INVESTMENT REGISTRATION SCHEME _g S.L.233.03 1
SUBSIDIARY LEGISLATION 233.03
INVESTMENT REGISTRATION SCHEME 
REGULATIONS
1st September, 2003
LEGAL NOTICE 209 of 2003, as amended by Legal Notice 226 of 2003.
Title and scope.
Registration Scheme Regulations.
Cap. 123.
Cap. 233.
(2) The scope of these regulations is to provide for the
establishment of a registration scheme to be known as the
Investment Registration Scheme, hereinafter referred to as the
Scheme, whereby residents of Malta who hold assets outside Malta
without the necessary exchange control permits and, or without
declaring the relevant income (including capital gains) for the
purposes of the Income Tax Act, may regularise their position
under the Exchange Control Act, hereinafter referred to as "the
Act", the Income Tax Act and other relevant laws, all as in force on
1 July, 2003.
Interpretation.
Amended by:
L.N. 226 of 2003
2. (1) In these regulations, unless the context otherwise
requires -
"applicable date" means:
( a ) in respect of assets referred to in regulation 6( a ), any
date between 1 January, 2000 and 31 August, 2001,
and
( b ) in respect of assets referred to in regulation 6( b ) and
6( c ), any date between 1 September, 2001 and 15
November, 2003;
Cap. 371.
securities including shares and stock in the capital of a company,
debentures, certificates of deposit, bonds, notes and any other
similar instrument acknowledging indebtedness; units in a
collective investment scheme, life and annuity long term insurance
policies, whether index-linked or not; precious metal bullion;
warrants, options, futures and other derivatives as well as any other
financial instruments entered into for investment purposes; loans to
a non-resident company; and immovable property situated outside
Malta;
"loans to a non-resident company" mean, for the purposes of
these regulations, funds advanced by a Maltese resident to a non-
resident company which he owns in part or in whole and which has
as its sole object the investment of funds for portfolio purposes.
(2) The words and expressions which are also used in the Act
or the Income Tax Act shall have the same meaning as in these
Acts.
(3) For the purposes of these regulations, the following shall be
treated as if they were eligible assets held outside Malta:
2 _g S.L.233.03 INVESTMENT REGISTRATION SCHEME
Cap. 371.
( a ) foreign currency deposits held with credit institutions
licensed under the Banking Act;
S.L. 123.51
( b ) investments in a non-prescribed fund of a Malta-based
Scheme as defined in regulation 5(2) of the Collective
Investment Schemes (Investment Income)
Regulations;
Cap. 403.
( c ) investments in any long-term policy of assurance,
whether index-linked or not, as specified in Classes I
to VI listed in the Second Schedule to the Insurance
Business Act, expressed in foreign currency and issued
by an insurer lawfully carrying on in Malta long-term
business of insurance.
(4) For the purposes of these regulations, any income arising
from eligible assets which is received after 1 September, 2001 and
reinvested outside Malta before the date of registration, shall be
deemed to constitute eligible assets existing on 1 September, 2001
and shall be eligible for registration under these regulations.
Residents may 
regularise their 
position.
Cap. 123.
3. (1) Residents of Malta who own eligible assets outside
Malta may regularise their position under the Act and, or, the
Income Tax Act and, or, other relevant laws, all as in force on 1
July 2003, 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
person who owns such assets outside Malta on the applicable date,
or by the heir or legatee of such person when such heir or legatee
becomes the owner of eligible assets after their repatriation.
Scheme to run until 
15 November 
2003.
4. The Scheme shall run until 15 November, 2003. 
Registration 
through appointed 
agents.
Cap. 371.
Cap. 370.
5. Registration of eligible assets shall be executed through the
appointed registration agents which shall be credit institutions
licensed in Malta under the Banking 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.
6. Registration of eligible assets under this Scheme shall be
open to:
( a ) eligible assets which were held outside Malta on or
after 1 January, 2000 and which were repatriated to
Malta prior to 1 September, 2001;
( b ) eligible assets which were held outside Malta on 1
September, 2001 and which are repatriated to Malta
prior to 16 November, 2003;
( c ) eligible assets which were held outside Malta on 1
September, 2001 and which are retained overseas.
Documentary 
evidence.
7. (1) In the case of eligible assets which are repatriated to
Malta, the appointed registration agent shall only register such
assets against the submission by the applicant of original
INVESTMENT REGISTRATION SCHEME _g S.L.233.03 3
documentary evidence -
( a ) confirming that such assets were held outside Malta
between 1 January, 2000 and 31 August, 2001 in the
case of assets referred to in regulation 6( a ), or on 1
September, 2001 in all other cases; and
( b ) confirming repatriation during the Scheme’s operation
period.
