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Trust Laws in Cyprus: An International Perspective

130,00

Consulting editor: Paolo Panico
ISBN: 9781787428782
Publisher: Globe Law and Business
Date Published: December 2022
Format: Hardback

Κωδικός προϊόντος: 9781787428782 Κατηγορίες: , ,

The Cyprus International Trust Law was originally enacted in 1992 and amended in 2012. It is a modern and flexible piece of legislation expressly addressing the needs of international families relying on Cyprus to arrange their wealth. At the same time, Cypriot resident families can apply the Trustee Law 1955, which is based on English law, to govern their trusts.

Trust Laws in Cyprus reviews both of these laws and places them in an international context, pointing out the solutions available on the island for wealth management, estate planning and asset protection purposes.

Authored by well-known experts in this field, chapters specifically analyse the relevance of Cyprus trusts where settlors wish to retain certain powers, arrange their succession in a more flexible manner than would be possible under forced heirship provisions, or protect heirloom assets from creditor claims.

Trust Laws in Cyprus also covers, among other topics:

  • the taxation of Cyprus trusts, both international and domestic;
  • trusts and the ultimate beneficial ownership registers in Cyprus;
  • charitable trusts and non-charitable purpose trusts; and
  • Vakfs: the Islamic version of trusts.

This title is the only systematic review of the Cyprus trust laws in English. It is an invaluable reference work to help lawyers and other private client advisers structure their clients’ wealth. It also aims to assist professional trustees involved in the administration of Cyprus trusts, and will prove useful for accountants and tax advisers in relation to the tax treatment of various types of Cyprus trusts.

Contents

Foreword: Perspectives on the Cyprus international trust law journey
Peter G Economides
Totalserve Management Limited
Richard FG Pease
Solicitor (England and Wales);
Consultant (Geneva, Switzerland)
Stella Kammitsi
Raza Corporate Services Ltd;
Chair – STEP Cyprus

Part I

The Cypriot legal system:an overview
Eleni Louca
Christodoulos G Vassiliades & Co LLC

Trusts in Cyprus under domestic law
Chrysthia PapacleovoulouVassiliou
Open University of Cyprus
Evi Papacleovoulou
Law Chambers Nicos
Papacleovoulou LLC

Vakfs: the Islamic version of trusts
Paolo Panico
Private Trustees SA;
Chair – STEP Europe

Charitable trusts and charitable organisations
Eleni Drakou
Michael Kyprianou & Co LLC

Part II

The Cyprus International Trusts Law 1992–2012:new dynamics
Chrysthia PapacleovoulouVassiliou
Open University of Cyprus

Settlor reserved powers trusts
Emily Yiolitis
Anemi Trustees Limited

Beneficiaries’ right to information
Nicky Xenofontos
N Xenofontos LLC

Trustee investment powers and delegation
Savvas Georgiou
Christodoulos G Vassiliades & Co LLC

Protectors
Emily Yiolitis
Anemi Trustees Limited

Non-charitable purpose trusts
Panayiota Kouzoupi
Christodoulos G Vassiliades & Co LLC

The trustee’s ability to request directions from the court
Constantinos Constantinides
Stefanos Marangos
Christodoulos G Vassiliades & Co LLC

Perpetuity and duration
Paolo Panico
Private Trustees SA;
Chair – STEP Europe

Forced heirship: the ‘firewall legislation’
Stella Kammitsi
Raza Corporate Services Ltd;
Chair – STEP Cyprus

Asset protection trusts
Peter G Economides
Totalserve Management Limited

The trustee’s liability to third parties and mistake
Nicky Xenofontos
N Xenofontos LLC

The main ingredients of an international trust law– some proposals for reform
Paolo Panico
Private Trustees SA;
Chair – STEP Europe
Nicky Xenofontos
N Xenofontos LLC

Analysis of Cyprus case law involving Cyprus international trusts
Chrysthia Papacleovoulou Vassiliou
Open University of Cyprus

Part III

Taxation
George Economides
E & G Economides LLC

Trusts and ultimate beneficial ownership registers in Cyprus
Eleni Drakou
Michael Kyprianou & Co LLC

Appendix

About the authors

About Globe Law