Kristian Camenzuli, CFA, serves as the Managing Director of Dominion Fiduciary Services Malta Limited (DFSML), leading the Malta office of the international Dominion Group. With a presence in major cities worldwide, Dominion Group specialises in administering private wealth, pensions, and trusts, as well as offering corporate services, serving a global clientele from offices across Europe, the United States, and the United Kingdom.

Leveraging the group’s global reach and deep expertise, Kristian ensures Dominion remains a trusted partner for high and ultra-high-net-worth individuals, family offices, and businesses, delivering tailored solutions to meet their financial and business needs.

With a wealth of experience in investment management, lecturing, establishing trusts and foundations and pension administration, he has built a strong reputation for leadership, financial management, and strategic planning. Under his direction, DFSML is dedicated to achieving optimal results for clients, focusing on intergenerational wealth transfer and creating enduring legacies that stand the test of time.

“Trusts and foundations are a concept that high-net-worth clients are well-versed in, and we aim to start bring that same level of enthusiasm to Maltese clients,” Kristian maintains. “Achieving this requires a strong focus on education. There's a misconception about trusts and foundations in Malta. In reality, they are powerful tools for estate planning and succession planning, ensuring a smooth transition of wealth and the preservation of family legacies.”

“My goal is to inform individuals about trusts and foundations and spark their interest in learning more. For instance, some Maltese individuals are reluctant to set up a trust in Malta because trust law in Malta remains relatively untested in complex legal disputes or landmark cases, which creates some uncertainty about how certain provisions might be interpreted or enforced in practice,” he notes.

That said, a client can set up a trust in Malta whilst applying the law of the settlor’s choice, the Managing Director confirms.

 “This was made possible when Malta became signatory to the Hague Trust Convention in 2004. This approach is particularly beneficial for individuals involved in international estate planning, asset protection, and succession planning. Using a Maltese trustee allows settlors to leverage off robust asset protection, tax planning, a trust deed tailored to their wishes, and efficient administration – all while adhering to the principles and rules of the chosen foreign law.”

A logical question that may arise from clients is, ‘Why not set up the trust in Jersey and use Jersey law instead?’ Providing a clear answer to this, Kristian states, “Malta is an EU member state. The cost of setting up a trust in Malta is lower than that of other countries such as Jersey. Also, the fact that it is administered locally offers convenience and accessibility for Maltese residents, while still being administered to highest international standards.”

Many Maltese clients express concerns about trusts, as they are hesitant to transfer ownership to a trustee. “A viable alternative lies in foundations, which offer similar benefits without requiring ownership to be transferred,” the Managing Director advises, noting, “for family businesses considering succession planning, setting up a Private Trust Company remains an effective option. With the assets held by the PTC and a capable board overseeing the structure, this solution can create a roadmap for succession, preserving the patriarch’s legacy for generations to come.”

Looking ahead, Kristian is optimistic about Dominion’s role as a trustee and corporate service provider. “Malta has immense potential to further solidify its position as a leading jurisdiction given our multi-cultural population and the increase in net worth of many individuals looking into estate planning,” he believes, pointing to Malta's robust legal framework, EU membership, and competitive tax regime as key advantages.

The landscape of family office structures is constantly evolving, and Dominion remains agile in adapting its services to meet these changing needs. Kristian observes key trends shaping the sector. “We are seeing a growing sophistication in client expectations,” he states. Dominion's approach is to offer flexible and bespoke services that cater to the increasingly complex requirements of modern family offices. By staying ahead of the curve and understanding these evolving trends, Dominion ensures it’s a name that resonates amongst family offices looking at setting up on the island.

Kristian's own background in investment management is crucial to Dominion's approach to asset protection and wealth preservation for multi-generational family businesses. “Having spent years in investment management, I understand the critical importance of aligning asset protection strategies with long-term wealth preservation within the framework of efficient tax planning,” Kristian explains. Dominion focuses on creating robust structures that not only safeguard assets but also ensure their sustainable growth across generations. This integrated approach provides clients with peace of mind, knowing their wealth is both protected and strategically managed.

“We offer a solution for clients coming from different regions. For US persons looking to diversify or protect their assets outside the United States, we offer a solution – Asset Protection Trusts,” the Managing Director explains. He highlights that Dominion utilises its extensive network of custodians and advisors to craft personalised strategies, helping US clients navigate the complexities of international asset management.

“We want to use our group expertise to also serve local clients. One of the main challenges Maltese firms face in competing globally for private client services is delivering a genuine private client experience to high and ultra-high-net-worth individuals,” Kristian adds, emphasising the need to reassess their strategic goals and move away from ‘wanting to be everything for everyone’ to focusing their efforts on giving a superior service to their clients.

Dominion also supports Maltese family business by promoting strong corporate governance frameworks. “We assist them in structuring their boards to foster effective decision-making, succession planning, and the preservation of family wealth across generations,” he explains. “This involves a cultural shift from a one-person operation to more structured and formalised system. This transition is often led by a patriarch ready to gradually hand over responsibilities to the next generation, allowing them to take the helm. Establishing a Private Trust Company is one approach that can help family businesses embrace robust governance while ensuring a smooth generational transition, without the patriarch losing control of the business.”

Kristian also recognises the evolving regulatory landscape, maintaining, “regulations are constantly changing, so we continually update our procedures and educate our team. We then share this knowledge with our clients, helping them manage compliance risk and strengthen their own corporate governance.” Certainly, in an era of increasing global regulatory scrutiny, Dominion prioritises compliance, he affirms. “We have a dedicated compliance department that reports directly to the board. Everything is meticulously scrutinised. We take compliance very seriously.”

Finally, Kristian highlights Dominion's collaborative approach as a key differentiator. “We work with other professionals, leveraging their expertise alongside our own,” he explains. “We don't operate in isolation.” And this collaborative spirit extends to their client relationships. “We aim to empower clients with knowledge, creating structures that make sense for their unique circumstances. Whether it's a family office, a family business, or an individual, the goal is to provide peace of mind, knowing their wealth is structured effectively for the future,” he states.

By combining a deep understanding of the Maltese business landscape with a global perspective, Dominion is poised to continue its growth and solidify its position as a leader in the private wealth, pensions, and trust and corporate services sector.