Family office in MaltaOverview
Malta's financial services law regulates activities, not family offices. The MFSA has confirmed that the family office concept is not a licence category, but that certain structures within it require notification or registration. On 27 November 2024 it published a circular amending two frameworks to support single-family offices, followed on 9 September 2025 by a guidance note in question-and-answer form. A multi-family office serving unrelated families, by contrast, is treated as carrying on business and generally needs an investment services licence under the Investment Services Act (Cap. 370) for discretionary management or advice, and authorisation as a professional trustee if it acts as trustee for several families.
The first adapted framework is the Notified Professional Investor Fund (NPIF), a collective investment scheme for qualifying and professional investors that is notified to the MFSA rather than licensed, with a stated time to market of ten working days. A Malta-established manager can now be exempt from the investment services licence where the NPIF is a family office vehicle investing private wealth without raising external capital. The conditions are demanding: qualifying investors must invest at least EUR 5 million, the family's aggregate net assets must exceed EUR 50 million on a look-through basis, the governing body needs at least one local member, lending is prohibited, valuation must be robust, and a due diligence service provider must confirm eligibility initially and every year. Any asset class other than lending is permitted.
The second is the regime for trustees of family trusts registered under Article 43B of the Trusts and Trustees Act (Cap. 331). The revised rules broaden family members and dependants to cover blended families, committed partners, adopted descendants and family philanthropic vehicles, and allow certain 'family clients', such as long-standing employees or family-funded charities, to be included where the trust invests in an NPIF with an exempt manager and family net assets exceed EUR 50 million. In practice a registered private trust company becomes the fiduciary anchor, often owned by a Maltese private foundation under the Second Schedule to the Civil Code, which can also hold assets directly and elect its tax treatment.
Tax completes the picture. Maltese companies pay 35%, but shareholders can claim refunds that typically reduce the combined charge on trading profits to about 5%, and a participation exemption covers qualifying dividends and gains. Since Legal Notice 188 of 2025, companies and certain trusts may elect a 15% final tax without imputation instead. For people, non-domiciled residents are taxed on foreign income only when remitted, subject to a EUR 5,000 minimum tax where foreign income reaches EUR 35,000. The Senior Employees of Family Offices rules (Legal Notice 250 of 2025) were consolidated from 1 January 2026 into the Tax Treatment of Highly Skilled Individuals Rules (Legal Notice 20 of 2026), which tax qualifying employment income at a flat 15% for up to fifteen years. Residence can follow through the Malta Permanent Residence Programme or the Global Residence Programme; the citizenship-by-investment route ended in 2025 after the Court of Justice of the EU ruled against it.
Key benefits
- A regulator-confirmed single-family office pathway, set out in an MFSA circular and guidance note
- NPIF family fund with an exempt Maltese manager, notified in ten working days, with no asset-class restriction other than lending
- Domestic trust law and registered family trustees or private trust companies with a modern definition of family
- Civil-law private foundations for families who prefer a legal person to a trust
- Corporate tax refund system or an elective 15% final tax, plus a participation exemption for holding structures
- 15% flat personal tax for qualifying senior employees under the Highly Skilled Individuals Rules
- Remittance-basis taxation for non-domiciled residents and permanent residence through the MPRP
- English-speaking EU and eurozone jurisdiction with a common-law influenced trust practice
Requirements
- Decide whether the office serves one family or several: discretionary management, investment advice or fund management for unrelated families requires an investment services licence under Cap. 370
- For an NPIF with an exempt manager, ensure the vehicle invests only family wealth without external capital, qualifying investors commit at least EUR 5 million, and aggregate family net assets exceed EUR 50 million
- Appoint a due diligence service provider to verify the exemption, submit initial and annual confirmations endorsed by the NPIF's governing body, and notify the MFSA immediately if conditions cease to apply
- Include at least one local member on the NPIF governing body, adopt robust valuation policies and disclose them in the offering documents
- Where a family trustee or private trust company is used, register under Article 43B of Cap. 331 and comply with the Rules for Trustees of Family Trusts, including evidence supporting any family client classification
- Ensure an AML subject person is part of the structure at all times, such as the trustee, fund administrator or another regulated entity, under the Prevention of Money Laundering and Funding of Terrorism Regulations
- File beneficial ownership information for companies, foundations and trusts with the relevant Maltese registers and keep it current
- Establish management and control in Malta for corporate tax residence and maintain CRS/FATCA classification and reporting
- For senior staff seeking the 15% rate, meet the Highly Skilled Individuals Rules conditions, including a minimum annual gross basic salary of EUR 65,000
Structure designs
Maltese holding company with a family office team
A private limited company under the Companies Act holds operating businesses and investments and employs the family office staff. Suits families that need a tax-efficient EU holding and coordination office but no fund or trustee layer.
NPIF managed by an exempt family manager
EUR 5 million minimum investment; family net assets above EUR 50 million
The MFSA's dedicated single-family office fund route: a notified professional investor fund holding the family's portfolio, managed in Malta without an investment services licence, with a local governing body member and annual confirmations.
