International Trusts Law
The new Law is only applicable in the case of non-residents and for all intended purposes, non- residents are not only individuals that are not permanent residents in Cyprus but also international companies and international partnerships.
The most important provisions of the Law are summarized as follows:
Definition of International Trust
The Law defines the international trust as the trust of which:
- The settlor is not a permanent resident of Cyprus
- No beneficiary other than a charity is a permanent resident in Cyprus
- The trust property does not include any real property situated in Cyprus
- There must be at least one trustee resident in Cyprus at all times. For this reason a Trust Company is incorporated in Cyprus under the supervision of the Central Bank of Cyprus fulfilling all the requirements of a trustee.
Our firm offers specialized advice in regards of trusts agreement in Cyprus and in other jurisdictions. We deliver a flexible and responsive trust service that meets the needs of a wider range of clients.
The Trust services available include establishing and acting as trustees or co-trustees for the administration of trusts, provision of full accounting services and portofolio administration and reporting.
Reasons for setting up a trust in Cyprus
- Trusts have always been important tools for tax planning and until today a significant percentage of tax savings models include the use of trusts
- Preservation of family fortune
- To benefit and protect handicapped persons
- Protection of assets
For information on the formation of Trusts according to your own circumstances, please get in touch with a member of our professional team to arrange a meeting to discuss your precise needs.
For more information please download our TAX FACTS leaflet.