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Cyprus International Trusts enjoy important tax advantages. Although taxation considerations relating to Trusts are fairly complicated, the following are indicative advantages.
- Double Tax Treaties
Cyprus has a wide network of double tax treaties and many of these treaties are drafted in such a way that trusts are eligible for their benefits, making it an attractive choice of jurisdiction from the fiscal point of view when considering a settlement of assets into a trust.
Any income of a Cyprus International Trust, whether trading or otherwise, is not taxable in Cyprus.
Dividends, interest or other income received by a Cyprus International Trust from a Cyprus international business company are not subject to tax.
- Capital gains
Gains on the disposal of the assets of a Cyprus International Trust are not subject to tax in Cyprus.
- Individuals retired in Cyprus
A foreign individual who creates an International Trust in Cyprus and retires in Cyprus would be exempt from tax in Cyprus if all the property settled and the income earned is abroad, even if he is a beneficiary.
- Estate Duty
A Cyprus International Trust would not be subject to estate duty in Cyprus.