- The Settlor transfers the property/assets to a legal or physical person, the Trustee, who holds the property for the benefit of the beneficiary/ies 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, with the exception of charitable institutions, 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 a tax resident of Cyprus throughout the life of the Trust
HOW IT WORKS:
- Exclusive jurisdiction of Cyprus courts regarding the validity of the Trusts and the exclusion of foreign judgements on Cyprus International Trust 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 vehicle.
- 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.
- No formal registration is required.
- Complete confidentiality – non disclosure of information.
- No requirements for submission of tax return.
- Confidentiality of beneficiaries and trust activities are prevented on Chapter 11 of Trust Law.
- Transferability: The Cyprus international trust can transfer to a trust of another destination at any time.
- The Trust is not affected in case the Settlor goes bankrupt.
- The Settlor, may through a Cyprus international Company controlled by the trust, become a Trustee or its sole Trustee therefore effectively managing it.
Cyprus Cooperate Services Simplified
At MariCorp we target to simplify Corporate Services as a whole and offer our clients a straightforward and simple solution.
Graduated from Liverpool John Moores University in 2011. Became a member of the Institute of Chartered Accountants of England and Wales (ICAEW) in 2015. Currently undergoing Certified Fraud Examiner (CFE) Level 1. Member of the International Tax Planning Association (ITPA).
Marinos is specialized in International Tax Planning, Advanced Consulting, and Corporate Services.