Offshore 2 Offshore

* Malta Trust Servicing Picks Up







The Trusts and Trustees Act has clearly started to leave its mark on the Maltese financial services scene with the arrival ofmore international corporate trustees.

BSI SA, originally Banca della Svizzera Italiana, a bank with its head office in Lugano, Switzerland, was recently authorised to carry out trust activity in Malta through a new subsidiary, BSI Trust Corporation (Malta) Ltd.

The company’s directors said the decision to set up operations in Malta was taken after the group identified a number of advantages offered by the Act which would help them attract business from high net worth individuals across Europe. Through its European network, the BSI Group will be able to offer its customers trustee and fiduciary services that enhance its wealth management package. The services to be provided by the Malta company will include trust creation and administration as well as the incorporation of companies and company administration services.

BSI, whose main focus is the provision of portfolio management services to its private banking clientele, has formed part of the Assicurazioni Generali Group since 1998. Founded in 1873, BSI has a network of branches, representative offices and affiliates in the major financial centres of Europe, South America and the Far East. The group operates other trust services companies in Italy, Guernsey and Bahamas. The experience gained in these jurisdictions
combined with the expertise of its local professional team will reinforce BSI’s activity in its target market.

Other international groups authorised to provide trust services in Malta in recent weeks include Dixcart Management (IOM) Ltd. Dixcart has been authorised to carry out these services under article 43(8)(ii) of the Trusts and Trustees Act, which states that authorisation to provide trust services in Malta
may be granted to companies having a licence or authorisation to act as a trustee issued by the relevant regulatory authority in an approved jurisdiction.
Dixcart is incorporated in the Isle of Man, providing services to benefit international clients. It is authorised as a corporate and trust service
provider by the Isle of Man Financial Services Commission, and among other activities acts as a management company assisting international clients with the management and control of companies. Dixcart also has offices in Guernsey, Switzerland, UK, Madeira, Sark, Nevis and now Malta.