Registered family trustee or private trust company
A company registered under Article 43B of the Trusts and Trustees Act acts as trustee only for family trusts, providing succession governance and continuity. Often owned by a foundation or purpose trust so that no individual owns the trustee.
Maltese private foundation
A legal person under the Second Schedule to the Civil Code with a founder, administrators and beneficiaries, registered with the Registrar for Legal Persons. Suits civil-law families and can own the PTC, the holding or assets directly.
Licensed multi-family office
For an office serving several unrelated families: an MFSA investment services licence and, where trusteeship is provided, professional trustee authorisation, with capital, governance, conduct and AML requirements.
Step-by-step process
- 1
Family and objectives review
Map family members, residences, assets and governance needs, and confirm whether the office will serve one family or several and whether the NPIF thresholds are met.
- 2
Structure and tax design
Choose the holding, trust or foundation, PTC and NPIF layers; model the refund system against the 15% final tax option and test personal tax for relocating members.
- 3
Governance documents
Draft the trust deed or foundation charter, PTC constitution, NPIF offering documents, family charter and investment policy.
- 4
KYC, incorporation and registrations
Complete due diligence, incorporate the companies, register the foundation and file beneficial ownership information.
- 5
MFSA filings
Register the family trustee under Article 43B, file the NPIF notification with the exempt manager's confirmation, or apply for a licence where the office will serve third parties.
- 6
Substance, people and banking
Appoint local board and governing body members, the due diligence provider and administrator, open accounts and apply for the 15% staff tax rules or residence where relevant.
- 7
Ongoing compliance
Annual NPIF confirmations, audited accounts, tax returns and refund claims, AML reviews, register updates and periodic structure reviews.
Typical documents
- Certified passports and proof of address for family members, directors and beneficial owners
- Source-of-wealth and source-of-funds evidence, including evidence of aggregate family net assets for the NPIF route
- Family tree and documents supporting any family client classification
- Memorandum and articles of the holding and PTC; trust deed or foundation charter
- NPIF offering document, valuation policy and governing body composition
- Due diligence service provider's confirmation of exempt manager eligibility
- Beneficial ownership declarations and structure chart
- AML policies identifying the subject person within the structure
- Employment contracts and qualifications for staff applying under the Highly Skilled Individuals Rules
How Legal Wealth helps
Legal Wealth helps families decide whether Malta's single-family office framework fits their size and asset mix, and builds the structure with Maltese lawyers, trustees, fund administrators and tax advisers. We check the NPIF thresholds and family definitions early, design the trust, foundation and holding layers around succession goals, coordinate MFSA filings and banking, and plan residence and staff tax status for those who will relocate. Our work is compliance-first, discreet and documented, with regular reviews as the family and the rules evolve.
Enquire with Legal WealthFrequently asked questions
Does a single-family office in Malta need an MFSA licence?
There is no family office licence. A single-family office can operate without an investment services licence if it serves only the family, but certain elements require notification or registration: an NPIF must be notified, its exempt manager must confirm eligibility, and a family trustee must be registered under Article 43B of the Trusts and Trustees Act.
What are the thresholds for the NPIF family office route?
Qualifying or professional investors must invest at least EUR 5 million in the NPIF, which cannot fall below that through partial redemptions, and the investors together must have aggregate net assets above EUR 50 million, assessed on a look-through basis. The vehicle must not raise external capital and may not engage in lending.
Who counts as family under the revised trustee rules?
The November 2024 rules broaden family members and dependants to include blended families, committed partners, adopted descendants and family philanthropic vehicles. Certain non-family 'family clients', such as long-standing employees or family-funded charities, can be included where the trust invests in an NPIF with an exempt manager and family net assets exceed EUR 50 million.
How are family office employees taxed in Malta?
Qualifying senior employees can apply for a flat 15% rate on employment income up to EUR 7 million a year under the Tax Treatment of Highly Skilled Individuals Rules (Legal Notice 20 of 2026), which absorbed the 2025 rules for senior employees of family offices. The minimum gross basic salary is EUR 65,000, the initial period is five years, and two five-year renewals are possible.
What is the 15% final tax option for companies?
Legal Notice 188 of 2025 lets companies and certain trusts elect to pay a final 15% tax on chargeable income instead of the standard 35% rate and imputation system. The tax cannot generate shareholder refunds, so it is modelled against the refund system case by case.
Can a Maltese family office lead to residence or citizenship?
Family members can obtain permanent residence through the Malta Permanent Residence Programme, which requires government fees, qualifying property and capital, or tax residence through the Global Residence Programme. Citizenship by investment ended in 2025 after the Court of Justice of the EU ruling in Case C-181/23; only a discretionary merit-based route remains.
Last reviewed: 2026-10. Requirements, fees and timelines change. Information is general, reviewed on the date shown, and is not legal or tax advice.
Sources
- MFSA – Guidance Note on Family Offices (FAQs), September 2025
- BDO Malta – MFSA circular on the establishment of single family offices
- BDO Malta – Final Income Tax Without Imputation Regulations 2025
- Sovereign Group – Special tax regime for senior employees of family offices
- Sovereign Group – Malta consolidates 15% flat-tax regimes for highly skilled individuals
