Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the MFSA list entry, including banking and payment rails.
Malta fund: Notified AIF, NPIF and PIF under Cap. 370.
A Malta fund sold only to professional or qualifying investors can be notified instead of licensed. Under the Investment Services Act (Cap. 370), the Malta Financial Services Authority (MFSA) lists a Notified AIF within 10 working days of a complete pack. The listing is not an approval and brings no ongoing supervision; the full-scope manager answers for the fund. We build NAIF and NPIF files from Valletta.
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Updated · Reviewed by the Prifinance team
Malta in brief
Malta fund: three MFSA routes, and only the PIF needs a fund licence.
A Malta fund for professional investors is built under the Investment Services Act (Cap. 370), in force since 19 September 1994 and consolidated on 5 August 2025, and under three sets of MFSA rules reissued on 5 October 2026. The Notified AIF (NAIF) rules, version 6.00, describe a fund that is exempt from licensing once it appears in the MFSA List of Notified AIFs, managed by a full-scope alternative investment fund manager (AIFM) under the AIFMD, Directive 2011/61/EU. Version 1.06 of the Notified PIF (NPIF) rules applies the same logic to de minimis and self-managed funds, under S.L. 370.34 and regulation 5 of S.L. 370.02. The licensed Professional Investor Fund (PIF) keeps application rules of its own, now version 8.00. Rule 4.06 is blunt: a listed NAIF is not authorised, licensed or approved by the MFSA, which does not supervise it on an ongoing basis. A Malta-licensed AIFM, by contrast, sits in the MFSA's public Financial Services Register.
The timetable starts at the board table. Once the governing body approves the prospectus by resolution, the AIFM has 30 calendar days to file the notification pack; a later filing is not valid. The MFSA then enters the fund in its list within 10 working days of a complete pack in original, filed with the fee, and only after that may the prospectus carry a date. S.L. 370.52 sets the money in yearly steps: for a NAIF the AIFM pays EUR 2,625 to notify in 2026 (EUR 3,000 from 2027), EUR 750 per sub-fund, and a fund supervisory fee of EUR 3,000 for 2026 on entering the list. For a SICAV, INVCO or cell company the board has at least three members, one resident in Malta and one independent of the AIFM, the depositary and the promoter. A self-managed fund cannot be a NAIF at all. Its options are the NPIF and the PIF.
Cap. 370 lets a professional Malta fund skip the fund licence: a NAIF under a full-scope AIFM, or an NPIF for de minimis and self-managed funds, each entered in an MFSA list.
Filing within 30 calendar days of the board resolution, list entry within 10 working days. EUR 2,625 to notify a NAIF in 2026, EUR 3,000 from 2027.
The two builds
Notified AIF or Notified PIF: the manager decides.
Both routes avoid a fund licence and both end with an entry in an MFSA list. The manager separates them: a full-scope AIFM leads to the NAIF; a de minimis, third-country or exempt family-office manager, or self-management, to the NPIF.
The manager decides: a full-scope AIFM means a NAIF; de minimis, third-country, family-office or self-managed means an NPIF.
01 - NOTIFIED AIF (NAIF)
Under a full-scope AIFM
A NAIF is exempt from licensing once the MFSA lists it. Its AIFM, licensed by the MFSA or managing it cross-border from another EU state under Article 33 of the AIFMD, files the pack and takes responsibility for the fund.
A NAIF is exempt from licensing once the MFSA lists it. Its AIFM, licensed by the MFSA or managing it cross-border from another EU state under Article 33 of the AIFMD, files the pack and takes responsibility for the fund.
- ✓Full-scope AIFM files the pack
- ✓Listed within 10 working days
- ✓EUR 2,625 to notify in 2026
- ✓Corporate board of three, one resident
- ✓No self-managed schemes
- ✓Lenders follow the Loan Fund Rules
02 - NOTIFIED PIF (NPIF)
For smaller and self-managed funds
An NPIF is exempt from licensing on entry in the List of NPIFs. It may manage itself or use a de minimis, third-country or exempt family-office manager, and it must appoint a Due Diligence Service Provider and a fund administrator.
An NPIF manages itself or uses a de minimis, third-country or exempt family-office manager, with a Due Diligence Service Provider, a Malta administrator and EUR 100,000 per investor.
- ✓Self-managed or de minimis AIFM
- ✓Due Diligence Service Provider
- ✓Malta administrator, art. 9A recognition
- ✓EUR 100,000 from every investor
- ✓No depositary required, rule 8.02
- ✓EUR 2,375 to notify in 2026
Both builds follow Cap. 370 and the MFSA rules of 5 October 2026. The third route, a licensed PIF under application rules version 8.00, is weighed against them for each strategy before we choose.
Why Malta
Six reasons sponsors notify a fund in Malta.
