Malta’s Register of Beneficial Owners for Trusts & PTCs

The 2025 amendments to the Register of Beneficial Owners (Trusts) Regulations reflect a measured but strategic update to Malta’s AML framework. While professional trustees have long operated within a defined compliance perimeter, private trustees are now expressly obligated to identify and maintain accurate records of beneficial owners, including settlors, beneficiaries, protectors, and other controlling persons.

The amendments clarify that such records must now be retained for 10 years following the termination of the trust — a significant shift from the previous standard, where obligations often lapsed once trust administration ended. Importantly, these records must be made available to competent authorities such as the MFSA, FIAU, and law enforcement bodies upon request.

Private clients who act as trustees—particularly in private family trust or PTC arrangements—must now rise to meet new procedural expectations. This includes:

• Implementing internal documentation and governance standards similar to licensed trustees.
• Ensuring compliance with reporting timelines and data retention obligations.
• Considering whether to appoint a licensed fiduciary where ongoing obligations may pose logistical or legal risks.

Given the increased visibility and enforcement powers now available to authorities, proactive regularisation of existing structures may be advisable.

For high-net-worth families using Maltese trusts as part of their succession and asset protection strategies:

• The regulatory framework offers more predictability, particularly in managing long-term reporting duties.
• Ensuring alignment across jurisdictions becomes crucial, especially in light of increased EU-wide data sharing and registry access.
• The new ‘legitimate interest’ threshold aims to preserve confidentiality without compromising transparency — helping maintain a balance between privacy and regulatory access.

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The amendments reinforce Malta’s commitment to AML best practices and align it more closely with EU expectations under AMLD 6. For trustees operating abroad but administering trusts with ties to Malta—whether through beneficiaries, assets, or choice of law—the impact is threefold:

1. Increased scrutiny from counterparties such as banks, tax authorities, and legal advisors.
2. Expanded verification rights for Maltese authorities, increasing compliance exposure.
3. The need to reassess internal policies and cross-border disclosures, particularly for trust termination and post-distribution record-keeping.

• Legal Notice 133 of 2025 implements AMLD 6 by extending RBO obligations to private trustees.
• Trustees must now retain UBO data for 10 years after a trust’s termination.
• Access to the RBO is now limited to entities with a demonstrable legitimate interest.
• Penalties and enforcement tools have been updated, requiring all trustees—private or professional—to update compliance frameworks.
• These amendments increase Malta’s credibility as a jurisdiction of substance for compliant trust planning.

Our Trusts & Estates team advises private clients, family offices, and trustees on the establishment and ongoing compliance of Maltese trusts, foundations, and fiduciary structures. We assist with:

• Structuring compliant trusts and Private Trust Companies (PTCs) tailored to succession, asset protection, or governance goals.
• Advising on RBO registration, beneficial ownership disclosure, and cross-border reporting obligations.
• Implementing internal governance procedures and documentation frameworks for trustees.
• Providing trustee services through licensed fiduciary partners where appropriate.
• Advising on EU-wide transparency requirements and AMLD 6 compliance across multiple jurisdictions.

Whether you are a private trustee regularising an existing trust, or a family office integrating Maltese structures into a long-term legacy plan, our team offers practical, discreet and forward-looking guidance.