L.S. 233.10 Regolamenti dwar Skema Speċjali ta' Reġistrazzjoni

(1)The title of these regulations is the Special Registration Scheme Regulations.

(2)The scope of these regulations is to provide for the establishment of a registration scheme to be known as the Currency and Bank Deposits Registration Scheme, hereinafter referred to as the Scheme, whereby individuals residing in Malta who hold eligible assets without declaring the relevant income (including capital gains) for the purposes of the Income Tax Act and other relevant laws, may regularise their position under these laws. 2.

(1)requires - In these regulations, unless the context otherwise Title. Amended by: L.N. 126 of 2007. Cap. 123. Interpretation. Amended by: L.N. 126 of 2007. (

1. a)"applicable date" means (
2. i)in respect of assets referred to in regulations 6(
3. a)and 6(b), any date between 23 April, 2007 and 31 July, 2007; and (
4. ii)in respect of assets referred to in regulations 6(c), 6(
5. d)and 6(e), 16 April, 2007; (
6. b)"eligible assets" means currency notes denominated in Maltese lira and euro, deposits denominated in Maltese lira and euro held with credit institutions licensed under the Banking Act, and securities denominated in Maltese lira and euro with a primary listing on the Malta Stock Exchange; Cap. 371. (
7. c)"individuals" means physical persons; (
8. d)"relevant laws" means the Income Tax Acts, the Succession and Donation Duties Ordinance (Cap. 70 of the revised edition of the Laws of Malta, 1942), the Death and Donation Duty Act, the Duty on Documents Act and the Duty on Documents and Transfers Act.

(2)The words and expressions used in these regulations which are also used in the External Transactions Act or the Income Tax Act shall, unless the context otherwise requires, have the same meaning as assigned to them in the said Acts.

(3)For the purposes of these regulations, any income arising from eligible assets which is received after 22 April, 2007 and reinvested before the date of registration, shall be deemed to constitute eligible assets existing on 22 April, 2007 and shall be eligible for registration under these regulations. Cap. 123 and 372. Cap. 239. Cap. 294. Cap. 364. Cap. 233. Cap. 123. 2 [ S.L.233.10 Resident individuals may regularise their position. Cap. 123. SPECIAL REGISTRATION SCHEME 3.

(1)Individuals residing in Malta who own eligible assets without declaring the relevant income for the purposes of the Income Tax Act and other relevant laws, may regularise their position under the Income Tax Act and, or other relevant laws, by registering such assets under the Scheme on the prescribed form as set out in the Schedule.

(2)Eligible assets shall be registered under the Scheme by the individual who owns such assets on the applicable date or by the heir or legatee of such individual when such heir or legatee becomes the owner of eligible assets. Operative period of the Scheme. Amended by: L.N. 206 of

2. The Scheme shall run from 23rd April, 2007 to 31st August,
3. Registration through appointed agents. Amended by: L.N. 126 of 2007; L.N. 206 of
4. Cap.
5. Cap.
6. Cap.
8. Registration of eligible assets shall be executed through the Central Bank of Malta and the appointed registration agents which shall be credit institutions licensed in Malta under the Banking Act, financial institution licensed under the Financial Institutions Act, stockbrokers licensed under the Investment Services Act, and persons holding a category 2 or category 3 Investment Services Licence granted under the Investment Services Act, and in each case appointed as registration agents by the Central Bank of Malta. Assets which may be registered. Amended by: L.N. 126 of
10. Registration of eligible assets under this Scheme shall be open to: (a) amounts of Lm1000 or higher in Maltese lira currency notes; (b) amounts of _ 2500 or higher in euro currency notes; Cap.
11. (c) deposits denominated in Maltese lira held with credit institutions licensed under the Banking Act; Cap.
12. (d) deposits denominated in euro held with credit institutions licensed under the Banking Act; (e) securities denominated in Maltese lira and, or euro with a primary listing on the Malta Stock Exchange as follows: (i) (ii) (iii) (iv) Declaration to be signed. Amended by: L.N. 426 of
13. Malta Government securities corporate bonds equities collective investment funds investing mainly in securities listed on the Malta Stock Exchange. 7.

(1)An individual who registers eligible assets under the Scheme shall sign a declaration which is to be provided by the appointed registration agent, stating that: (

1. a)such individual is the beneficial owner of the assets being registered; (
2. b)such individual accepts full responsibility for the accuracy and authenticity of the information and documentary evidence provided to the appointed registration agent; SPECIAL REGISTRATION SCHEME [ S.L.233.10 (
3. c)the documentary evidence being submitted to the appointed registration agent is the true original documentation; (
4. d)such individual undertakes to make available to the appointed registration agent any further information and documentary evidence that may be required by the agent for the proper exercise of its functions in this regard; (
5. e)the registered eligible assets do not represent proceeds from: (
6. i)a crime of money laundering under Prevention of Money Laundering Act, or the (
7. ii)any of the crimes listed in the Second Schedule to the Prevention of Money Laundering Act other than a crime against the External Transactions Act and, or the Income Tax Act; (f)

(2)Cap. 373. Cap. 373. Cap. 233. Cap. 123. the declaration is being made in good faith. The Registration Certificate shall also include: (

1. a)a detailed description of the eligible assets being registered and details thereof; (
2. b)details of the beneficial owners including full name, a legally valid identification document number, address and signature; and details of the fiduciary where eligible assets registered in terms of regulations 6(
3. c)and 6(
4. d)are held by a third party; (
5. c)details of the appointed registration agent. 8.

