Any person, whether an individual resident or operating in Malta, or a corporate trustee, registered or operating in Malta, who receives property upon trust or accepts to act as a trustee or co-trustee of a trust and who:
- receives or is entitled to remuneration for so acting, or
- does so on a regular and habitual basis, or
- holds himself out to be a trustee; shall require authorisation by the MFSA in terms of the Act irrespective of the proper law of the trusts they hold and whether or not at all or part of the trust property is in Malta.
However, the 2014 amendments to the Trust & Trustees Act have now allowed for the creation of a Private Trust company, without having the need to obtain authorisation from the MFSA.
A trustee company is not required to be licenced by the MFSA if it complies with the following conditions as set out in the Act:
- its objects and activities are limited to the provision of service to specific settlors and families;
- does not hold itself out as trustee to the public
- does not act habitually as a trustee.
In case the trust company meets the conditions set out above, then, it is only required to be registered with the MFSA.