Malta: Offshore Trusts Guide
The Trust and Trustees Act 2004
In September, 2004, a bill to update Maltese legislation on trusts and trustees was published in the Government Gazette. Under the new Act, Maltese residents and companies were, for the first time, permitted to use local trusts. The Trusts and Trustees Act 2004 became effective in January 2005.
"The purpose of this new law is to continue the process started in 1994 where the offshore laws are eliminated and Malta re-directed to the development of an onshore financial centre," said MFSC chairman Joe Bannister at the time.