Our firm’s Trusts Department takes pride in its responsiveness, efficiency, reliability and diligence in servicing our clients in a cost-effective, time-efficient and highly qualitative manner.
The use and application of Trust arrangements as a vehicle for tax optimization structures, estate planning and asset protection was unavoidable in a jurisdiction where its legal system constituents encompass the rules of common law and equity and its economy is pretty much relying on Services.
Trusts in Cyprus, to the extent relating to trust arrangements, are distinguished into domestic and international ones and are governed by distinct legislative instruments with quite many differences. More precisely, the aim of the Trustees Law, Cap. 193 is to regulate the powers of the trustees and other matters relating to the office of the trustee and is applicable to the extent that it does not conflict or its application is not exempt by the provisions of the Trust instrument itself.
On the hand, international trusts are governed by the International Trusts Law, 69(I)/1992. They are defined in the law as the trust in which (a) the settlor is not tax-resident of Cyprus during the year preceding the creation of the trust, (b) at least one of the trustees is and remains tax-resident of Cyprus throughout the duration of the trust and (3) none of the beneficiaries was tax-resident of Cyprus during the year preceding the creation of the trust are formed.
The knowledge and experience that the members of our Law Firm possess in the field of Trusts, embrace our clients with the utmost comfort and assurance that the advice to be received will be perfectly attuned to the circumstances of the client. The following services are, amongst others, offered in this field:
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