhanced via the possibility of converting an existing Trust into a Foundation, which is not available in other jurisdictions.
Greg Ellison, CEO of Boston Group, commented: “Having received our Trust licence, we now offer the full spectrum of professional services in respect of Maltese Trusts and Foundations, alongside our existing corporate services for the core fiduciary, yachting, aircraft, eGaming, property and family office sectors. This is a significant development for the Group as a whole, offering additional flexibility to our international portfolio of clients and additional reach from the Isle of Man into a flourishing and world renowned jurisdiction.”
Trusts are a highly versatile solution which have existed in common law jurisdictions since the Middle Ages. The beauty of generational planning is that it continues unfettered after the settlor’s death, as opposed to the finality of a Will. This can be particularly attractive when considering the needs of beneficiaries without the constraints of forced heirship provisions, and when protecting spendthrift heirs.
A pro-active, well-regulated and business friendly jurisdiction, Malta is providing unique solutions to clients. Currently under review by the Maltese Parliament is a proposed article introducing the Private Trust Company concept for family offices, which will be exempt from the current requirement to be licensed. This proposal is a major step towards facilitating the establishment of family offices through the use of Trusts governed by Maltese law.
Category: Finance & Business