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Since 1992 when Cyprus enacted The International Trusts Law, Cyprus has proven to be a favourable jurisdiction for creating international trusts. The International Trusts Law of 1992 complements the Trustee Law which is based on the English Trustee Act 1925 and the doctrine of equity and case law of England. We have substantial experience in setting up Cyprus International Trusts and acting as Trustees.
Concept of trust
Cyprus law recognises the traditional English law concept of trusts where a trust is formed when certain property is transferred by its owner to one or more persons, named “trustees”, to be managed by the trustees for the benefit of other persons named “beneficiaries”. A valid trust must demonstrate three certainties: the intention to benefit other persons, the trust property, and the identifiable beneficiaries.
Trusts can be used for a number of purposes, the most common of which in our experience are estate planning and asset protection.
Using a Cyprus International Trust, a foreign individual can ensure that his next-of-kin who are, for example, minors or mentally handicapped persons are well provided for, even after the individual's death.
Certain assets can be placed into a Cyprus International Trust to safeguard them for future generations and to protect the interests of beneficiaries. The position under Cyprus law that only Cyprus court decisions are recognized in Cyprus on the matters concerned with Cyprus trusts adds to the protection of assets settled in a Cyprus trust. Our experiences specialists will be able to advise you whether your assets can be adequately protected using a Cyprus International Trust.
- Trust Deed (or a similar document) must be executed in which the settlor expresses its intentions as regards the settlement of the property into the trust and entitlement of the beneficiaries to the property so settled;
- The Stamp duty of approximately Euro 500 must be paid on the document creating the trust; and
- The property must be transferred to the trustees.