The firm can assist a client in the formation and management/administration of a Cyprus International Trust. A trust can qualify as a Cyprus International Trust if the four following preconditions are met:

• The settlor is not a permanent resident of the Republic of Cyprus

• At least one of the trustees is a permanent resident of the Republic of Cyprus

• No beneficiary, other than a charitable institution, is a resident of the Republic of Cyprus

• The trust property does not include and immovable property situated in the Republic of Cyprus

It should be noted that a Cyprus International Trust must be registered with the Cyprus Bar Association. The registration only includes:

• The name of the trust

• The name and the address of all trustees

• The date of creation of the trust

• The date of termination of the trust

Cyprus International Trusts enjoy various tax advantages which make them very attractive for tax planning purposes. In general, Cyprus International Trusts are not taxed in Cyprus if the beneficiaries are not Cyprus residents, other that income deriving from a source in Cyprus.

 

Key Contacts: Michael Damianos, Christina Aloupa