THE CYPRUS INTERNATIONAL TRUST
The Cyprus International Trust regime enables non-tax residents of Cyprus to create a Trust in Cyprus and enjoy the highest possibledegree of asset protection and create estate planning internationally along with the tax benefits and strict confidentiality.
In a Cyprus International Trust the Settlor transfers the property/assets to a legal or physical person, called the Trustee, who holds theproperty for the benefit of the beneficiary/ beneficiaries in accordance with the terms of the “Trust Deed”.
The following conditions must be met in order to have a Cyprus International Trust:
the Settlor, must not be a resident of Cyprus during the calendar year, preceding the year of creation of the Trust; AND
the beneficiaries, must not be resident of Cyprus during the calendar year, which precedes the year of creation of the Trust;AND
at least one of the Trustees must be an eligible resident of Cyprus.
It must be noted that one year subsequent to the creation of a Trust the beneficiaries and the settlors may relocate to Cyprus.
ADVANTAGES OF A CYPRUS INTERNATIONAL TRUST
Exclusive jurisdiction of Cyprus courts regarding the validity of the Trusts and the exclusion of court decisions onTrusts issues.
The provisions of the Cyprus International Trust Law have express superiority over any other law in Cyprus.
Powers of a Trustee, Protector, Settlor and Trust Enforcement Supervisor.
Possibility to grant extended powers to Settlors. Settlor may exercise control although appointment of Protector/Trustee.
Avoidance of forced heirship rules.
Asset protection possibility.
Flexibility on investments and perpetual accumulation of income.
Flexibility of Terms.
Ability on changing the proper law.
Ability in amending the Trust Deed.
Strict confidentiality of Trust documents.
Low stamp duty.
Nil Taxation of income and gains of a Cyprus International Trust abroad.
Significant tax planning possibilities
HOW CAN KINANIS LLC ASSIST YOU
I. To set up an International Trust – review and drafting of the Trust Deed
II. Management of Trusts
III. To act as Trustee
IV. To act as Protector
V. International Tax planning
VI. To represent the Client in court proceedings/Asset protection
For more information, please request our detailed publication on www.kinanis.com.
Kinanis LLC, a law and consulting firm, is one of the leading business law firms in Cyprus. The firm has been advising international investors and private clients on all aspects of law, tax and accounting for over 33 years. We are an innovative multidisciplinary firm providing a full range of services combining law and accounting with the extensive expertise to ensure that our clients will obtain the best possible spherical advice.
This publication has been prepared as a general guide and for information purposes only. It is not a substitution for professional advice. One must not rely on it without receiving independent advice based on the particular facts of his/her own case. No responsibility can be accepted by the authors or the publishers for any loss occasioned by acting or refraining from acting on the basis of this publication.
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P.O. Box 22303, 1520 Nicosia, Cyprus
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