Individual Requirements

In the event of a change or addition in persons holding beneficial ownership, controlling interest and/or funding of the Licensee, please visit the Licensee Portal and submit a ‘Change in Personal Details’, located under the Personal Portfolio application menu (NEW/CHANGE). The application shall include:

1. The submission of a Personal Declaration Form (PDF) including the relevant Request for Involvement (RFI) with the Licensee;
2. Due Diligence documents; and
3. Detailed source of wealth declaration, and statement of affairs including evidence of funds.

The Authority has made available a template Source of Wealth declaration as well as a Statement of Affairs template. The Source of Wealth Declaration needs to be filled in by all UBOs and/or third parties investing funds into a Licensee/Licence applicant. This form needs to be supported by detailed and relevant evidence/proof to account for the funds being invested in the operations. The Statement of Affairs form also needs to be filled in by all UBOs and/or third parties investing funds into a Licensee/Licence applicant. Evidence to support this Statement of Affairs might be requested by the Authority in case additional information is required for the purpose of processing the application.

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In the event of any appointment of persons performing one or more key function, please visit the Licensee Portal and submit a ‘Change in Personal Details’, located under the Personal Portfolio application menu (NEW/CHANGE). The application shall include: (Fee: €50)

1. The submission of a Personal Declaration Form (PDF) including the relevant Request for Involvement (RFI) with the Licensee;
2. Due Diligence documents; and
3. Refer to the “Policy on the Eligibility and Ongoing Competency Criteria for Key Persons”

Once the Application is submitted by the applicant, a ‘Request for Involvement’ application is shown in the company’s/companies’ timeline/s, and persons with the necessary access and rights to the company will be able to approve/decline the involvement request.

Any resignation and/or dismissal of persons performing one or more key functions, should be notified to the MGA via email, addressed to the respective Senior Executive within the MGA’s Authorisations Department who is assigned to the Licensee.

 

A renewal application must be submitted once the 4 or 5-year term expires for the Highly Qualified Person (HQP) to continue benefitting from the HPQ status. The below are the required submissions relevant to this renewal.

A ‘Change in Personal Details’ application through the Licensee Portal, located under the Personal Portfolio application menu (NEW/CHANGE). The application shall include:

1. The submission of a Personal Declaration Form (PDF);
2. The following due diligence documents:
   i. Certified Identity Card/ Passport Scans
   ii. Updated Certified Police Conduct covering the last 2 years
   iii. Certified Utility Bill / Certified Bank Statement that include the applicant’s name and current residential address as stipulated in the FIAU Part I Implementing Procedures (updated to within six (6) months of the date of filing of the application).

The below must be submitted through email correspondence addressed to [email protected]:

• The HQP form in soft copy to be accompanied by a hard copy addressed to the Authority;
• Contract of Purchase of Property or Lease Agreement renewal;
• Health Insurance Policy Renewal covering the individual and any dependents; and
• Addenda to the employment contract (if any);
• The last 3 pay slips.

If an applicant is already approved as a HQP and they have changed their employment, they must submit the application for a change of employment to verify whether they are still eligible for the HQP scheme by submitting the below information:

A ‘Change in Personal Details’ application through the Licensee Portal, located under the Personal Portfolio application menu (NEW/CHANGE). The application shall include:

The submission of a Personal Declaration Form (PDF);
The following due diligence documents:
i. Certified Identity Card/ Passport Scans
ii. Updated Certified Police Conduct covering the last 2 years
iii. Certified Utility Bill / Certified Bank Statement that include the applicant’s name and current residential address as stipulated in the FIAU Part I Implementing Procedures (updated to within six (6) months of the date of filing of the application).

The below must be submitted through email correspondence addressed to [email protected]:

• The HQP form in soft copy to be accompanied by a hard copy addressed to the Authority;
• Contract of Purchase of Property or Lease Agreement renewal;
• Health Insurance Policy Renewal covering the individual and any dependents;
• New/Addenda to the employment contract;
• FS4; and
• The last 3 pay slips.

In case of a change in job title within the same company, the MGA only requires an updated HQP form and any addenda/new employment contract.

 

To benefit from the HQP scheme, individuals are required to submit an RA17 form for endorsement by the MGA by the end of April. Once endorsed, this is to be sent to Office of the Commissioner for Revenue together with the tax return form by the end of June of each year.

The below must be submitted through email correspondence addressed to [email protected]:

1. The original signed RA17 form in soft-copy to be accompanied by a hard copy addressed to the Authority;
2. FS3 covering the year being applied for;
3. Health insurance renewals covering the applicant and their dependents for the year being applied for; and
4. Lease agreement renewal covering the year being applied for.