Fiduciary

Zeta’s fiduciary services are set up to provide trust and fiduciary assistance to both corporate and individual clients. The fiduciary services offered involve the holding and administration of client assets, on the basis of instructions provided by the owner of the assets.

All fiduciary-related services are based on bespoke solutions and rigorous standards of customer confidentiality and discretion, providing clients with absolute peace of mind in the organisation, holding, management and administration of their assets. 

The primary fiduciary functions conducted include the following services:

  • Holding of assets under title of mandate and/or deposit; 
  • Management of assets and/or execution of instructions pertaining to assets held;
  • Protection of financial and non-financial assets;
  • Holding shares for, and on behalf of, shareholders.

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Malta fiduciary services

Nominee

Zeta’s affiliate Premier Fiduciary and Trusts Limited, ROC No: C54929, is regulated by the Malta Financial Services Authority to act as a Trustee and to provide Fiduciary Services in terms of the Trust and Trustees Act . It is set up to provide trust and fiduciary services to both corporate and individual clients. The fiduciary services offered involve the holding and administration of client assets, on the basis of instructions provided by the owner of the assets.

Our affiliate ensures that all nominee-related services are based on bespoke solutions and rigorous standards of customer confidentiality and discretion, providing clients with absolute peace of mind in the organisation, holding, management and administration of their assets.

The primary nominee fiduciary functions conducted by our affiliate include the following services:

  • Holding of assets under title of mandate and/or deposit; 
  • Management of assets and/or execution of instructions pertaining to assets held; 
  • Protection of financial and non-financial assets; 
  • Holding shares for, and on behalf of, shareholders. 

Trusts

Ongoing uncertainty in the global marketplace is a constant reminder of the importance of safeguarding or enhancing one’s assets. With a service spanning from tax to succession planning, holding of company shares to gifting the property to children, Zeta’s affiliate Premier Fiduciary and Trusts Limited, ROC No: C54929, offers an ideal set of instruments for companies and individuals seeking to find solutions to their wealth management requirements.

Malta is one of few civil law jurisdictions that has developed its own trust related law, which is regulated by the Trusts and Trustees Act. The Act provides for the creation of trusts and the authorisation and supervision by the Malta Financial Services Authority (MFSA). This Act allows Maltese or foreign settlers to establish trusts governed either by Maltese Law or foreign law.

Procedure for setting up a trust in Malta is relatively simple. While trusts are not typical to systems of law based on Common Law and are not generally found in civil law countries, Malta proves to be an exception to this rule. Maltese Law recognises all the main types of trusts one would normally find in traditional common law jurisdictions. They can be used for a wide variety of purposes such as; asset protection, estate or tax planning, as a commercial tool or for testamentary usage.

Our affiliate is able to incorporate and administer such trusts whilst ensuring compliance and confidentiality. Our team can structure and administer a wide range of trusts to suit your individual needs and circumstances.

The main features of this service include:

  • Assessing client objectives; 
  • Advice on planning and structuring; 
  • Drafting of the Trust Deed; 
  • Registration of the trust and any relevant companies; 
  • Trustee services; 
  • Administration and bookkeeping; 
  • Opening of bank accounts; 
  • Office domiciliation. 

Foundations

The Maltese legislation is designed for the set-up of two types of foundations; Private and Purpose Foundations, which have specific uses and benefits for certain clients. ’ Unlike trusts, foundations have a legal personality and the foundation itself becomes the legal owner of the Foundation Estate, thus allowing the founder to maintain a level of control on the direction of the estate.


Private Foundations

These are set up for the benefit of a named person or persons (the beneficiaries). The foundation’s patrimony is owned by the foundation itself (due to its separate legal personality).


Purpose Foundations

These foundations do not have ascertained or ascertainable beneficiaries but are established exclusively:

  • For any charitable, philanthropic or other social purpose; 
  • As a non-profit making organisation; 
  • For any other lawful purpose.

Gibraltar fiduciary services

Nominee

Most companies in Gibraltar are formed with local nominee shareholders concealing the identity of the owners. The shares of the company are ordinarily held by our Gibraltar partner’s licensed Nominee Company, which will appear on the records of the company registry concerned as the registered shareholder. A Declaration of Trust (a private document which is not filed at any company registry) will then be issued to the beneficiary of the company (the owners), stating that the benefit of the shares belongs to the beneficiary and that this document is indisputable proof of this.

Through our regulated Gibraltar preferred agent, we can also offer the role of a nominee director which can be used to conceal the identity of the persons operating the company. This will not, however, lead to any legal taxation of regulatory benefit and may make banking more complex.


Foundation

The Gibraltar Private Foundation Ordinance (1999) was intended to establish a regime for foundations as “vehicles for the holding of private assets endowed on the foundation for the benefit of identified persons or classes of persons”, and was scheduled to become effective on 1 January 2000. This legislation fell by the wayside, leaving the situation with regard to Gibraltar foundations uncertain.

However, the Income Tax Act 2010, in force from 1 January 2011, provides within its definition of a trust for tax purposes “any  disposition, agreement or arrangement of like nature”, thus including foundations.

Gibraltar has its own type of "foundations". The answer lies in the Company Limited by guarantee not having a share capital or a Company Limited by Guarantee and having a share capital. These are the equivalent of a foundation. A body no less well known than the European Union in article 3 of Entities Jurisdique in the Official Journal on 31 August 1993, No. C236/13 recognised the British Company Limited by guarantee as the equivalent of the foundation.


Incorporation of a Foundation in Gibraltar

To be incorporated in Gibraltar as a company limited by guarantee and to exercise the role of a foundation a company has to comply with the following conditions: 

  • It must be a company limited by guarantee; 
  • That the name of the company ends with the word "Foundation"; 
  • That the memorandum of the company states that "the company is devoted to the maintenance, advancement and education of particular families, persons, causes or objects"; 
  • That the name of the company does not include the words "Charity" or "Charitable"; 
  • Minimum share capital is £2,000 sterling; 
  • That the company appoints a person in Gibraltar to be known as the Foundation Officer who may also be a director or shareholder of the company. 

Taxation of a Gibraltar Foundation

As long as neither a Gibraltarian nor a resident of Gibraltar has a beneficial interest in the foundation it can apply for qualifying status or a tax exemption.


Escrow services

Escrow services refer to a transaction whereby an independent trusted third party (escrow agent) receives and disburses money, documents, or shares to several parties, within the agreed timing of such disbursement.

Escrow arrangements may be used effectively to ensure closing actions in a merger and acquisition deal, or to retain some proportion of the purchase price in escrow during a certain guarantee period to secure claims from the other party.

The escrow agent is a trusted third party and will ensure that all the transactions are processed correctly. Zeta, as your partner for escrow services, has a long-standing experience in handling international financial transactions and maintains excellent contacts with major international financial institutions.


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