Foundations are quickly gaining momentum as an effective and efficient tool in estate planning. At IMS we are structured to provide all necessary guidance and expertise required to build a structure to suit client requirements.
Unlike trusts, Maltese Foundations are granted separate legal personality. This is a fundamental concept as this means that the assets (and liabilities) are owned by the Foundation and such assets (and liabilities) are separate and distinct from that of any other person.
A Foundation is to be registered at the Malta Financial Services Authority within a three-month period from its creation. However, the requirement of registration does not eliminate the privacy element as certain information may be withheld to safeguard the underlying interests.
With respect to the administrator of the foundation, the law does not provide for any specific qualifications for a person to be appointed as administrator of a Foundation. However, administrators of foundations are to be registered with and approved by the MFSA.
At IMS we are able to provide clients with the full spectrum of services related to Foundations, from the set-up to structuring the Foundation. Please contact us should you require further information and we would be happy to forward to you a fact sheet, without obligation.