✓
10 working days, in writing
Both MFSA rulebooks print the same clock: 10 working days from a complete filing in original to the list entry. The launch date then depends on the sponsor's own preparation.10 working days in both rulebooks.
✓
Fees known up to 2027
S.L. 370.52 prints each fee in yearly columns: the AIFM pays EUR 2,625 to notify a NAIF in 2026 and EUR 3,000 from 2027. Supervisory fees are set the same way up to 2029.EUR 3,000 from 2027, already published.
✓
Supervision sits with the AIFM
Oversight runs through the full-scope AIFM rather than the fund. A Malta-licensed AIFM needs initial capital of at least EUR 125,000 under the MFSA rules for investment services providers.Regulated AIFM, EUR 125,000 initial capital.
✓
A route for small managers
The NPIF has given de minimis managers a notified route since 18 December 2023, and self-managed funds since 12 February 2025. It stays non-retail and closed to anyone who is not a professional or qualifying investor.NPIF route since December 2023.
✓
Every usual legal form
SICAV, INVCO, incorporated cell company, limited partnership, unit trust or contractual fund, open- or closed-ended. The NAIF rules accept each, so the wrapper follows the strategy and the investors.SICAV, INVCO, LP, unit trust.
✓
Exempt gains for non-residents
Under article 12(1)(c)(ii) of the Income Tax Act a non-resident's gains on units, redemptions included, are exempt, unless individuals ordinarily resident and domiciled in Malta own and control that investor or it acts for them.Article 12(1)(c)(ii) exempts their gains.
How it compares
How Malta differs from other fund domiciles.
The useful question is who looks at the fund before it takes money. In Malta: the AIFM, then a list entry within 10 working days. Elsewhere, a register, a marketing notice or a manager registration.
Malta vs other fund domiciles
| Feature |  Malta | Other domiciles |
|---|---|---|
| Official clock | 10 working days | 20 working days to two months |
| Fund approval | None - list entry only | None for a RAIF |
| Entry fee | EUR 2,625 (NAIF, 2026) | CHF 750 (LI) · EUR 2,000 (EE) |
| Manager | Full-scope or de minimis AIFM | Licensed or registered manager |
Official clock
Malta10 working days
Other domiciles20 working days to two months
Fund approval
MaltaNone - list entry only
Other domicilesNone for a RAIF
Entry fee
MaltaEUR 2,625 (NAIF, 2026)
Other domicilesCHF 750 (LI) · EUR 2,000 (EE)
Manager
MaltaFull-scope or de minimis AIFM
Other domicilesLicensed or registered manager
Country by country
| Country | Vehicle | Regulator | Notes |
|---|---|---|---|
| Malta | NAIF · NPIF · PIF | MFSA | List entry in 10 working days |
 Luxembourg | RAIF by notarial deed | No CSSF approval of the fund | RCS list within 20 working days |
 Liechtenstein | AIF marketing notice | FMA | Reply in 20 working days, CHF 750 |
 Estonia | Small fund manager | Finantsinspektsioon | EUR 2,000, decided in two months |
MaltaVehicleNAIF · NPIF · PIF
RegulatorMFSA
NotesList entry in 10 working days
LuxembourgVehicleRAIF by notarial deed
RegulatorNo CSSF approval of the fund
NotesRCS list within 20 working days
LiechtensteinVehicleAIF marketing notice
RegulatorFMA
NotesReply in 20 working days, CHF 750
EstoniaVehicleSmall fund manager
RegulatorFinantsinspektsioon
NotesEUR 2,000, decided in two months
Before you launch
What a Malta fund actually requires.What a Malta fund requires.
Notification removes the licence application; the preparation stays. Every line below has to be settled before the AIFM files and the MFSA's 10 working days can start.
01
Manager - a full-scope AIFM, Malta-licensed or managing cross-border under AIFMD Article 33, that files the pack.
02
Board resolution - it approves the prospectus, and a pack filed more than 30 calendar days later is not valid.
03
Board seats - a SICAV, INVCO or cell company needs at least three members, one of them resident in Malta.
04
Independent member - at least one director independent of the AIFM, the depositary, the promoter and all other providers.
05
Compliance and MLRO - the AIFM's compliance officer covers the NAIF, and the board appoints an MLRO in agreement with the AIFM.
06
Investor eligibility - professional investors, or qualifying investors who invest EUR 100,000 and may not redeem below it.
07
Qualifying test - for example net worth above EUR 750,000, alone or with a spouse, and a written acceptance of the risks.
08
Legal form - one of the forms the NAIF rules list, open- or closed-ended, picked for the strategy and the investor base.
09
Notification fee - EUR 2,625 for 2026 plus EUR 750 per sub-fund under S.L. 370.52, filed with the pack.
10
Lending strategy - a NAIF investing through loans follows the Loan Fund Rules and the AIFMD; it may not lend to or service consumers in Malta.
