Trusts Related

Cyprus Trusts

Posted On : 21-10-2014
Cyprus trust law is essentially based on the English system. Trusts are mainly regulated by the Trustee Law, Chapter 193, enacted in 1955 and based on the English 1925 Trustees Act. This is supplemented by the English doctrine of equity and English case law prior to 1960.
 
In 1992, Cyprus enacted the International Trusts Law.   This was done to update and modernise the law and establish Cyprus as an offshore and financial centre and a serious trusts jurisdiction.
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Taxation of Cyprus International Trusts

Posted On : 07-10-2013
Under the 1992 law, in order to prevent tax avoidance, permanent residents of Cyprus were prohibited from establishing international trusts. The concept of permanent residence was not defined in the 1992 law or elsewhere. It was unclear whether settlors could relocate to Cyprus after establishing a Cyprus International Trust, and the resulting doubt discouraged many from doing so.
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Cyprus International Trusts Law and amendments

Posted On : 10-09-2013

The Cyprus International Trusts Law of 1992 (Law No. 69(I)/1992) remained unaltered since its enforcement back in 1992.  Realising that trusts have the potential of being used as the channel for foreign investments in or through Cyprus, legislature examined the concerns and attempted to improve the already existing legal framework in such a way so that to achieve the boosting of such investments.

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