S.L. 246.7 Art. 3Non-resident persons to whom this Order applies. Cap. 246. Cap. 233. Cap. 233. Cap. 364.

(1) This Order shall apply to non-resident persons falling under the definition in paragraph (a) of the definition of

"non-resident person" in article 2 of the Immovable Property

(Acquisition by Non-Residents) Act (hereinafter in this Order referred to as "the Act") and to non-resident persons falling under paragraph (b) of the said definition but only where none of the shares or interests in such body of persons are issued or transferable by delivery to bearer: Provided that the interest or shares in any such entity may be held and registered in the name of a nominee, resident in Malta, provided such nominee obtains permission under such conditions as the Minister may deem appropriate to issue in accordance with article 17(2) of the Exchange Control Act.

(2) Where the non-resident person is a body of persons as defined in subarticle (1), it shall be a condition of the permit that the shares or interests in the said body of persons shall not be transferable to any person inter vivos without the permit in writing by the Minister and where the shares or interests are held by a nominee, a new permission under the Exchange Control Act shall be obtained prior to the transfer of any share or interest in the body of persons to new beneficial interests and such a change in beneficial interests shall be deemed to be a transfer of the registered shares or interests for the purpose of the Duty on

Documents and Transfers Act, and shall pay to the Minister the sum that would be due as duty under that Act and notwithstanding anything contained in the said Act.

(3) For the purposes of a permit as is referred to in subarticle (2), an application shall be made on behalf of the person to whom such transfer is intended to be made, giving such details or other documentation relative to such person as apply in respect of the original shareholders as prescribed under this Order. Such permit shall only be granted upon the payment of the fee referred to in article 7.