A Trust is an equitable obligation, binding a person (the trustee) to administer the property (the trust property) which is transferred to him by (the settlor) for the benefit of a person or persons ( the beneficiaries) based on the oral or written wishes of the settlor which are expressed in the trust deed or will. The assets of a trust may consist of funds, shares, real estate amd other property.
The trustees are appointed by the settlor and can be legal entities or physical persons. The legal entity can be appointed under the condition that it falls into the category “Trust company”. There are no specific rules on how many trustees can be appointed for each trust, even though is recommended to appoint more than one.
According to the Law, the trustees are the owners of the trust property; nevertheless they do not have the right to administer it as absolute owners, but only in accordance to the provisions of the relevant Trust Laws and the rights of the beneficiaries as these are stated in the trust deed.
The duration of an international trust, unless otherwise stated in the contract, is unrevocable and may last up to one hundred years.
The new Law is only applicable in the case of non-residents and for all intended purposes, non- residents are not only individuals are that are not permanent residents in Cyprus but also international companies and international partnerships. The most important provisions of the Law are summarized as follows:
Definition of International Trust
The Law defines the international trust as the trust of which:
Our firm offers specialized advice in regards of trusts agreement in Cyprus and in other jurisdictions. We deliver a flexible and responsive trust service that meets the needs of a wider range of clients.
The Trust services available include establishing and acting as trustees or co-trustees for the administration of trusts, provision of full accounting services and portofolio administration and reporting.