Vaia Legal

Beneficial Owner Info No Longer Accessible to the General Public

Beneficial Owner Info No Longer Accessible to the General Public

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The Court of Justice of the European Union in its ruling delivered on 22nd November, 2022 declared invalid the provision which provides that Member States must ensure that information on the beneficial ownership of companies and of other legal entities incorporated within their territory is accessible in all cases to any member of the general public.

Before this ruling, the information regarding the ultimate beneficial owner of companies and of other legal entities incorporated within their territory was accessible to the general public in accordance with EU Directive 2018/843, which was declared invalid in so far as it amended point (c) of Article 30(5) of Directive (EU) 2015/849.

As a result of this judgement, the Malta Business Registry has now limited access to the register of beneficial owners to competent authorities and to subject persons only. A ‘subject person’ is any legal or natural person carrying out either relevant financial business or relevant activity.

As highlighted by Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, the Ultimate Beneficial Owner is:

  • The natural person/s who ultimately own/owns or control/controls that body corporate or body of persons through the direct or indirect ownership of a sufficient percentage of shares, voting rights or ownership interest. Direct ownership or control of the body corporate or body of persons means:
  • A natural person(s) who exercise(s) control via other means.
  • The natural person(s) holding the position of senior managing official(s) – if, after having exhausted all possible means, no beneficial owner as defined under the previous paragraphs above is identified.
  • Effectively this means that any natural person who directly or indirectly holds or controls more than 25% of a company is a UBO.

The above update is a welcome change, and it strengthens the privacy of UBOs, limiting the exposure to parties with a genuine interest as opposed to the general public having access to the UBO registry.

Got Questions? Contact Vaia Legal for more information about corporate and asset structuring in Malta, and we can explore how your aviation and/or yachting business can benefit from what Malta has to offer. Our Malta based law firm specializes in aviation and maritime law offering services to clients worldwide!

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Yanika Ciantar-Barbara

Lawyer

Dr. Ciantar-Barbara is an experienced lawyer specialising in corporate and commercial law. She graduated with a Doctor of Laws degree from the University of Malta in 2012 and went on to obtain a Master of Laws (LL.M.) in Corporate and Commercial Law from Queen Mary, University of London in 2014.

With over a decade of experience at a leading Big Four firm, Dr Ciantar-Barbara has advised a wide range of local and international clients on complex company law matters. Her practice covers all stages of a company’s lifecycle, including formation, continuation, restructuring, cross-border mergers and divisions, acquisitions, and liquidations. She also assists clients with their day-to-day corporate governance and compliance obligations, including beneficial ownership requirements and statutory reporting.

In addition to her core focus on corporate law, Dr Ciantar-Barbara has handled various employment law matters, offering guidance on issues such as employment contracts and
workplace policies.

Proud member of the Chamber of Advocates and the Institute of Financial Services Practitioners.

Yanika Ciantar-Barbara

Legal Consultant

Dr. Ciantar-Barbara is an experienced lawyer specialising in corporate and commercial law. She graduated with a Doctor of Laws degree from the University of Malta in 2012 and went on to obtain a Master of Laws (LL.M.) in Corporate and Commercial Law from Queen Mary, University of London in 2014.

With over a decade of experience at a leading Big Four firm, Dr. Ciantar-Barbara has advised a wide range of local and international clients on complex company law matters. Her practice covers all stages of a company’s lifecycle, including formation, continuation, restructuring, cross-border mergers and divisions, acquisitions, and liquidations. She also assists clients with their day-to-day corporate governance and compliance obligations, including beneficial ownership requirements and statutory reporting.

In addition to her core focus on corporate law, Dr Ciantar-Barbara has handled various employment law matters, offering guidance on issues such as employment contracts and workplace policies.

Proud member of the Chamber of Advocates and the Institute of Financial Services Practitioners.

Valeriia Simutina

Valeriia Simutina

Office Administrator

As the Office Administrator at Vaia Legal, Valeriia ensures that the firm’s operations run smoothly and efficiently. She specializes in administrative coordination, office management, and business support, allowing the legal team to focus on delivering top-tier services to clients.

Holding a degree in Marketing from Kyiv University, she brings strong organizational and communication skills to her role. Since moving to Malta in 2022, she has been actively involved in office administration, supporting the firm with structured processes and strategic planning. Her ability to anticipate operational needs and implement effective solutions makes her an invaluable part of the Vaia Legal team.

Giovana Cauchioli

Legal Administrator

Giovana Cauchioli joined Vaia Legal as a Legal Administrator, bringing a strong background in legal operations and compliance. She graduated with a Bachelor of Law degree from Universidade Presbiteriana Mackenzie in 2019 and was admitted to the Brazilian bar in the same year. With several years of experience in litigation and general contracts, Giovana has developed a solid understanding of legal frameworks and regulatory processes.

Her professional experience covers various legal sectors, allowing her to provide valuable support in legal administration, contract management, and compliance-related matters. Throughout her career, she has refined her ability to assist in structuring efficient legal processes and ensuring that regulatory requirements are met.

At Vaia Legal, Giovana plays a key role in facilitating legal operations, ensuring that the firm’s work is carried out smoothly and efficiently. Her analytical approach, attention to detail, and commitment to excellence contribute to the firm’s ability to deliver high-quality legal services to its clients.

Dr. Katrina Abela

Founder

Seasoned Lawyer, specializing in Maritime and Aviation Law, having graduated from the University of Malta in 2013. Experienced in yacht and aircraft sale and purchase transactions as well as ownership structures, customs importations, and registration. Successfully assisted several companies in acquiring a Maltese Air Operator’s Certificate, as the key link between the applicant and local authorities, while also consulting on regulatory matters.


Specialties: Commercial Agreements, Sale and Purchase Transactions for Vessels and Aircrafts, Regulation of Aircraft Customs and VAT Status, Importation and Registration matters, AOC applications, Ownership structures and others



Proud member of the Chamber of Advocates, Malta Business Aviation Association, Malta Maritime Law Association and the Advocacy Committee of the European Business Aviation Association.