Cyprus International Trusts
Cyprus International Trusts
Cyprus International Trusts
A trust is created by one person ("the Settlor") by a written document ("the Trust Deed") who transfers property to another person or persons ("the Trustee") to hold that property for the benefit of other person or persons ("the Beneficiary/ies").
Such a trust may include property (assets include, inter alia, movable and immovable property, shares or cash) anywhere in the world.
The following requirements are required to set up an International Cyprus Trust:
(a) The settlor must not be a permanent resident in the Republic of Cyprus;
(b) The beneficiary must not be a permanent resident in the Republic of Cyprus (charitable institutions are an exception);
(c) The trust property must not include any immovable property in Cyprus;
(d) At least one of the Trustees must be resident in the Republic of Cyprus;
Advantageous Uses of International Trusts
-Protection against high taxation
For settlors residing in high taxation jurisdictions, it is possible to minimize their taxation on income or wealth by transferring property to a Cyprus International Trust, as under a proper tax structure they will be able to take advantage of the beneficial double taxation treaty network of Cyprus.
-Confidentiality
An individual who wishes to keep the ownership of a company anonymous and confidential, cab set up a Discretionary Trust to own shares in this company. Furthermore, confidentiality is absolutely achieved, as there is no requirement to register or publish the financial results of an International Trust. The Deed of Trust is private to the parties concerned whereas in many overseas jurisdictions, when a person dies his will becomes open to public inspection.
-Holding property that cannot personally be held
An individual can ensure that minors, mentally handicapped persons or persons that cannot be trusted with the management of the individual's estate are well provided for, even after the individual's death.
-Inheritance by precluded persons
An individual can arrange to be inherited by persons, who due to the legislation of the individual's country, would otherwise be excluded from the inheritance.
-Promoting causes and charities
Through an international Trust, a person may provide for a charity, promote a religious or artistic cause, or establish a foundation to support a worthy project.
-Power to transfer jurisdiction
An International Trust may be transferred to another country's jurisdiction and at the same time a trust established in another jurisdiction may be transferred to Cyprus. This facility will, without much expense or trouble, assist the Settlor wishing to relocate or benefit from the many advantages of Cyprus as a financial center.
-Not subject to exchange control
Bank deposits with Cyprus banks, either local or international, are not subject to exchange control.
-No registration or reporting requirements
There are no registration or reporting requirements for International Cyprus Trusts. The names of the Trust or of the persons referred to in the Trust Deed are not disclosed to any authority.
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