(1)The appointed registration agent, after having duly completed the registration modalities, shall issue a Registration Certificate. The Certificate shall be sequentially and uniquely numbered and in controlled stationery.

(2)The Registration Certificate shall be issued to the applicant against the payment of a registration fee as specified in regulation 11

(1).

(3)The Registration Certificate shall be issued in the name of the beneficial owner of the registered eligible assets.

(4)The Registration Certificate shall be issued by the appointed registration agent in triplicate: one copy shall be provided to the applicant, one copy shall be retained by the appointed registration agent, and one copy shall be provided to the Appointed Central Registration Certificate Depository.

(5)The Central Bank of Malta is, by means of these regulations, being appointed the Central Registration Certificate Depository.

(6)The triplicate copy of all the Registration Certificates issued by the appointed registration agent during each calendar mo nt h shal l b e sen t to t he Cent ra l R egi strati on Cert ificat e Depository within seven

(7)days after the end of that month. Certification. 3 4 [ S.L.233.10

(7)SPECIAL REGISTRATION SCHEME The Registration Certificate shall not be transferable.

(8)In the event of the loss or destruction of the Registration Certificate, the applicant may make a request in writing to the Central Registration Certificate Depository for the issue of a copy of the lost or destroyed certificate. Professional secrecy. Cap. 373. Exemptions. Cap. 233. Cap. 123. 9.

(1)Other than by order of a Court, every person, including past and present officers or agents of an appointed registration a ge n t o r o f t he A p p oi n te d C e n t r a l R e g i s t r a t i on C e r ti f i c a te Depository, shall be bound by the duty of professional secrecy in the exercise of his functions under these regulations and shall not disclose any information contained in the Registration Certificate which may come in his possession in the exercise of his functions under these regulations.

(2)Nothing in these regulations shall be construed as exempting any person from complying with the requirements of the Prevention of Money Laundering Act or any regulations issued thereunder. 10.

(1)Upon registration, the beneficial owner of the eligible assets registered under this Scheme shall be entitled to the exemptions referred to in article 11 of the External Transactions Act and article 9B of the Income Tax Act.

(2)The submission by the applicant of false information and, or documentary evidence shall nullify the Certificate and render the applicant ineligible to the benefits granted under the Scheme. Registration fee. Amended by: L.N. 126 of 2007. 11.

(1)The issue of a Registration Certificate shall be subject to the payment by the applicant of a registration fee payable to the Government. Such fee shall be as follows: (

1. a)four per centum (4%) of the registered amount in respect of eligible assets registered in terms of regulations 6(
2. a)and 6(b); and (
3. b)six per centum (6%) of the registered amount in respect of eligible assets registered in terms of regulations 6(c), 6(
4. d)and 6(e).

(2)The appointed registration agent shall issue a receipt, which is an integral part of the Registration form, to the applicant in respect of the registration fee paid.

(3)The registration fees paid by registered applicants shall be remitted by the appointed registration agent to the Government at a designated account at the Central Bank of Malta by not later than seven

(7)days after the end of the calendar month during which the fees are collected. Registered assets to be deposited in special account. Amended by: L.N. 206 of 2007. Cap. 371. 12.

(1)All eligible assets registered under the Scheme in terms of regulations 6(

1. a)and 6(
2. b)shall be deposited by the appointed registration agent in a special term deposit account with a credit institution licensed under the Banking Act or at the Central Bank of Malta by not later than one business day after registration date. SPECIAL REGISTRATION SCHEME [ S.L.233.10 5

(2)Eligible assets registered under the Scheme in terms of regulations 6(

1. a)and 6(
2. b)shall be deposited, at the discretion of the applicant, either in the name of the individual who owns such assets or in a nominee account held by the appointed registration agent on behalf of his clients.

(3)The special deposit account shall be opened for a period of one year bearing no interest.

(4)All registered eligible assets placed in special term deposit accounts with credit institutions licensed in Malta under the Banking Act shall be re-deposited at the Central Bank of Malta in a special designated account. Cap. 371.

(5)The deposits in respect of eligible assets registered under the Scheme in terms of regulation 6(a) shall be denominated in Maltese lira and shall be withdrawn on maturity in the official currency prevailing in Malta as at the date of maturity at the applicable official conversion rate.

(6)The deposits in respect of eligible assets registered under the Scheme in terms of regulation 6(

1. b)shall be denominated in euro and shall be withdrawn on maturity in euro. 13. The appointed registration agent shall be entitled to recover a fee for services rendered to effect registration. Such fee shall be deducted and retained from the registration fee paid in respect of the issue of the Registration Certificate. Such fee shall be equivalent to 5% of the registration fee, provided that it shall not be less than Lm10 or more than Lm175 per application registered. No service fee in respect of the registration of assets referred to in regulations 6(
2. a)and 6(
3. b)shall be charged by an appointed registration agent which is a credit institution with whom the relative special deposits are placed. Fee for services rendered. Amended by: L.N. 126 of 2007. 6 [ S.L.233.10 Substituted by: L.N. 126 of 2007. SPECIAL REGISTRATION SCHEME SCHEDULE SPECIAL REGISTRATION SCHEME [ S.L.233.10 7 8 [ S.L.233.10 SPECIAL REGISTRATION SCHEME SPECIAL REGISTRATION SCHEME [ S.L.233.10 9