The Cyprus International Trust Law was originally enacted in 1992 and amended in 2012.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
