Insights

The Trusts and Trustees Act (Fees) (Amendment) Regulations 2024 (the “Regulations”), published on 24th December 2024 through Legal Notice 372 of 2024, have substituted the previous regulations last amended in 2015. They will be Subsidiary Legislation 331.01 under the Trusts and Trustees Act (Chapter 331 of The Laws of Malta) (the “Act”). These new Regulations introduce two schedules that outline updated fees applicable for the years 2025 to 2029 and thereafter.

The changes highlight an increase to the application fees applicable to:

1. persons applying to be authorised as trustees in terms of article 43(3) of the Act;
2. persons using the ‘fast-track’ procedure under article 43(8) of the Act;
3. persons intending to act as mandatories under article 43(13) of the Act;
4. persons intending to act as trustees, administrators, directors or similar functionary exercising control over the assets of private foundations in terms of article 43(15) of the Act;
5. family trusts registered under article 43B of the Act; and lastly
6. notaries applying to be registered under regulation 3(2) of the Trusts and Trustees Act (Registration of Notaries to act as Qualified Persons) Regulations (S.L. 331.05).

Application Fees

In terms of application fees, individuals applying under articles 43(3), 43(8), or 43(15) of the Act will now be required to pay €2,000 in 2025. This fee will increase to €2,500 in 2026 and €3,000 from 2027 onwards. For applications under article 43(13) of the Act, the fee has been set at €1,000 for 2025, increasing to €1,500 in 2026 and €2,000 from 2027 onwards.

Additionally, applications under article 43B of the Act will incur a fee of €1,500 in 2025, rising to €2,000 in 2026 and €2,500 in 2027 and thereafter. Notaries registering under regulation 3(2) of the Trusts and Trustees Act (Registration of Notaries to act as Qualified Persons) Regulations will pay a fee of €600 in 2025, increasing to €720 in 2026 and €860 from 2027 onwards.

Notably, when an individual applies under multiple provisions, only the highest applicable fee will be charged.

Fees in Relation to the Modification of an Authorisation

These new Regulations introduce a framework for fees related to the modification of an authorisation already granted. Under this new provision, individuals applying for additional authorisation will be eligible for a 25% reduction in the applicable fee. Additionally, those seeking to partially cease providing  any of the services originally authorised to provide, are required to pay a modification fee of €1,000 upon submitting their request to the MFSA.

Annual Supervisory Fees

Annual supervisory fees (now clearly classified into two different categories) have also been revised, which must be paid on the date an authorisation is first granted and annually thereafter on the same (anniversary) date. Individuals authorised under articles 43(3), 43(8), 43(13), and 43(15) of the Act must pay an annual supervisory fixed fee of €5,000 annually starting in 2025, with an increase of €500 each year until 2029. With respect to annual supervisory service fees, persons authorised under articles 43(3) and 43(8) of the Act will pay €2,500 annually, those under article 43(13)  of the Act will pay €1,500, and those under article 43(15) of the Act will pay €2,000, from 2025 up to 2029 inclusive.

Registrations under article 43B of the Act require an annual supervisory fee of €2,000 in 2025, which will increase by €500 each year until 2029. Notaries registered to act a qualified persons under the Trusts and Trustees Act (Registration of Notaries to act as Qualified Persons) Regulations will pay €1,000 in 2025, €1,500 in 2026, and €2,000 from 2027 onwards.

Fees not refundable or prorated

Finally, the new Regulations emphasise that all fees are non-refundable and will no longer be prorated. This clarification expands upon the previous regulation, which only stated that fees were non-refundable.

The revised fees shall apply to fees falling due on 1st January 2025 and shall therefore not affect the liability in respect of any fees due under the previous regulations prior to the coming into force of these new Regulations.