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In order for a trust to qualify as a Cyprus International Trust and enjoy the advantages afforded by Cyprus law to Cyprus International Trusts, the Cyprus International Trust must comply with the following requirements as regards the settlor, the beneficiaries, the trustees, and the property of the Cyprus International Trust.
Under the Cyprus International Trusts Law the settlor of a Cyprus International Trust may be an individual or a legal entity but may not be a permanent resident in Cyprus.
Under the Cyprus International Trusts Law the beneficiaries of a Cyprus International Trust may be individuals or legal entities but may not be permanent residents in Cyprus.
Under the Cyprus International Trusts Law at least one trustee of a Cyprus International Trust must be a permanent resident in Cyprus. As a rule, Cyprus companies operate as trustees of Cyprus International Trusts.
Under the Cyprus International Trusts Law the property settled in a Cyprus International Trust may be any property other than immovable property in Cyprus.
If the settlor so wishes, (s)he may appoint a protector in the Cyprus International Trust who would have the power to veto certain decisions of the trustees.