Foundations and Trusts
Incorporation of Maltese trusts and foundations
Our firm has vast experience in setting up of private foundations and trusts. Private Foundations are set up via a public deed, whereby a Deed of Foundation is drawn up and signed by the Founder or Founders who is/are setting up the Foundation for the benefits of one or more persons (beneficiaries).
The creation of a Foundation is sanctioned by the Registry of Legal Persons, which is the government-appointed body which is responsible for the regulation and authorisation of private foundations. A new private foundation is endowed with separate juridical personality, which makes it a distinct legal person. There exists also the possibility of setting up cells within a private foundation, which is a novel feature in Maltese law which allows the assets of each cell to be separate patrimonies at law. Each cell could be set up with separate beneficiary, and may be endowed with separate cellular assets within the terms of the Deed of Foundation.
A trust is set up whereby a settlor is transferring the legal title of certain assets to a trustee who is holding such assets for the benefit of one or more persons, hence creating a legal obligation between the trustee and the settlor. Trusts can take various forms, and the drafting of a trust deed is a very important aspect to this contractual obligation whereby the responsibilities of the trustee are clearly outlined together with various provisions on the manner in which the trust is to be administered and operated.
Foundation administration services
The administration of a private foundation in Malta follows the requirements of the Second Schedule to the Civil Code as well as general fiduciary requirements mandated by the same law.
We provide private foundation administration services, via a specific license granted by the Malta Financial Services Authority to one of the directors of the firm, Peter Griffiths.
The provision of trustee services in or from Malta requires an authorisation from the Malta Financial Services Authority. Griffiths + Associates Ltd, whilst not holding such a license, works with an associated company and refers such trustee and fiduciary services which are carried out and provided by this same associated company. Since the trustee is the legal owner of the particular assets settled within a trust, such a post requires a professional set-up whereby the ongoing trustee services are provided within the ambit of the trust deed and the letter of wishes provided by the Settlor.