An overview of the key features of the Malta Trust and the various trust typologies accommodated by Maltese law – 2015
The trust was fully incorporated into Maltese law as a unique legal institute available indiscriminately to all and sundry by virtue of the Malta Trusts and Trustees Act. The said Trusts and Trustees Act was modelled on the Jersey trusts law (which represented a much acclaimed attempt to codify the English law of Trusts). The said Trusts and Trustees Act also transposed, into domestic law, the provisions of the Hague Convention on the Law Applicable to Trusts and on their Recognition – ratified by Malta in 1994.
Foundations are defined domestically as constituting an organisation consisting of a universality of things constituted by one or more founders whereby assets are destined either:
(i) for the fulfillment of a specified purpose – such foundations being referred to as ‘purpose foundations’; or
(ii) for the benefit of a named person or class of persons – such foundations being referred to as ‘private foundations’.