Special Registration Scheme extended by one month

The Ministry of Finance has extended the operation of the Special Registration Scheme by a month until August 30, the Central Bank announced last week. This decision was taken as there were strong indications that a substantial number of people who showed interest in the scheme would not manage to register by the original closing date of July 31.

The scheme was launched by the Ministry of Finance in April in preparation for the adoption of the euro as Malta's national currency. Its purpose is to provide individuals residing in Malta with a unique opportunity to regularise their position in respect of their holdings of eligible assets in those cases where the associated income has not been declared for the purposes of the Income Tax Act.

Eligible assets may be registered under the scheme through appointed registration agents like banks, stockbrokers and investment services licence holders, as well as foreign exchange bureaux and other licensed financial institutions. In response to requests from the public and financial intermediaries, it has been decided that registration of eligible assets may also be made through the Central Bank.

Maltese lira and euro currency notes registered under the scheme must be deposited in a special term deposit account for a period of one year without interest. Such registered currency notes may be deposited either with local banks or the Central Bank of Malta at the option of the applicant. This increased flexibility has also been introduced in response to requests from the public and financial intermediaries.

For more information contact the Central Bank and registration agents.