The Cyprus International Trust Law was significantly reformed. Law 20(I),/2012 (amending law) is said have made the Cyprus Trust System the most current and favorable Trust system in Europe. CITs should be made more practical, accessible, effective, and efficient by amending legislation. This law is based upon greater certainty, clarity,, and stability.
HNWIs are increasingly choosing Cyprus over other EU Trust jurisdictions due to its low cost and professional services. This guide outlines CITs and the Cyprus International Trust Law. The Guide is therefore intended as a guideline for further discussion and analysis of the issues and their advantages.
The beneficiary's domicile and whereabouts of the Settlor will impact the specific benefits of a Trust. These are the main benefits of a Cyprus International Trust. 193, which mostly follows the English Trustee Act of 25, and the International Trusts Law No.69/92 as it was recently amended (the Law and the "CIT Law"), is the basis.
Case law and principles of equity also apply. A Trust can appoint Protectors, which are persons other than the Trustee. These powers include the ability to veto Trustee’s decisions and to appoint/cancel the Trustee.
Globalserve has extensive experience with administering and establishing Cyprus International Trusts.
Our experts can assist you with establishing a Cyprus International Trust based on your needs and business.