Bank of Valletta plc is offering registration services to clients seeking to register assets held overseas under the Investment Registration scheme. This scheme is being extended for a final period until June 16.

A resident of Malta may register under this scheme any eligible asset which was held outside Malta on the applicable date and which should have been declared in terms of the Exchange Control Act (as in force on July 1, 2003). The income from such assets, which should have been declared under the Income Tax Act, may also be registered under the Scheme by the person who owns such assets on the applicable date.

The "applicable date" for the purposes of what can be registered under this scheme refers to eligible assets that were held outside Malta:

a) on or after January 1, 2000, and which were repatriated to Malta prior to March 31, 2005;

b) on March 31, 2005, and which are repatriated to Malta prior to June 16, 2005; or

c) on March 31, 2005, and which are retained overseas.

Registration is open both to eligible foreign assets that are repatriated to Malta and assets that continue to be retained abroad.

For the purposes of these regulations, any income arising from eligible assets which is received after March 31, 2005, and reinvested outside Malta before the date of registration, shall be deemed to constitute eligible assets existing on March 31, 2005, and shall be eligible for registration under these regulations.

¤ Eligible assets, which may be registered under the scheme, include:

¤ deposits as defined in the Banking Act, 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, precious metal bullion, warrants, options, futures and other derivatives as well as any other financial instrument entered into for investment purposes;

¤ life and annuity long term insurance policies whether index linked or not;

¤ For the purposes of these regulations, "loans to non-resident company" mean, 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;

¤ immovable property situated outside Malta.

¤ The BoV registration services are being made available from all branches and subsidiaries of Bank of Valletta plc.

Speaking about the scheme, Simon Azzopardi from BoV's Private Wealth Management Division said "this is the ultimate opportunity available for Maltese residents holding assets overseas to regularise their position under the Exchange Control Act and the Income Tax Act". Mr Azzopardi also highlighted the importance of careful evaluation of the scheme in the light of the imminent implementation of the EU Directive on Taxation of Savings Income (Savings Directive).

To this end Bank of Valletta is extending its free financial advisory service to all individuals registering their foreign holdings of assets under the scheme.

Financial advice is available from all BoV branches.

BoV's Private Wealth Management Division will also be extending its independent advisory services to individuals with substantial liquid assets. The Division employs financial advisors specifically trained to analyse the individual's financial requirements and to recommend customised financial solutions designed to maximise the client's personal wealth.

As an added incentive to these investors, Bank of Valletta is also offering a wide array of investment products in major currencies at favourable terms.

Interested parties are encouraged to contact the Savings and Investments Officer at their nearest branches or call the Bank's Customer Call Centre on 2321-3020 between 8 a.m. and 8 p.m.