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Cyprus: modernised Trust law

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Contributed by Laveco Ltd
05 July, 2012

Contributed by Laveco Ltd. [www.laveco.com]

On March 8th 2012, the Cypriot Parliament (House of Representatives) passed the International Trusts (Amending) Law of 2012, amending the earlier International Trust Law of 1992 and clarifying many questions, as well as modernising the whole law in accordance with 21st century asset management relations. Among other things, the amendments allow for Trusts established outside Cyprus to be re-domiciled to Cyprus, provided that the Trust Settlor and beneficiaries were not resident in Cyprus for tax purposes in the year before the establishment of the Trust. From now on, unborn children can be included among the beneficiaries, an important question from the point of view of family asset planning and protection. The time restriction on Trusts has been abolished, so now Trusts can not only be established for a maximum of 99 years, but for an indefinite period of time. The new law increases the powers of the Settlor, particularly in the management and handling of the Trust assets. In future, ownership of real estate in Cyprus will also be able to be included among the assets, which previously was not possible for Cyprus International Trusts. The regulations will be introduced with retroactive effect, meaning that they will also apply to existing Trusts.

July 2012

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