International Cyprus Trust

The Law does not provide a comprehensive definition of ‘trusts’. Trusts law was largely developed by the courts on a case-by-case basis. It is the development of this case law which provides us with a better understanding of what a trust arrangement entails:

1. an obligation on the holder of property (the "trustee")
2. to manage that property (the "trust property")
3. for the benefit of another (the "beneficiary").

The legal title to the trust property is vested in the trustee by its previous owner (the "settlor"). The trust property is managed by the trustee in accordance with the instructions of the settlor. These instructions are usually written and expressed in a trust deed of will (the "trust instrument"). They may also be oral.