01
Full-scope AIFM files.
02
Pack within 30 calendar days.
03
Corporate board of three, one resident.
04
One independent director.
05
MLRO agreed with the AIFM.
06
Investors from EUR 100,000.
07
EUR 750,000 test or another.
08
Legal form chosen.
09
EUR 2,625 fee for 2026.
10
Loan Fund Rules for lenders.
Reflects Cap. 370, NAIF rules version 6.00, NPIF rules version 1.06 and S.L. 370.52 as of 2026.Cap. 370, NAIF v6.00, NPIF v1.06, S.L. 370.52, as of 2026.
Verify it yourself
Official sources
Regulator pages, legal texts and public registers the figures on this page are based on.
- LawIncome Tax Act (Cap. 123), version published 10 March 2026 - legislation.mtlegislation.mt
- GuidanceMFSA - Investment Services Rules for Notified AIFs, Part A, Version 6.00 (5 October 2026)mfsa.mt
- GuidanceMFSA - Investment Services Rules for Notified PIFs, Part A, Version 1.06 (5 October 2026)mfsa.mt
- FeesInvestment Services Act (Fees) Regulations, S.L. 370.52 (in force 1 January 2025) - legislation.mtlegislation.mt
- RegisterMFSA - Financial Services Registerfsr.mfsa.mt
How it works
From board resolution to the MFSA list.
01
Manager status
The manager's status picks the route: a full-scope AIFM for a NAIF; a de minimis, third-country or exempt family-office manager, or self-management, for an NPIF. A sponsor who wants a fund licence goes to the PIF.Full-scope, de minimis or self-managed.
02
Board and providers
At least three directors for a corporate NAIF, one resident in Malta and one independent, plus the MLRO. An NPIF adds its fund administrator and its Due Diligence Service Provider.Directors, MLRO and providers.
03
Prospectus and resolution
The prospectus is settled and the governing body approves it. From the date of that resolution the 30-calendar-day filing window runs.Approved; 30 calendar days start.
04
Filing and listing
The pack goes to the MFSA in original with EUR 2,625 for 2026. The MFSA enters the NAIF in its list within 10 working days.EUR 2,625, listed in 10 working days.
05
Dating and annual fee
After the list entry the prospectus may be dated. The fund supervisory fee is paid on inclusion and then yearly: EUR 3,000 for 2026, rising each year to 2029.Dated prospectus, yearly supervisory fee.
Quick facts
StatuteCap. 370, consolidated 5 Aug 2025
NAIF rulesVersion 6.00, 5 Oct 2026
NPIF rulesVersion 1.06, 5 Oct 2026
Filing window30 calendar days from resolution
List entry10 working days
Notification, 2026EUR 2,625 (NAIF) · EUR 2,375 (NPIF)
Supervisory fee, 2026EUR 3,000 (NAIF) · EUR 2,500 (NPIF)
Qualifying investorEUR 100,000 minimum
The MFSA's 10 working days are the short part. We plan the weeks before them around the AIFM's onboarding and the board, because the 30-calendar-day window opens only once the prospectus is approved.
On the ground in Malta
Run from our Valletta office.
Prifinance - Malta
Valletta · Malta
Valletta, Malta
01
Route by manager status
The route follows what the manager already holds: a full-scope authorisation points to a NAIF, anything smaller to the NPIF or the PIF.What the manager holds decides the route.
02
Pack within 30 calendar days
The board resolution timed against the pack, so that the filing lands inside the 30-calendar-day window.Resolution timed to the 30 days.
03
Board and officers
The resident and independent directors identified for the governing body, and the MLRO agreed with the AIFM.Resident and independent directors, MLRO.
04
Filing and list entry
Pack filed in original with the fee. The MFSA list entry follows within 10 working days, and only then is the prospectus dated.Listed in 10 working days, then dated.
We also have offices in
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
London
United Kingdom
7 Bell Yard
Budapest
Hungary
Korányi Sándor u. 4
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of Malta funds, article by article.
The Income Tax Act (Cap. 123), in the version published on 10 March 2026, sets the fund exemption and the investor rules. Some points are confirmed per structure.
Which funds count
Article 2(1) counts a scheme licensed under the Investment Services Act or notified under the List of Notified AIFs Regulations. A NAIF fits that wording; an NPIF is confirmed per structure.Licensed, or notified under the Regulations.
Fund income exempt
Article 12(1)(s) exempts the income of a collective investment scheme, except income from immovable property situated in Malta and the investment income that article 41A(a) describes.Exempt, with two carve-outs.
The prescribed fund question
Article 41A taxes that investment income only within a prescribed fund (one meeting prescribed conditions), and not when another scheme pays it. We check those conditions before the investment policy is fixed.Conditions checked per fund.