(2) In the case of eligible assets which are to be retained
abroad, the appointed registration agent shall only register such
assets against the submission by the applicant of original
documentary evidence confirming that such assets were held
outside Malta on 1 September, 2001.
(3) The documentary evidence referred to in subregulations (1)
and (2) shall be:
( a ) in the case of precious metal bullion, a confirmation
from the licensed institution with which the precious
metal bullion is held;
( b ) in the case of immovable property situated outside
Malta, a duly authenticated copy of the original
contract by virtue of which the property was purchased
and a confirmation from a duly qualified person;
( c ) in the case of loans to a non-resident company which
has as its sole object the investment of funds for
portfolio purposes, a duly authenticated copy of the
agreement by virtue of which funds were advanced by
a Maltese resident to such non-resident company;
( d ) in the case of all other eligible assets which are not
referred to in paragraphs (a), (b) and (c), a
confirmation from a licensed financial intermediary
outside Malta;
( e ) such other documentary evidence which may be
declared sufficient by the Central Bank of Malta in
writing on a case by case basis;
( f ) where eligible assets are held by a third party in a
fiduciary capacity, the applicant shall also submit to
the appointed registration agent:
(i) where the fiduciary is regulated and licensed in
Malta or in a foreign jurisdiction, evidence that
such fiduciary is in fact so regulated or licensed;
or
(ii) where the fiduciary is not licensed or regulated,
a confirmation, bearing the fiduciary’s original
signature and witnessed by a Notary Public or a
Commissioner of Oaths, evidencing that such
fiduciary held eligible assets on behalf of the
applicant; and
( g ) where eligible assets are repatriated to Malta, the
confirmation required by subregulation (1)( b ) shall be
provided by a local licensed financial intermediary.
4 _g S.L.233.03 INVESTMENT REGISTRATION SCHEME
(4) Where eligible assets which may be registered under the
Scheme have been switched by the applicant into other foreign
assets during the period between 1 September, 2001 and the
registration date, the applicant is to provide documentary evidence
of such switches as may be required by the registration agent.
(5) Copies of the original documentary evidence specified in
subregulations (1), (2), (3) and (4) are to be retained by the
appointed registration agent, in printed or electronic form, for
record purposes for a period of ten years.
Declaration to be 
signed.
8. (1) A person who registers eligible assets under the
Scheme shall sign a declaration which is to be provided by the
appointed registration agent, stating that:
( a ) such person is the beneficial owner of the assets being
registered;
( b ) such person accepts full responsibility for the accuracy
and authenticity of the information and documentary
evidence provided to the appointed registration agent;
( c ) such person undertakes to make available to the
appointed registration agent any further information
that may be required by the agent for the proper
exercise of its functions in this regard;
( d ) the documentary evidence being submitted to the
appointed registration agent in terms of regulation
7(1), (2), (3) and (4) is the true original
documentation;
( e ) the registered eligible assets do not represent proceeds
from:
Cap. 373.
(i) a crime of money laundering under the
Prevention of Money Laundering Act, or
Cap. 373.
Cap. 123.
(ii) any of the crimes listed in the Second Schedule
to the Prevention of Money Laundering Act
other than a crime against the Act or the Income
Tax Act, as in force on 1 July, 2003, or
(iii) any offence against any other law as in force on
1 July, 2003;
( f ) the registered assets were held outside Malta between
1 January, 2000 and 31 August, 2001 in the case of
assets referred to in regulation 6( a ), or on 1
September, 2001 in all other cases;
( g ) the registered assets have only been registered once
under the Scheme;
( h ) the declaration is being given in good faith.
(2) The declaration shall also include:
( a ) a detailed description of the eligible assets being
registered and details thereof;
( b ) details of the beneficial owners including full name,
identity card number, address and signature; and
details of the fiduciary where eligible assets are held
INVESTMENT REGISTRATION SCHEME _g S.L.233.03 5
by a third party;
( c ) details of the appointed registration agent.
Certifcation.
completed the declaration 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
10.
(3) The registration certificate shall be issued by the appointed
registration agent in triplicate: one copy shall be provided to the
applicant, one copy is to be retained by the appointed registration
agent, and one copy is to be provided to the appointed central
registration certificate depository. The Central Bank of Malta is, by
means of these regulations, being appointed the central registration
certificate depository.
(4) Every person, including past and present officers or agents
of an appointed registration agent or of the appointed central
registration certificate 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.
Cap. 123.
