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TrustsIn simple terms a Trust is a scheme set up by a person (called the Settlor) whereby another person (called the Trustee) is dealing with the property over which he has control (called the Trust Property) for the benefit of persons (called the Beneficiaries) of whom he may himself be one. The most usual form of a Trust is that of an irrevocable discretionary trust which is created by the Settlor transferring the owner-ship of assets during his or her lifetime to the Trustee who is required to hold the property in accordance with the terms of the Trust Deed for the Beneficiaries as directed. The property ceases to be owned by the Settlor thus affording him the possibility to avoid taxation liability that would otherwise have become payable had the Settlor remained owner of the Property. In addition the existence of such Trust may enable the Settlors to avoid the disclosure of sources of income and assets which they have transferred into Trust as such income and assets will no longer belong to the Settlor but the Trustee. Another reason for setting up a Trust is to protect and preserve property in the family and to benefit disabled persons by making them beneficiaries under the Trust without giving them control of the property. An International Trust may be set up by foreign settlors for the benefit of foreign beneficiaries under the Cyprus International Trust Law. A Cyprus International Trust is a Trust in respect of which:
A Trust can qualify as an International Trust even if the Settlor, Trustee or the Beneficiaries are Cyprus registered companies or partnerships, the shares in which are being held by non-Cyprus residents. Advantages in setting up a Cyprus International Trust:
Mouaimis & Mouaimis are able to provide for any type of International Trusts under the Cyprus International Trust Law and to offer to our clients a comprehensive and reliable range of offshore trust operation and maintenance services. We will be able to provide you with any information in relation to the legal or any other requirements with regard to the setting up, administration and operation of a Cyprus International Trust as well as the costs and legal fees involved in providing these services. |
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