Cyprus International Trusts – Ierotheou, Kamperis & Co. LLC

Creation of Cyprus International Trusts – Trustee Services

The Cyprus International Trust has proved a very popular asset protection tool for wealthy individuals from Russia, and the other Central and Eastern European countries. The effected legislative amendments adopted in 2012 have further enhanced the attractiveness of the Cyprus international trust regime.
Our Law Firm is active in the Creation and Registration of Cyprus International Trusts, combined with trustee services.
Definition of the Cyprus International Trust

A trust is an equitable obligation, binding a person (called “trustee”) to deal with property held by him (called “trust property”, being distinguished from his private property) for the benefit of persons (called “beneficiaries”).Pursuant to the International Trusts Law of 1992, as it was amended in 2012, a Cyprus International Trust means a Trust in respect of which:

(a) The settlor, being either a natural or legal person, is not a resident of the Republic during the calendar year immediately preceding the creation of the trust;
(b) at least one of the trustees for the time being is a resident in the Republic during the whole duration of the trust; and
(c) no beneficiary, whether a natural or legal person, other than a charitable institution is a resident of the Republic during the calendar year immediately preceding the year in which the trust was created.
Cyprus International Trust – Main Tax benefits
(a) In case that the Trust has non-Cyprus tax resident beneficiaries, all non-Cyprus income whether trading or otherwise of an International Trust, is not taxable in Cyprus. Cyprus-source income and profits are subject to Cyprus tax.
(b) In case that the Trust has Cyprus tax resident beneficiaries, all Cyprus and non-Cyprus income is subject to Cyprus tax.
(c) Capital gains tax is levied in Cyprus only on disposals of real estate situated in Cyprus and, to the extent that the gain is derived from the real estate holding, on disposals of shares in companies holding real estate in Cyprus.
(d) There is no inheritance tax in Cyprus.

Main Uses of Cyprus International Trusts:
Holding of property for minors, third persons or even the settlor;
Asset protection including protection of the settlor’s property when he is acting as a businessman or a contracting party;
Managing family wealth;
Tax planning;
Limited access of third parties to the names of beneficiaries and settlor, via the UBO Registry for Trusts

Cyprus International Trusts

Connect with One of Our Experts

SENIOR PARTNER, FCIArb

Spyros Ierotheou

sierotheou@iklawfirm.com

SENIOR PARTNER, IMCM

Michail Kamperis

mkamperis@iklawfirm.com

SENIOR ASSOCIATE

Loucas Andreou

landreou@iklawfirm.com

ASSOCIATE

Paraskevi Stavrou

estavrou@iklawfirm.com

ASSOCIATE

Eirini Priligkou

eipriligkou@iklawfirm.com

JUNIOR ASSOCIATE

George Charalambous

gcharalambous@iklawfirm.com

CORPORATE OFFICER

Natalia Charalambous

banking@iklawfirm.com

LEGAL SECRETARY

Viktoria Kareliadou

corporate@iklawfirm.com

FINANCE MANAGER

George Malietzis

accounting@iklawfirm.com

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Connect with One of Our Experts

Spyros Ierotheou

Michail Kamperis

Loucas Andreou

Paraskevi Stavrou

Eirini Priligkou

George Charalambous

Natalia Charalambous

Viktoria Kareliadou

George Malietzis

Related News & Insights

Coronavirus legal update: areas of advice to our clients

Our partner, Michail Kamperis speaking about the UBO Registry, at Omega TV’s “Αιχμές”

IK Law co-founds the International Association for the Transparency of Alternative Currencies

We are launching our UBO Registry Desk

IK Law Firm completed the legal drafting project for the UBO Registry in Cyprus

Summer Vacation Scheme

“Crypto Asset Service Providers & Cryptos: Registration, Legal Issues & AML Implications” Seminar

Publication in the State Aid Hub of the European State Aid Law Quarterly

Cybersecurity of 5G Networks: Legal Drafting project by Ierotheou, Kamperis & Co. LLC

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