(5) Upon registration, the beneficial owner of the eligible
assets registered under this Scheme shall be entitled to the
exemptions referred to in article 39(2) of the Act and article 9B of
the Income Tax Act.
(6) The submission by the applicant of false statements and
documents shall nullify the certificate and render the applicant
ineligible to the benefits granted under the Scheme.
(7) The registration certificate is strictly non-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.
Registration fee.
payment by the applicant of a registration fee payable to the
Government. Such fee is equivalent to five per centum of the
market value of the registered eligible assets, calculated on the
basis of a valuation by a duly qualified person made within the
preceding three months and presented to the appointed registration
agent.
(2) The registration fees paid by registered applicants are to 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 days after the end of the month during which the fees are
collected.
(3) The appointed registration agent shall issue a receipt, which
6 _g S.L.233.03 INVESTMENT REGISTRATION SCHEME
is an integral part of the registration form, to the applicant in
respect of the registration fee paid.
(4) The triplicate copies of all the registration certificates
issued by the appointed registration agent during the month are to
be sent to the central depository at the Central Bank of Malta
within seven days after the end of that month.
Fee for services 
rendered.
11. The appointed registration agent is entitled to recover a fee
for services rendered to effect registration. Such fee shall be
deducted 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 Lm 10 or
more than Lm 125 per application registered. No service fee is to
be charged by an appointed registration agent which is a credit
institution where funds are repatriated and placed with that credit
institution in a deposit account fixed for one year or over.
Holders to retain 
documentary 
evidence.
12. Holders of a registration certificate who convert their
registered eligible assets into other assets shall, after registration,
retain the documentary evidence regarding such conversions.
INVESTMENT REGISTRATION SCHEME _g S.L.233.03 7
8 _g S.L.233.03 INVESTMENT REGISTRATION SCHEME
INVESTMENT REGISTRATION SCHEME _g S.L.233.03 9
In completing Section 2, I/we declare:
1. to be the owner/joint beneficial owner(s) of the registered assets or the heir or legatee
of the owner;
2. that the registered assets were ( a ) held outside Malta and owned by me/us on or after
1 January 2000 and repatriated to Malta prior to 1 September, 2001 and/or ( b ) held abroad and
owned by me/us on l September, 2001;
3. that these assets are being registered only once under this Investment Registration
Scheme and that these assets have not already been registered in any form under the
Investment Registration Scheme established by virtue of Legal Notice 315 of 2001 and Legal
Notice 59 of 2002;
4. that the registered assets do not represent proceeds from a crime of money laundering
in terms of the Prevention of Money Laundering Act, or from a crime that would result due to
an infringement of any law other than the Exchange Control Act or the Income Tax Act;
5. that the documentary evidence being hereby submitted to the appointed registration
agent in support of the registered assets is troe and original;
6. that I/we accept full responsibility for the accuracy and authenticity of the
information and of the documentary evidence submitted to the appointed registration agent
under the Scheme;
7. that I/we will make available to the appointed registration agent any further
information, statements or documents that it may require for the proper exercise of its
functions in terms of the Investment Registration Scheme;
8. that the declaration is being made in good faith;
9. that in return for my/our making this declaration and obtaining the relevant
exemptions arising from law upon registration, I/we hereby pay the registration fee in Maltese
liri on the market value of the eligible assets as per Column E Row 15 in Section 1;
10. I/we understand that the submission of false statements and documents will nullify
this Certificate and render me/us liable to legal prosecution;
11. I/we also understand that in the event that I/we am/are receiving any benefit,
exemption or other advantage under the Social Security Act or under any other scheme made
by the Government or any public entity or under any other law, as a result of not having
declared the eligible assets being hereby registered (or income therefrom), I/we shall not be
required to refund that benefit, exemption or other advantage acquired before this declaration.
However, if after this registration, I/we continue to take that benefit, exemption or advantage
without being entitled thereto, I/we shall be considered as never having enjoyed exemptions
referred to in article 39(2) of the Exchange Control Act and article 9B of the Income Tax Act,
and shall forfeit the right not to refund any benefit, exemption or advantage acquired before
the registration.
In completing Section 3, we declare:
1. that we have obtained the necessary information, statements and documents required
for the proper exercise of our function under the Scheme;
2. that we have retained copies of supporting documentary evidence as necessary and
undertake to continue retaining such documentation for 10 years;
3. that we are bound by law by the duty of professional secrecy and will not disclose
any information contained in the Registration Certificate.
Section 4: Applicant’s Declaration
Section 5: Appointed Registration Agent’s Declaration
