The Maltese government issued Legal Notice 133 of 2025 to bring the Trusts and Trustees Act (Register of Beneficial Owners) (Amendment) Regulations 2025 into force on 11 July, which expand the scope of beneficial ownership reporting and tighten compliance requirements for trustees.
The most significant amendment is to extend the existing beneficial ownership reporting regime for authorised and registered trustees to private trustees, which are defined as individuals who act as trustees by virtue of family ties or long personal connections with the settlor and who must meet specific criteria including non-remuneration and limits on the number of settlors they serve.
Private trustees are now required to submit a beneficial ownership declaration for each trust they administer, within 14 days of appointment. Under transitional provisions, existing private trustees are required to submit their declarations by 11 January 2026.
The declaration must contain detailed information about every beneficial owner of the trust including the names, dates of birth, nationalities, countries of residence and identification details. It must also indicate each person’s role in the trust and, for every beneficiary, the nature and extent of their interest. Trustees must further disclose whether the trust instrument suspends the duty to inform beneficiaries of their interests.
All trustees, including private and non-EU resident foreign trustees, must notify the Malta Financial Services Authority (MFSA) of any changes to beneficial ownership within 14 days and submit an annual confirmation of the accuracy of the data reported.
Regulation 8 imposes administrative penalties of up to €150,000 for non-compliance. Regulation 6 also extends access to beneficial ownership information to all national competent authorities under the Prevention of Money Laundering and Funding of Terrorism Regulations (PMLFTR), aligning Malta with the transparency requirements under Article 74 of Directive (EU) 2024/1640 (AMLD6).
Trust and Company Service Providers (TCSPs) must ensure that all trustees of trusts under their management, including private trustees, are aware of and comply with the new beneficial ownership declaration and reporting deadlines. TCSPs should also assist in setting up trustee accounts on the MFSA’s Trusts Ultimate Beneficial Ownership Register (TUBOR) portal and keep records to verify and update beneficial ownership information as required.
“The enhancement of the regulation of trustees in Malta is part of a wider project to align beneficial ownership registration across the EU for greater transparency. It also forms part of the revised rule book for trustees and fiduciaries that aligns the regulation of Trust Service Providers with that of Corporate Service Providers,” said Stephen Griffiths, Sovereign Trust Malta Managing Director.
“Overall, the 2025 beneficial ownership reporting amendments enhance Malta’s commitment to financial transparency and to combat illicit financial activities. We welcome the move because it will serve to strengthen Malta’s reputation as a highly regulated and safe jurisdiction in which to preserve assets for future generations and as a place to do business.”
