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INTRODUCTION and APPLICABLE LAW
The principles and doctrines of Equity generally speaking, apply in Cyprus as a matter of local law, but there are also specific pieces of legislation relating to Trusts.
These are the Trustees Law, Cap. 193 of the Cyprus Code, which was enacted in 1955 and the International Trusts Law, which was enacted in 1992 and regulates the creation and functioning of an ‘’international trust’’ and is considered to include modern ideas about international trusts.
The latter Law relates to trusts in respect of which:
(a)The settlor is not a permanent resident in the Republic of Cyprus
(b)at least one of the trustees for the time being is a permanent resident in the Republic of Cyprus
(c)none of the beneficiaries, other than a charitable institution, is a permanent resident of the Republic of Cyprus
(d)the trust property does not include any immovable property situated in the Republic of Cyprus
In combining the benefits of an international trust with the benefits attached to a Cyprus holding International business company (-ex- offshore company), one can prepare interesting projects, considering the additional benefits of Double Taxation Treaties which Cyprus has with a large number of countries, including eastern European and other countries.
WORK UNDERTAKEN BY OUR OFFICE
- Our firm can advise as to the procedure of setting up a trust, draft the Trust Deed and generally complete this procedure.
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Furthermore, our Firm, acting through trustee companies owned and controlled by lawyers in our firm, can act as trustees, settlors, or protectors and administer trusts.
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