- 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
Why Choosing Cyprus for International Trusts (CIT)
The Cyprus International Trust regime enables non-tax residents of Cyprus to create a Trust in Cyprus and enjoy the highest possible degree of asset protection and create estate planning internationally along with the tax benefits and strict confidentiality.
HOW IT WORKS:
Advantages of an International Trust:
- 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.
Confidentiality:
- 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.
Contact us
Where to find us:
81, Griva Digeni Avenue, MARINOS Court, 2nd floor, office 203
P.O. BOx 42656, P.C. 6501, 6043
Larnaca – Cyprus
Tel: +357 24663402 , Fax: +357 24663409
E-mail: admin@cyprusconsultancy.com