Trusts.
We help settlors set up trusts and we further act as trustees of a trust to ensure that the property and the trust fund are managed in accordance with the settlor’s wishes.

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Set Up

We offer prospective settlors the Setup of Trust service which enables them to set up trusts in Malta according to their wishes and requirements. In a trust, the settlor to be must first establish the trust’s name, his/her wishes, the property and funds being settled under trust, the beneficiaries and, if any, the excluded persons, if applicable, its period, and whether the trust shall be irrevocable or revocable. The settlor must further specify who shall be the trustee of the trust and may further identify persons to be the protector, investment advisor and or investment manager of the trust. These key details are formalised by drafting a deed of trust.

Once the trust is created, the trustee must register it for tax. The trustee must further open a bank account for the trust and keep its funds separate from his/her personal accounts. For these scenarios, in addition to the above, we offer these services:

We further help trustees by handling other matters related to insurance, financial support and protection of intellectual property:

Administration

The trustee of a trust must be a licensed person authorised to act in such a capacity. The settlor may opt to use our Trustee Service such that we are appointed to act as the trustee of the trust. We administer the affairs of a trust in accordance with its deed and its proper law and the settlor may provide us in writing with any wishes or suggestions.

Ongoing Compliance

The trustee of a trust must on its behalf keep records, file the trust’s tax return and have the trust’s tax statement settled. We provide a comprehensive list of services that address such requirements:

All beneficiaries that are natural persons are further responsible for their personal tax affairs. If they are resident, they must pay their annual tax and SSC (social security contribution) through the self-assessment system. Foreigners taking up residence in Malta are further bound to obtain a tax and social security number as well as a residence permit. In addition to the above, we provide these services to such beneficiaries:

We also provide Advisory services to help trustees make well-informed decisions when faced with nontrivial matters.

Termination

Upon the termination of a trust, the trustee must redistribute the property and funds to the beneficiaries.

The trustee must further deactivate the trust’s tax registration and have its bank account closed. In addition to the above-mentioned compliance services, we further handle such deactivations on our client’s behalf:

Transfer

We assist clients with property transfers. Depending on the nature of the transaction, the seller might be liable to pay capital gains tax (CGT) and the buyer might be liable to pay stamp duty (SD). In any case, an agreement must be drafted between the seller and the buyer detailing such property transfer. In addition to the above, we offer these services:

If added protection is required for the property transfer we also offer the following escrow services:

Further Information

If you would like to receive more information and detail about our services, fees and applicable reimbursements, kindly get in touch with us through our Contact page or send us an email to ps.enquiries@busuttil.mt.

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