Protecting Your Legacy Through A Cyprus Trust

Trusts are highly versatile instruments which can be used for a wide variety of purposes to achieve specific goals. In simple terms, the common law Trust is structured as a triangular relationship where the Settlor unilaterally transfers property to the Trustee (whilst not forming part of the Trustee's property) for the benefit of a third person which is the Beneficiary.

What is a Cyprus International Trust?

IN TERMS OF SECTION 2 OF THE LAW, A CYPRUS INTERNATIONAL TRUST (CIT) IS DEFINED AS A TRUST IN RESPECT OF WHICH:

• the Settlor (whether a natural or legal person) is not a resident of Cyprus for the calendar year prior to the creation of the Trust;
• at least one of the Trustees is, during the whole duration of the Trust, a resident of Cyprus, and