Cyprus International Trusts

The basic law which regulates International Trusts in Cyprus is the International Trusts Law 69(I)92 (the “Law”), which was enacted in July 1992. A Trust is created by an individual or a company called “the settlor”, who transfers certain assets to a ‘person’, which can be either an individual or a company called “the trustee”, which agrees to hold the assets, “the trust fund”, for the benefit of another person, “the beneficiary”. The assets are held by the trustee on the terms and powers vested to him listed in the Trust Deed.
It should be noted that the Trustees Law of 1955 Cap.193 continues to be in force and applies to International Trusts as well, except, in so far as they are inconsistent with or have been modified by the provisions of the International Trust Law (S.14(1) of the International Trusts Law of 1992).

International Trust is defined under Section 2 of the International Trust Law. It refers to a trust in respect of which:

• The settlor is not a permanent resident in the Republic
• at least one of the Trustees for the time being is a permanent resident of the Republic 
• none of the beneficiaries, other than a charitable institution, is not a permanent resident of the Republic, and 
• the trust property does not include any immovable property situated in the Republic

For detailed information on setting up an International Cyprus Trust, please refer to the dedicated section by clicking here