Non-resident unit holders
Gains on units, redemption, liquidation and cancellation included, are exempt for a non-resident beneficial owner not owned and controlled by, or acting for, individuals ordinarily resident and domiciled in Malta.Non-resident gains on units exempt.
Interest and royalties
Interest, discount, premium or royalties paid to a non-resident are exempt under article 12(1)(c)(i), unless tied to a Maltese permanent establishment; the ownership test applies too.No link to a Maltese establishment.
Duty on documents
Article 47 of Cap. 364 exempts dealings in securities of schemes holding a collective investment scheme licence. A notified fund holds no such licence, so its duty position is confirmed per structure.Licensed schemes named in art. 47.
Tax summary
Fund incomeExempt, art. 12(1)(s)
Carved outMalta property; art. 41A(a) income
Non-resident gainsExempt, art. 12(1)(c)(ii)
Prescribed fundConditions checked per fund
Duty on documentsArt. 47 names licensed schemes
*As of 2026 per Cap. 123 and Cap. 364. Home-country tax for each investor is modelled per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Malta vehicle, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live fund.
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Malta · Cap. 370 · MFSA
Launch your Malta fund with expert support.
Full-service assistance - from route choice and AIFM appointment to the notification pack, the MFSA list entry and the first supervisory fee - run through our Valletta office.
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Request a free conclusion →FAQ
The Malta fund: what sponsors ask first.
What is a notified AIF in Malta?+
A Notified AIF (NAIF) is a fund exempt from licensing under Cap. 370 once the MFSA enters it in the List of Notified AIFs. Its full-scope AIFM files the notification and takes responsibility for it.
Does the MFSA approve a NAIF?+
No. Under rule 4.06, inclusion in the list does not mean the fund is authorised, licensed or approved by the MFSA, and a NAIF is not subject to ongoing supervision. The AIFM's own regulator supervises the manager.
Who can invest in a Malta NAIF?+
Professional investors, with no minimum stated, and qualifying investors who put in at least EUR 100,000 and keep it there through partial redemptions. A qualifying investor also accepts the risks in writing and meets one test, such as net worth above EUR 750,000.
How long does it take to launch a Malta fund?+
At the MFSA, 10 working days from a complete pack filed in original, and the pack must follow the board resolution within 30 calendar days. A sponsor that still needs its own AIFM licence waits up to three months from a complete application, extendable by three more.
What does a Malta fund cost?+
In 2026 the AIFM of a NAIF pays the MFSA EUR 2,625 to notify, EUR 750 per sub-fund and a EUR 3,000 supervisory fee; an NPIF itself pays EUR 2,375 and EUR 2,500 (S.L. 370.52). The AIFM and the other providers charge separately. Our fee for the NAIF or NPIF file is confirmed in writing after a free assessment.
When does a fund in Malta use the NPIF?+
When the manager is a de minimis or third-country AIFM, an exempt family-office manager, or none. Launched on 18 December 2023, the NPIF needs a Due Diligence Service Provider and a Malta administrator, and it takes EUR 100,000 per investor, professional ones included. A Malta de minimis AIFM pays EUR 6,750 to apply for its MFSA licence in 2026.
Can a self-managed fund be a NAIF?+
No. Rule 2.02 says the notification cannot be requested for self-managed collective investment schemes. Such a fund looks at the NPIF, which allows self-management, or at the licensed PIF, which may also manage itself.
When is a licensed Malta PIF the better route?+
When the sponsor wants a fund licence rather than a list entry. Under the PIF application rules, version 8.00, MFSA comments come generally within three weeks. The in-principle approval then stays valid for three months, and the licence issues once pre-licensing issues are resolved.
Where can I check a Malta fund's status?+
In two places. The MFSA keeps the List of Notified AIFs on its website, and its Financial Services Register shows a Malta-licensed AIFM among the firms it licenses and regulates. A list entry shows that the fund was notified and nothing more: rule 4.06 says it implies no approval.
Why Prifinance for a Malta fund?+
From our Valletta office we pick the route from the manager's status, then time the board resolution so that the pack reaches the MFSA in original inside the 30 calendar days. Where the sponsor's family holds its stake through a Malta trust, we set that trust up as a separate structure.
What is a NAIF?+
A fund listed, not licensed, by the MFSA.
MFSA approval?+
No - rule 4.06, no ongoing supervision.
Who invests?+
Professional, or qualifying from EUR 100,000.
How long?+
10 working days after a complete pack.
Cost?+
NAIF EUR 2,625 (2026). Our fee: after a free assessment.
When an NPIF?+
De minimis, third-country, family-office or self-managed.
Self-managed NAIF?+
No - rule 2.02.
Why a PIF?+
For a fund licence; rules v8.00.
Where to check?+
List of Notified AIFs; Financial Services Register.
Why Prifinance?+
Route, board and pack from Valletta.
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Malta Financial Services Authority (MFSA) or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.