Setting up a trust in Cyprus:
A trust is a convenient way by which an individual could manage their wealth. To ensure that one’s wealth will be treated according to their wishes it is crucial to obtain proper help and advice both during as well as following the setting up period. With extensive experience on trust matters, we are ready to holistically advise you throughout a trust’s life. Specifically, we provide advice regarding the setting up of a trust in Cyprus and its management thereof, including the drafting of a detailed and comprehensive trust instrument which aims at fulfilling the settlor’s wishes and keeping trustees accountable regarding their fiduciary obligations.
Cyprus International Trust (CIT):
CITs refer to English common law based legal vehicles that aim at facilitating the management of the wealth of high-net-worth individuals in Cyprus. The CIT vehicle offers significant advantages, not found in regular trusts, including, inter alia, asset protection and favourable tax treatment (CIT are exempt from income tax, capital gains tax and special defence contribution when income or profits comes from non-Cyprus sources and from tax on dividends when CITs hold shares in Cyprus companies).
We are ready to provide you with extensive advice regarding the legal regime covering CITs, namely, Cyprus International Trusts Law of 1992 (as amended) (“CIT Law”), the requirements to qualify as a CIT and the benefits accompanying CIT. Most importantly we are well-equipped to help with the setting up and registration of a CIT.
