Maltese Foundations & Associations Start Beneficial Ownership Reporting

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Maltese-based foundations and associations that fall under the previously released guidance, should have submitted their company beneficial ownership data to the Registrar for Legal Persons by June 30th 2019.

The reporting requirements are enforced by the following recently introduced regulations respectively:

The Civil Code (Second Schedule) (Register of Beneficial Owners – Foundations) Regulations.
The Civil Code (Second Schedule) (Register of Beneficial Owners – Associations) Regulations.
Of course, certain exemptions apply in limited circumstances, notably for religious and charitable entities; however also included in the exemption are associations of persons registered under the Malta Companies Act (Register of Beneficial Owners) Regulations. Companies and trusts have been required to report their beneficial owners since June last year.