Malta has introduced important changes to its beneficial ownership reporting framework that may require certain companies and commercial partnerships to reassess their ownership records and file a new declaration form. These measures—introduced through Legal Notice 184 of 2026 and effective from 10 July 2026—form part of Malta’s phased transposition of the EU anti-money laundering package ahead of the EU anti-money laundering regulation taking effect on 10 July 2027.
These changes are more than a technical filing update. They introduce new compliance obligations, revised filing requirements, new deadlines and penalties for noncompliance. The rules heighten the importance of maintaining accurate beneficial ownership information, requiring entities to look beyond the register of members to identify individuals who exercise control through other means and to ensure that statutory forms capture the expanded information now required. Entities with nominee, trustee, fiduciary or indirect control arrangements may face a more detailed review than those with straightforward ownership structures.
According to guidelines released by the Malta Business Registry, all entities must take reasonable and appropriate steps to verify whether any individual—other than a person already disclosed in the register of members or already identified as a beneficial owner—exercises control over the entity through any means. If such a person is identified, they must be treated as a beneficial owner, and a declaration must be filed with the Registrar.
A central development is the introduction of Form BO4, a declaration relating to beneficial owners. Form BO4 applies to entities formed and registered before 10 July 2026 that cannot rely on their register of members as their register of beneficial owners under Regulation 5(3) of the Companies Act. Regulation 5(3) provides a simplified compliance regime for “straightforward corporate structures,” allowing the register of members to serve as the beneficial owners’ register if all of the following conditions are fulfilled:
A transitional period applies for entities that were formed and registered before 10 July 2026. These entities have six months from that date to review their ownership and control structures, determine whether they qualify for the simplified regime and, if not, submit Form BO4.
The new rules also introduce more detailed provisions on who may access beneficial ownership information, establishing a three-tier access system to the Register of Beneficial Owners for competent authorities, obliged entities and persons able to demonstrate a legitimate interest (with the latter receiving limited access). Statutory beneficial ownership forms have also been updated to require additional information, including a beneficial owner’s place of birth and residential address. Where shares are held by nominees, the entity must disclose the nominee shareholder’s name and status as such.
The new rules reflect a broader shift toward greater transparency, stronger ownership verification and closer alignment across anti-money laundering and corporate reporting regimes. For businesses, the practical question is not only whether a new form must be filed, but whether the underlying ownership and control analysis is complete, documented and consistent across jurisdictions.
The rules may also be relevant where a Malta entity sits within a multinational group, investment structure, trust or nominee arrangement or cross-border holding company chain. Although the filing obligation is Maltese and the rules do not single out non-Maltese shareholders, the beneficial ownership analysis may require entities to look through intermediate shareholders, foreign partnerships, trusts, fiduciary arrangements, shareholder agreements or other control rights outside Malta to determine who ultimately owns or controls the entity, irrespective of the jurisdiction of the intermediate entities.
Because the six-month transition period is already running, affected companies should begin beneficial ownership reviews promptly. Priority actions include:
Maria Caruana
BDO in Malta
These changes are more than a technical filing update. They introduce new compliance obligations, revised filing requirements, new deadlines and penalties for noncompliance. The rules heighten the importance of maintaining accurate beneficial ownership information, requiring entities to look beyond the register of members to identify individuals who exercise control through other means and to ensure that statutory forms capture the expanded information now required. Entities with nominee, trustee, fiduciary or indirect control arrangements may face a more detailed review than those with straightforward ownership structures.
Key Change: New Form BO4
According to guidelines released by the Malta Business Registry, all entities must take reasonable and appropriate steps to verify whether any individual—other than a person already disclosed in the register of members or already identified as a beneficial owner—exercises control over the entity through any means. If such a person is identified, they must be treated as a beneficial owner, and a declaration must be filed with the Registrar.A central development is the introduction of Form BO4, a declaration relating to beneficial owners. Form BO4 applies to entities formed and registered before 10 July 2026 that cannot rely on their register of members as their register of beneficial owners under Regulation 5(3) of the Companies Act. Regulation 5(3) provides a simplified compliance regime for “straightforward corporate structures,” allowing the register of members to serve as the beneficial owners’ register if all of the following conditions are fulfilled:
- All registered shareholders are individuals;
- No shareholders act as a trustee, nominee or in another fiduciary capacity;
- No other individual ultimately owns or controls more than 25% of the voting rights or other ownership interests in the company, or exercises control through other means; and
- No individual is identified as the senior managing official.
A transitional period applies for entities that were formed and registered before 10 July 2026. These entities have six months from that date to review their ownership and control structures, determine whether they qualify for the simplified regime and, if not, submit Form BO4.
The new rules also introduce more detailed provisions on who may access beneficial ownership information, establishing a three-tier access system to the Register of Beneficial Owners for competent authorities, obliged entities and persons able to demonstrate a legitimate interest (with the latter receiving limited access). Statutory beneficial ownership forms have also been updated to require additional information, including a beneficial owner’s place of birth and residential address. Where shares are held by nominees, the entity must disclose the nominee shareholder’s name and status as such.
BDO Perspective
The new rules reflect a broader shift toward greater transparency, stronger ownership verification and closer alignment across anti-money laundering and corporate reporting regimes. For businesses, the practical question is not only whether a new form must be filed, but whether the underlying ownership and control analysis is complete, documented and consistent across jurisdictions.The rules may also be relevant where a Malta entity sits within a multinational group, investment structure, trust or nominee arrangement or cross-border holding company chain. Although the filing obligation is Maltese and the rules do not single out non-Maltese shareholders, the beneficial ownership analysis may require entities to look through intermediate shareholders, foreign partnerships, trusts, fiduciary arrangements, shareholder agreements or other control rights outside Malta to determine who ultimately owns or controls the entity, irrespective of the jurisdiction of the intermediate entities.
Because the six-month transition period is already running, affected companies should begin beneficial ownership reviews promptly. Priority actions include:
- Review ownership and control structures to determine whether any person exercises control that would affect beneficial ownership status;
- Assess qualification for the simplified regime under Regulation 5(3) and whether Form BO4 must be submitted within the transitional period;
- Identify any nominee, trustee, fiduciary, indirect ownership or control arrangements that may require additional disclosure;
- Collect newly required beneficial owner information and ensure records are accurate and up to date;
- Update internal compliance, onboarding and governance procedures to support accurate, complete and timely filings;
- Compare Malta beneficial ownership disclosures with relevant know-your-customer and corporate registry filings in other jurisdictions to identify potential inconsistencies; and
- Document the review process and conclusions in case the Malta Business Registry requests clarification or supporting information.
Maria Caruana
BDO in Malta