EXCHANGE CONTROL ġ S.L.233.01 1
SUBSIDIARY LEGISLATION 233.01
EXCHANGE CONTROL ORDER
1st February, 1973
LEGAL NOTICE 9 of 1973, as amended by Legal Notices 92 of 1973,
102 of 1978, 187 of 1993, 53 of 1996, 228 of 1998, 226 of 1999, 278 of
2000, 326 of 2001 and 419 of 2002.
Title.
Declaration of 
foreign investment 
under article 2(1) 
of the Act.
Added by:
L.N. 53 of 1996.
Substituted by:
L.N. 228 of 1998;
L.N. 226 of 1999.
Cap. 403.
2. ( a ) The following policies of assurance are declared to be
a foreign investment for the purposes of the Exchange
Control Act, hereinafter referred to as "the Act":
any policy of assurance within class I, life and annuity,
class II, marriage and birth, class III, linked long term,
class IV, permanent health, class V, tontines, and class
VI, capital redemption, specified in the Second
Schedule to the Insurance Business Act and expressed
in foreign currency and issued by an insurer lawfully
carrying on in Malta long term business of insurance.
( b ) The provisions of paragraph ( a ) shall not apply to long
term policies of assurance within class I which provide
solely for the payment of a sum of money or other
consideration upon the happening of death within a
period which is specified in the policy and which is not
extendible by any of the parties thereto.
Exemption of gold 
coins from the 
provisions of Part 
II of the Act.
3. The provisions of Part II of the Act shall not apply to the
holding in Malta of any gold coin, whether Maltese or foreign.
Exemption from 
the obligation to 
surrender foreign 
currency.
Amended by:
L.N. 92 of 1973;
L.N. 187 of 1993;
L.N. 226 of 1999;
L.N. 278 of 2000;
L.N. 326 of 2001;
L.N. 419 of 2002.
Cap. 217.
4. The provisions of article 5 of the Act shall not apply where
the foreign currency is in the possession or under the control of -
( a ) any person in Malta who is not a resident; or
( b ) any person in Malta who holds a valid resident permit
in terms of the Immigration Act; or
( c ) any resident if the aggregate value of the foreign
currency, including any sums held in a foreign
currency (demand deposit) account with a credit
institution in Malta, does not exceed twenty thousand
liri.
Exemptions from 
the restrictions 
imposed by article 
11 of the Act.
Amended by:
L.N. 102 of 1978;
L.N. 278 of 2000;
L.N. 419 of 2002.
5. (1) There shall be exempted from the provisions of article
11(1) of the Act -
( a ) the exportation from Malta by any traveller of any
notes and coins which are or have at any time been
legal tender in Malta;
( b ) the importation into Malta by any traveller of any
notes and coins which are or have been legal tender in
Malta.
2 ġ S.L.233.01 EXCHANGE CONTROL
(2) There shall be exempted from the provisions of article
11(2) of the Act the exportation from Malta, by any person, of any
foreign currency which -
(i) in the case of a resident, he has lawfully held or
acquired; and
(ii) in the case of a non-resident, he can show that he
had originally brought into Malta.
Exemption from 
the provisions of 
article 23 of the 
Act.
Cap. 217.
6. Article 23 of the Act shall not apply to any foreign
investment made or held by any person in Malta who holds a valid
resident permit in terms of the Immigration Act.
Exemptions from 
article 29 of the 
Act.
Substituted by:
L.N. 53 of 1996;
L.N. 228 of 1998;
L.N. 226 of 1999.
7. Article 29(1) of the Act shall not apply to -
( a ) any policy of assurance which uis a foreign
investment;
( b ) any policy of assurance of a kind mentioned in article
2( b ) expressed in foreign currency issued by a non-
resident; and
( c ) any policy of assurance expressed in Maltese liri
issued by a non-resident lawfully carrying on in Malta
long term business of insurance.
