Annual Wealth Management conference focuses on Malta as a multi-family office jurisdiction

CSB Advocates has this year contributed to the 4th Annual Maltese Wealth Management Conference that took place on the 25 November at the Hilton in St. Julian’s. Organised by ESAFON, the event’s focus was on Servicing & Protecting Family Interests & Wealth through Malta.

ESAFON is a non-profit private initiative to promote the cooperation between Switzerland and Europe and to facilitate the exchanges between professionals in the area of Asset Management and Family Wealth Management, to allow its members to discuss together and to implement the new regulations and the best management practices, with an objective geared towards harmonisation and transparency.

CSB Advocates Managing Partner and CSB Group’s Executive Director – Legal & Regulatory Andrew J. Zammit (B.A., LL.M. (Lond.), LL.D) spoke about Malta’s Appeal as a Multi-Family Office Jurisdiction highlighting the increased availability of a wide spectrum of both regulated and unregulated solutions and structures. Cross-fertilisation of ideas and a high level of customisation are merely a few of the advantages multi-family office structures are able to provide.

Zammit highlighted the fact that the global Ultra High Net Worth (UHNW) population is currently at record highs, with nearly 200,000 individuals collectively worth US$28 trillion. He added that it is predicted that the billionaire population is going to grow to nearly 80% by the year 2020, an increase of 1,700 billionaires.

This conference attracted family offices, family businesses, corporate investors, entrepreneurs as well as financial services professionals including strategic advisors, tax and estate planning experts and lawyers. 

Key highlights were the fourth anti-money-laundering directive and its transposition in Malta, inheritance tax treaties, entrepreneurial wealth as well as residency and retirement. Data privacy and wealth preservation through a Maltese PFTC (Private Family Trust Company) were also discussed. 

The development of Malta as a successful location for family offices and HNWI’s is decisively a reality for those who want to preserve and protect family wealth cost efficiently. Malta has developed as a sound financial centre rated amongst the most resilient worldwide and supported by a pro-business financial services regulator MFSA.

It has built-up an efficient legal and fiscal framework as well as a set of comprehensive companies, foundations and trusts laws to establish structures and operations at a significantly lower set-up and administrative costs than in peer family office jurisdictions of choice. Certainty, security, confidentiality and servicing skills are paramount.