Navigating through regulatory frameworks is undeniably complex. Particularly when these frameworks are related to estate and succession planning of high net worth individuals, family offices, and family businesses. These various angles of complexity in regulatory work call for a high degree of expertise, commitment and trust.

Kristian Camenzuli is Managing Director at DFSML, heading the Malta office of the international Dominion Group. Found in major cities across the globe, Dominion Group underlines its leading role in offering solutions to cater for administering private wealth, pensions and trusts as well as providing corporate services.

Stemming from that seasoned know-how, and the Group’s extensive reach worldwide, Mr Camenzuli acknowledges that Dominion is well attuned to servicing the financial and business needs of high and ultra-high-net-worth individuals, family offices and family businesses alike.

DFSML seeks to draw the most efficient results that benefits their clients and pave the way for facilitating intergenerational wealth – a legacy like no other.

DFSML has assets under its trusteeship amounting to some £2 billion (€2.4 billion). Those figures are indicative of his team’s experience in the sector. “The Group in total has over £13 billion (€15.5 billion) of assets.

Emphatically stressing on his team’s disposition to partner with other experts, he explains that “We collaborate with various professionals, both locally and internationally, to offer a first class service to our clients.” The way he describes these collaborations, or better still “relationships” as he prefers to call them, makes it immediately clear that it will bring value to all parties involved. The motivation of all these endeavours springs from a commitment to provide a “better service for our clients”.

The team at Dominion “knows and speaks the language of the high-end client,” with Mr Camenzuli elaborating further that the firm “offers a concierge service that is very well equipped to provide a one-stop setup” and “a service as expected and appreciated by clients to cater to their needs”.

The Dominion Group set its foothold in Malta in 2009. Having offices in Geneva, Jersey and London as well as further away in Atlanta and Singapore, it had its sights mostly on serving clients from foreign jurisdictions. That is now changing, reflecting the ever-developing maturity of the business community in Malta.

Mr Camenzuli discloses that earlier this year, the Malta office started also focusing on the local scene, noting that in collaboration with other partnering firms and stakeholders, its team is optimally positioned to address the needs of Malta’s high net worth individuals and enterprises.

Having direct access to the international Dominion Group is clearly a “competitive advantage,” allowing for “intra-Group expertise and global connections” that Mr Camenzuli readily acknowledges. He details various instances of providing clients with solutions that are available in different jurisdictions, as well as attracting clients to Malta.

DFSML is currently offering the local market bespoke trust structures, administering of qualifying recognised overseas pension scheme (QROPS) for expats, escrow agent services, securities trustee, board members on family businesses, estate and succession planning, risk and performance management, setting up of a Private Trust Company and family governance.

Of particular interest to Mr Camenzuli are family businesses and succession planning. He notes that “Local family businesses have numerous opportunities they aren’t capitalising on because of fear of losing control by the patriarch.” Mr Camenzuli divulges Dominion Fiduciary’s experience in setting up of Private Trust Companies where control is retained by the patriarch or matriarch during their lifetime. He continues to explain that “DFSML will assist in the setup of the structure and sit on the board, instilling good corporate governance in these structures”, while underling that “It is imperative that corporate governance is given its importance, especially in the critical stages when one generation passes on the metaphorical baton on to the next.” He notes how his team is often involved in assisting families in setting up a family charter and family businesses  in setting up structures that pave the way for succession.

Dominion’s extensive expertise in trusts is also highlighted by the Managing Director, noting that better “education” on such arrangements also stands to benefit Maltese business circles. Mr Camenzuli considers that there is more that can be done for the local community to avail of such structures, making it a largely untapped market ready to be explored and fully made use of. Linked to this, he also mentions the support that DFSML offers to financial institutions in this specific aspect. Indeed, Mr Camenzuli points at the advantages of setting up trusts to ensure that wealth is managed well and more efficiently.

Mr Camenzuli also makes reference to Dominion’s offerings for capital market clients, such as serving as securities trustee. The need for such a trustee is a significant feature in the local market’s favoured financing activities. DFSML’s role in this sector is set to continue to grow as it translates into practice its in-house knowledge of handling international dossiers to that of the requirements of Maltese businesses.

There is so much that can be done at a corporate level. Administering foundations is another service that comes to mind. Corporate Social Responsibility (CSR) is a hot topic and on the agenda of most companies. A solution to start offering is through the setting up of a foundation, Kristian Camenzuli points out. He explains that “The Foundation will act as the steward of the Company’s philanthropic arm, managing an annual financial allocation from the group and coordinating its CSR programme.” “We look for the complex and difficult situations and not avoid them. We are here to find solutions,” Mr Camenzuli sums up their operations as he elaborates on the ethos of his team . He illustrates further, describing in layman’s terms how the firm looks into drawing results out of clients’ businesses and making their success that much more valuable.

 Kristian Camenzuli outlines another aspect of the firm’s initiatives as he reveals that “We are also proactively reaching out to foreign companies where the ultimate beneficial owner is not a Maltese resident. If these Companies sit on large cash reserves there is a strong business case to set up  Malta Hold Co. and benefit in many ways including the 6/7ths refund Mechanism”.

On that international note, Mr Camenzuli also provides some more insight, linking with how Dominion is also involved in establishing Asset Protection Trusts (APTs). He frankly remarks: “For a US individual obtaining a second passport, a non-US trust is essential if they plan to leave the US for asset protection or tax expatriation purposes.” Elaborating further on his firm’s role in assisting clients with such requirements, he states that “Dominion serves as the trustee for these Asset Protection Trusts. The settlor benefits from two layers of protection: one at the custodian level, where assets are held outside the US, and another at the trustee level, adhering to Jersey’s proper law.”

 DFSML looks keenly at how to assist Malta’s high-net-worth players, with the win-win factor coming more to the fore. Experience garnered handling substantial dossiers of foreign clients is being adapted to the Maltese context and put to good use. Whether it is a family business carefully managing the succession phase, an individual safeguarding investment, a business looking at the capital markets for its needs and many other scenarios, Dominion seeks to do more for its clients’ wealth. This is a proposition backed up by the Group’s experience and worldwide reach.