Cyprus Amends Registration Requirement On Trusts

The Republic of Cyprus, following its commitment to initialise rules to prevent and identify money laundering, has introduced an amendment to the requirement of registration of trusts. In particular, until today trusts had no obligation to be registered in any record in the territory of Cyprus.

On September 9 2013, the Official Gazette of Cyprus published the new legislation, according to which amendments on trusts were approved.

Persons providing services of management and administration to trusts are obliged to verify the details and the true identity of the beneficial owners of trusts, including the following categories:

• Trustees;
• Settlors;
• Beneficiaries or class of beneficiaries;