The Minister of Finance has in his Budget Speech for the year 2024 announced that:
- The reduced rate of stamp duty of 1.5% applicable to certain transfers of family businesses to descendants has been extended.
- Family business registered with the Family Business Office stand to benefit from an increased capping of tax credits for investments made into their business.
- New measures to allow for more flexible family business restructuring will be introduced. These measures will include rules aimed at strengthening the legal framework regulating family charters.
- New fiscal incentives will be introduced for family businesses which internationalise, innovate and digitalise.
- Regulatory changes which are currently being considered in the Wealth and Asset Management sector also seek to incentivise foreign Family Offices to relocate their offices to Malta.