Last April, FinanceMalta supported the STEP Malta Conference, bringing together leading professionals in trusts and estate planning. In this interview, STEP Malta Chairman Dr. Anthony Cremona, a private client partner at Ganado Advocates, reflects on the evolution of Malta’s fiduciary services sector and its growing focus on values, governance, and emotional intelligence.
Over the past decade, Malta’s wealth management sector has shifted from a traditional, efficiency-led model to a more holistic and values-driven approach. Today, the sector reflects not just financial strategy but also the emotional, social, and legacy-related aspirations of families across generations.
While tax mitigation, privacy, and basic asset protection once dominated the motivations behind trusts and foundations, Dr Cremona notes a growing sophistication.
“Clients are structuring vehicles to accommodate complex family dynamics, cross-border succession, and long-term philanthropic or ESG-aligned goals. These instruments are increasingly seen as expressions of governance and stewardship.”
This evolution reflects wider demographic changes. One such trend is the “horizontal” transfer of wealth—a departure from traditional inheritance models, where assets now pass within the same generation to siblings, cousins, or close friends.
“It’s a model that prioritises emotional bonds and personal impact over hierarchy,” says Dr Cremona.
Equally transformative is the rising presence of women in wealth. Women now represent 11% of the world’s ultra-high-net-worth individuals and 13% of billionaires—nearly double the share from 2016. This shift is not only economic but also cultural, influencing how wealth is planned and preserved.
As the industry grows more complex, Malta’s regulatory framework has remained both robust and responsive. According to the Malta Financial Services Authority’s (MFSA) 2024 Annual Report, the sector contributed €1.25 billion to Gross Value Added in 2023—an 11.8% year-on-year increase—and created nearly 6,500 jobs over five years.
“The MFSA’s report reminds us that financial services aren’t just about numbers—they’re about people, futures, and security,” says Dr Cremona.
He highlights the MFSA’s focus on transparency, cybersecurity, and innovation, reinforcing Malta’s credibility as a trusted jurisdiction. This credibility is underpinned by Malta’s distinctive legal infrastructure. In 2025, the jurisdiction marks 20 years since integrating the trust into its civil law system—a move that fused common law flexibility with civil law principles.
“Although Malta had already recognised trusts since 1988, this legislative act signalled a deeper commitment—treating the trust not as a product, but as a fully integrated legal institution. It was the outcome of four years of determined legal development,” Dr Cremona explains.
Both trusts and private foundations have since been deployed with increasing versatility. Malta’s civil law-based private foundations appeal to clients seeking a familiar, corporate-like structure. Meanwhile, the jurisdiction’s recognition of Private Trust Companies (PTCs) has enabled families to manage their wealth more directly, offering Single Family Office-style structures that bring together investment management, succession planning, philanthropy, and lifestyle services.
Dr Cremona stresses the importance of Malta’s professional community in shaping this progress.
“STEP Malta’s collaboration with the MFSA and the Malta Financial Services Advisory Council in developing a national family office strategy shows our broader mission: to raise standards and future-proof the profession.”
He points to STEP’s global report Attitudes to Wealth, published last April, as a valuable snapshot of changing mindsets. Based on insights from over 900 private client advisors across 86 countries, the report highlights a stronger focus on financial security for future generations, heightened social responsibility (particularly among younger clients), and a shift from aggressive tax minimisation to more balanced, long-term planning.
“While taxation remains important, it’s no longer the main driver. Clients increasingly seek sustainable, compliant approaches that align with their values,” says Dr Cremona.
Yet, challenges remain. Misconceptions around trusts and fiduciary structures persist, even among policymakers. Advisors are now called upon to demystify wealth planning and help families navigate intergenerational communication barriers.
“The cultural taboo around discussing wealth openly is still a major obstacle to effective succession planning,” he notes. “The advisor’s role has expanded. It’s no longer just about technical skills—it’s about emotional intelligence, encouraging conversations about responsibility, governance, and philanthropy.”
This human element is especially critical in the age of artificial intelligence.
“AI can analyse data, detect fraud, or suggest investment strategies, but it cannot replace the human connection that builds client trust,” says Dr Cremona.
He also underscores the importance of constant review and regulatory alignment. Frameworks such as GDPR, the Common Reporting Standard (CRS), DAC6, and the Sixth Anti-Money Laundering Directive (AMLD6) have imposed increasingly complex compliance requirements. Meanwhile, regulation around digital assets is still developing.
“Malta’s strength lies in its ability to evolve. By embedding flexibility within a solid legal framework, the jurisdiction has maintained relevance in a fast-changing landscape. As global wealth planning becomes more transparent, socially engaged, and digitally complex, Malta is well-positioned to meet the moment.”
“Ultimately, wealth management is about more than money. It’s about people and families seeking to shape a legacy. It’s about advisors who connect generations and values. And it’s about jurisdictions like Malta that continue to evolve—quietly, capably, and with vision,”concluded Dr Cremona.
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