With the enactment of the International Trust Law (Law 69(I) of 1992), Cyprus trusts have become very popular for international tax planning and inheritance purposes. In order to establish an international trust, the following conditions need to be met:
- The settlor must not be a permanent resident of Cyprus;
- At least one of the trustees is a permanent resident of Cyprus, and;
- No beneficiary is a permanent resident of Cyprus (unless it is a charity).
The trust property can include immovable property situated in Cyprus.
Our firm can assist you with your tax planning and the establishment of a trust via the provision of the following services:
- Advise as to the procedure of setting up a trust;
- Drafting the Trust Deed;
- Undertaking the procedure of establishing a trust, and;
- Administration of trusts.
For more information, please feel free to contact us.