Cyprus International Trusts are regulated by the International Trusts Law 69(I)/1992 as amended by Law 20(I)/2012. A Cyprus International Trust is ideal for Trusts are widely utilised for charitable purposes or asset planning for HNWIs with extended or complex family structures. For example, a trust under Cyprus Legislations may be created:
- For succession planning & inheritance.
- To hold property for minors or future generations of a family.
- To protect property & assets.
- To enable charitable objects to be carried out.
- Income and profits from non-Cyprus sources are exempt from taxes in Cyprus.
- Non-tax resident Cypriot beneficiaries are taxed only on Cyprus sourced income.
- Dividends, interests or royalties received by a Cyprus International Trust from a Cyprus company are not subject to any withholding tax or other taxes.
- A Cyprus trust is exempt from inheritance tax.
Eltoma Corporate Services have local specialists who can advise clients about the establishment of trusts under Cyprus Legislation, including proposing ideas for structuring, creating, managing and dissolving trusts and draft all required legal documents including:
- Supporting and assisting clients with the logistics regarding creating a valid trust under Cyprus Legislation.
- Creation of declaration of a trust deed.
- Advising clients and trustees about issues arising in relation to trusts under Cyprus trustee law, powers, beneficiary rights, interpretation of trust deeds and other trust related documentation.
- Offering trustee, administration, management and other related trust & equity support.