Cyprus is a reputable and well-respected international financial centre that provides attractive benefits for the establishment and operation of an international Trust. Cyprus International Trusts, (CIT's), provide a high threshold for protection and flexibility for nonresidents. They are attracting HNWIs from around the globe.
The Cyprus International Trust Law underwent significant reform. The Cyprus Trust Law was transformed by the amendment law, Law 20(I)/2012, which was passed in early 2012. CITs will be easier to access and more effective because they are based on more certainty, clarity and stability.
HNWIs in Cyprus are increasingly choosing Cyprus to be their EU Trust jurisdiction. This is due to the high level of professional services available and the low costs.
This guide is meant to give an overview of CITs (Cyprus International Trust Law) This Guide is designed to give a general overview of CITs as well as the advantages and disadvantages. The benefits of a Trust will vary depending on where the Settlor is located and where the Beneficiaries are located.
The following are the advantages of putting assets in a Cyprus International Trust: The legal framework governing CITs was established by the Trustees Law (Cap. 193, which mostly follows the English Trustee Act of 1955 and the International Trusts Law No.69(I)/92 as recent amended (the “Law” and "CIT Law). It is also possible to apply the principles and law of equity and case.
A Trust can name a Protector. This is an individual other than the Trustee. Powers of all nature are granted to the Trust deed. They include the power to veto Trustee’s decisions as well as the power to appoint and cancel the Trustee. Globalserve is a trusted provider of Trustee Services in Cyprus. We have extensive experience with administering and setting up international trusts in Cyprus.
Our highly skilled professionals can assist you in establishing a Cyprus International Trust that suits your needs and business.