International Financial Services by Corpera
Cyprus is a well-established and reputable international financial center offering attractive benefits for setting up and operating an international Trust. Cyprus International Trusts (CIT’s), have long provided a high threshold of protection and flexibility for non-residents, and today attract high-net-worth individuals (HNWIs) from around the world.
The Cyprus International Trust Law has undergone major reform and the amending law introduced in early 2012 (Law 20(I)/2012) is said to have transformed the Cyprus Trust regime into the most modern and favourable Trust regime in Europe. The amending legislation aimed to make CITs more practical, accessible and effective as it is founded on much greater certainty, clarity and stability.
Our practice areas:
Formation of Cyprus International Trusts
We focus on understanding our client’s objectives and the intended purpose for the trust creation. The trust formation’s fundamental principles are identified and adjusted in accordance with the merits of the case at hand.
We are well-versed and experienced in accommodating our clients’ wishes by offering an unparalleled degree of personal attention. Internal controls, policies
Provision of Trustee and Protector services
We have been diligently and consistently protecting our client’s assets for more than 25 years and are often the firm of choice for reputable international affiliations.
The particular needs and objectives of each client determine the scope of their estate planning strategy. All relevant factors are carefully considered to ensure our clients’ wishes are duly implemented with the interests of each class of beneficiaries adequately protected.
Trust related advisory
Our team has intimate knowledge of the applicable trust laws as well as the corporate and tax environment, thus ensuring our clients receive well rounded and spherical advice.
In cooperation with a wide range of international trust experts, we can assist with the re-domiciliation of trusts to and from Cyprus.
The precise benefits of a Trust will depend on the residence and domicile of the Settlor and the Beneficiaries. Common advantages of placing assets into a Cyprus International Trust include:
- Anonymity – a Trust Deed is not a public document. Furthermore, neither the Settlor nor the Beneficiaries will be the registered owner of any Trust Assets, enabling HNWIs to protect their wealth with the strictest anonymity and confidentiality and as a result, a Trust arrangement can be regarded as highly confidential;
- Asset protection – a Trust is an effective way to protect assets from creditors and potential claimants, as the Settlor ceases to own the settled assets, but also from any claims based on a lack of recognition of the Trust, infringement of forced heirship rules (see below), and a personal relationship with the Settlor, such as husband and wife.
- Taxation – a Trust can be a powerful tool in planning for the legitimate avoidance of taxation, particularly for those with international wealth;
- Estate Planning – a Trust is a flexible way to provide for the succession of family wealth and, unlike a Will, is not a public document;
- Freedom of Choice – a Trust can provide for the transmission of wealth in a manner which may not be otherwise permissible, and to persons in some countries who may not be otherwise entitled
- Reduced Political Risk – if the Trustee and the assets are in a stable jurisdiction, a Trust can provide protection against the nationalisation or seizure of assets.
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