{"id":176,"date":"2019-11-21T17:01:55","date_gmt":"2019-11-21T17:01:55","guid":{"rendered":"https:\/\/miserve.com.cy\/?page_id=176"},"modified":"2019-11-21T17:01:57","modified_gmt":"2019-11-21T17:01:57","slug":"trust-services","status":"publish","type":"page","link":"https:\/\/miserve.com.cy\/?page_id=176","title":{"rendered":"Trust Services"},"content":{"rendered":"\n<p><strong>FORMATION OF TRUST IN CYPRUS<\/strong><\/p>\n\n\n\n<p><strong>A) THE CONCEPT OF TRUSTS GENERALLY<\/strong><\/p>\n\n\n\n<p>The various types of trusts vary in \ncomplexity but they have one common fundamental feature. A \u201cperson\u201d \nbeing either an individual or a company (\u201cthe trustee\u201d) agrees to hold \ncertain assets (\u201cthe trust fund\u201d) in its name for the benefit of the \nother person (\u201cthe beneficiary\u201d) on certain terms and with certain \npowers (which are usually set out in the Trust Deed). The assets \ncomprising the trust fund are legally held and registered as owned by \nthe trustee and the trustee is under a duty, enforceable in the Courts, \nto hold those assets and the income arising from them for the benefit of\n the beneficiary (ies).<\/p>\n\n\n\n<p>The above relationship can be summarised\n as follows: The trustee has legal title to the trust assets and the \nbeneficiary has beneficial or equitable title (it is the beneficial \ntitle which is of value when one is considering asset ownership).<\/p>\n\n\n\n<p><strong>The other important parties of the trust are:<\/strong><\/p>\n\n\n\n<p><strong>The settler:<\/strong> This is \nthe person that creates the trust. In some jurisdictions the settlor \ncould not act as trustee or be a beneficiary. In the Cyprus \njurisdiction, the settlor can also be a trustee or beneficiary.<\/p>\n\n\n\n<p><strong>The protector:<\/strong> This is \nthe person(s) that has the power to restrict key powers (such as add \nbeneficiaries, etc) of the trustee so that they can only be exercised \nwith the consent of suitable person.<\/p>\n\n\n\n<p><strong>B) THE CYPRUS INTERNATIONAL TRUST<\/strong><\/p>\n\n\n\n<p>The international trust is a trust whereby:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>the settler is not a permanent resident of Cyprus<\/li><li>the trust property does not include immovable property in Cyprus<\/li><li>at least one trustee is resident in Cyprus (A Cyprus IBC (offshore) or partnership is considered as a resident trustee.)<\/li><\/ul>\n\n\n\n<p>The nature of the Cyprus international trust could be \u201cdiscretionary\u201d.<\/p>\n\n\n\n<p>As the name suggests the discretionary \ntrust allows the trustee to exercise a large element of discretion with \nregard to distribution of income and assets, and to choose from a \nlarge\u201dpool\u201d of potential beneficiaries. The selection of beneficiaries \nfrom the \u201cpool\u201d could vary every year.<\/p>\n\n\n\n<p><strong>The following benefits relate to Cyprus International Trusts:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Income, gains and profits are exempted from income tax, capital gains tax, special contribution or any other taxes in Cyprus.<\/li><li>No estate duty or inheritance tax in Cyprus.<\/li><li>No exchange control regulations.<\/li><li>The same person can be the settler, the trustee (through Cyprus IBC \n(offshore company), in which he\/she can be the sole director and he\/she \ncan be the only beneficial owner of the shares) and also a beneficiary \ni.e. an individual could have directly absolute control and ownership of\n the trust fund.<\/li><li>An International Trust may form a Cyprus international business \ncompany, partnership or branch and obtain the benefits available to \nthem.<\/li><li>An International Trust may carry out business in Cyprus subject of \ncourse to the laws of the country which are imposed on the beneficiaries\n and not on the trust itself.<\/li><li>There are no reporting requirements in Cyprus for the International Trusts.<\/li><li>Trust capital received in Cyprus by a foreigner resident or retired \nin Cyprus from trusts not resident in Cyprus is not taxable on the \ntrustee.<\/li><li>Dividends, interest or royalties received by an International Trust \nfrom a Cyprus international business company are not taxable and not \nsubject to any withholding tax.<\/li><\/ul>\n\n\n\n<p><strong>ASSET PROTECTION<\/strong><\/p>\n\n\n\n<p>An international trust shall not be void\n or voidable in the event of the settlor\u2019s bankruptcy or liquidation or \nin any action or proceedings against the settlor or at the suit of his \ncreditors not with standing any provision of the law of Cyprus or of any\n other country.<\/p>\n\n\n\n<p>An International Trust may be set aside \nby the settlor\u2019s creditors to the extent that it is proven to the \nsatisfaction of the Cyprus Court that the International Trust was made \nby the settlor with the intent to defraud the creditors. The onus of \nproof of this intent shall be on the creditors.<\/p>\n\n\n\n<p><strong>CONFIDENTIALITY AND NON \u2013 DISCLOSURE<\/strong><\/p>\n\n\n\n<p>Confidentiality is of paramount \nimportance. No government or Central Bank of Cyprus official may \ndisclose to anybody any information or documents in connection with:<\/p>\n\n\n\n<p>1. settler<br>\n2. beneficiaries<br>\n3. trustees and their duties<br>\n4. accounts or property of the trust<\/p>\n\n\n\n<p>However, a beneficiary is entitled to \nrequest from the trustees information about the accounts of the trust. \nFurthermore, the court may order the disclosure of information or \ndocuments in criminal or civil proceedings cases, where the disclosure \nis important.<\/p>\n\n\n\n<p>The above is intended to provide a brief\n guide only. It is essential that appropriate&nbsp;professional advice is \nobtained. Our company will be glad to assist you in this respect. Please\n do not hesitate to contact us.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FORMATION OF TRUST IN CYPRUS A) THE CONCEPT OF TRUSTS GENERALLY The various types of trusts vary in complexity but [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":48,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-176","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Trust Services | MiServe<\/title>\n<meta name=\"description\" content=\"FORMATION OF TRUST IN CYPRUS A) THE CONCEPT OF TRUSTS GENERALLY The various types of trusts vary in complexity but they have one common fundamental\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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