MFSA paves the way for the establishment and growth of Single Family Offices in Malta

The Malta Financial Services Authority is seeking to facilitate the establishment of Single Family Offices in Malta through amendments carried out to its framework. These are structures that are most often used as a one-stop shop by high-net-worth families, to manage their financial affairs and help them preserve, grow and transfer their wealth across generations. Single Family Offices typically offer a wide range of services including investment management, estate planning, philanthropic activities and lifestyle management to the family they service.

The national strategy for financial services has identified Single Family Offices as a new opportunity area for Malta, setting in motion several discussions among key stakeholders. The MFSA collaborated closely with the Malta Financial Services Advisory Council and is now updating its regulatory framework to facilitate the setting up of these structures in Malta.

The updates to the regulatory framework namely consisted of amendments applied to the Investment Services Rules for Notified Professional Investor Fund and Related Due Diligence Service Providers, as well as to the Trustees of Family Trusts Rulebook.

Commenting on the amended Rules, Dr Michael Xuereb, Chief Officer, Strategy, Policy and Innovation, MFSA stated: “Family office set-ups may at times incorporate structures that are subject to regulatory approval or notification. Given that Single Family Offices have been identified as a growth opportunity in Malta’s National Financial Services Strategy, the MFSA has teamed up with the Malta Financial Services Advisory Council and other industry representative bodies to streamline its regulatory frameworks and further facilitate the setting up of Single Family Offices in Malta.”