Cyprus international trust
Cyprus is considered an established International (offshore) business center, attracting thousands of foreign investors and entrepreneurs from all over the world and boasting many consulting firms that provide –among others- excellent corporate trust services. A Trust is a legally binding arrangement whereby an individual, known as the Trustee, becomes the legal owner of assets transferred to him by a Settlor, but only to hold them for the benefit of another person, who’s called a Beneficiary. The perks is that the Central Bank of Cyprus maintains strict confidentiality regarding the personal details of the trustee, the settlor and the beneficiary and that, in general, an International (offshore) trust company can be a valuable vehicle for tax avoidance, while its profits can be inherited, tax-free, to heirs or other named people.
In order to set up an international trust or an International (offshore) trust company in Cyprus, the settlor and the beneficiaries should be non-residents, one of the trustees should be a resident and the property must be located outside the island. An important aspect of establishing an international trust in Cyprus is that, according to the local legislation, the trust “shall not be void or voidable in the event of the settlor’s bankruptcy or liquidation or in any action or proceedings against the settlor” and this is exactly why the island is considered an “asset protection trust heaven”.
A highly regarded International (offshore) business center
Cyprus is a well-known and popular International (offshore) business center due to its favorable international tax planning regime and economic stability, its participation in the Double Taxation Treaties, its simple International (offshore) company set up procedures that can be concluded in 10-18 days and its excellent telecommunications infrastructure. The process of a company set up needs to be authorized and authenticated by the Cypriot government, which is not per se a strict ruling authority, yet it requires the creation and the preservation of a good practices driven business environment. This is why a specialized consulting firm, providing a full range of corporate trust services, needs to be involved
JHI Audit Kyriacou & Partners boasts a longstanding experience and know how on the procedures and policies that need to be followed for the establishment of an international trust and provides comprehensive trust management and consulting services.