At The Cutting Edge Of Trust Developments

Cyprus Is A Well-Established Financial Centre With A Significant Trusts Sector

The period of perestroika in Russia coincided with the introduction of the Cyprus International Trusts Law 1992, which gave Cyprus a 'state of the art' international trusts regime, with excellent tax mitigation and asset protection features, and the additional benefit of circumventing any forced heirship restrictions. As a result Cyprus International Trusts proved particularly popular with settlors from Russia and the other countries of the former Soviet Union.

The world has changed considerably in the 20 years since the original law was introduced, and a number of restrictions and limitations contained in the original law have become redundant. New opportunities and investment practices have emerged, which the original law did not anticipate, and Cyprus has become a member of the EU and the Eurozone and made substantial changes to its tax system.