Boston Group, an Isle of Man-based family office and fiduciary firm, has received a full trust licence by the Malta Financial Services Authority as part of its ongoing strategy for service development and expansion.
The licence will add to the group’s full service offering in the region.
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As a part of the move, the company said that it will now offer a full spectrum of professional services referring to Maltese trusts and foundations from its Malta office.
This strategy will complement its existing corporate services for the core fiduciary, yachting, aircraft, eGaming, property and family office sectors.
This move is a major step towards facilitating the set up of family offices through the use of Trusts governed by Maltese law.
Chris Borg, managing director of Boston Trust and Fiduciary Services (Malta), said: "This is a significant development for the Group as a whole, offering additional flexibility to our international portfolio of clients from a world renowned and flourishing jurisdiction.
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By GlobalDataThe group said that Malta, as a civil law jurisdiction, is unusual in that it acknowledges and embraces the Common Law concept of equity and, therefore, Trusts.
The group added that the creation of Trusts in Malta is not limited to those operating under Maltese law as a foreign proper law can be applied as well as flexibility is further improved by converting an existing Trust into a Foundation, which is not available in other jurisdictions.
