Trusts

Trusts are a legal tool used in different cases, such as

1. Asset protection
2. Distribution of assets after death

A trust is a written agreement between the settlor (the person providing the assets) and the trustee (the person/company that will administer the assets) for the benefit of the beneficiaries (the persons that will have final ownership of the assets). Optionally, the settlor may appoint a protector (an external person) of the trust in order to ensure that the trustee acts within the boundaries of the trust deed.

Based on the Cyprus International Trusts law of 1992 and 2012, Trusts in conjunction with Tax planning and business structuring may be beneficial to wealthy individuals, their families or even entrepreneurs. Trusts have been created for different reasons such as, to reduce or minimize taxation, asset protection and alter the disposal of assets on the death of people. A Trust may include property (any kind of assets movable, immovable, cash, shares, etc) anywhere in the world (but not any immovable property in Cyprus).