Significant reforms have been made to the Cyprus International Trust Law. The amendment law (Law 20(I), 2012) was introduced in the early part of 2012. It is believed to have made the Cyprus Trust system the most modern and favorable Trust regime in Europe. CITs would be more accessible and practical if the amendment legislation was based on greater clarity, certainty, and stability.
HNWIs and their families are choosing Cyprus as the EU Trust jurisdiction of choice because it offers high quality professional services at a low cost.
This guide will provide an overview of CITs as well as the Cyprus International Trust Law. This guide is intended to be a starting point for more detailed and thorough discussion about the benefits and issues. The Beneficiaries' domicile and residence will determine the specific benefits of Trusts.
There are many benefits to putting assets in a Cyprus International Trust. The legal framework governing CITs is based upon the Trustees Law, Cap. 193, which is largely based on the English Trustee Act of 1995 and the International Trusts Law No.69/92 as amended (the "Law"), "CIT Law", and "Law". These principles are also applicable to case and equity law.
A Trust can appoint Protectors, which are people other than the Trustee. These powers include the power to veto Trustee's decisions, and to appoint or remove the Trustee. Globalserve, a leader in Trustee services in Cyprus with vast experience in establishing international trusts in Cyprus, is an excellent choice.
Our experts can help you establish a Cyprus International Trust that is tailored to your business and personal needs.