Trust Laws in Cyprus
An International Perspective
Globe Law and Business (Publisher)
1st Edition
Published on 31. December 2022
285 pages
978-1-78742-879-9 (ISBN)
Description
The Cyprus International Trust Law was originally enacted in 1992 and amended in 2012.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. The book also covers the taxation of Cyprus trusts, both international and domestic, and the functioning of the UBO register of trusts under the 5th EU AML Directive.
This title is the only systematic review of the Cyprus trust laws in English. It will be an invaluable reference work to help lawyers and other private client advisers structure their clients' wealth. It will also assist professional trustees involved in the administration of Cyprus trusts, and be useful for accountants and tax advisers in relation to the tax treatment of various types of Cyprus 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. The book also covers the taxation of Cyprus trusts, both international and domestic, and the functioning of the UBO register of trusts under the 5th EU AML Directive.
This title is the only systematic review of the Cyprus trust laws in English. It will be an invaluable reference work to help lawyers and other private client advisers structure their clients' wealth. It will also assist professional trustees involved in the administration of Cyprus trusts, and be useful for accountants and tax advisers in relation to the tax treatment of various types of Cyprus trusts.
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Trust Laws in Cyprus
An International Perspective
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12/2022
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Content
Foreword: Perspectives on the Cyprus international trust law journey 5
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 13
Eleni Louca
Christodoulos G Vassiliades & Co LLC
Trusts in Cyprus under domestic law 25
Chrysthia PapacleovoulouVassiliou
Open University of Cyprus
Evi Papacleovoulou
Law Chambers Nicos Papacleovoulou LLC
Vakfs: the Islamic version of trusts 43
Paolo Panico
Private Trustees SA; Chair - STEP Europe
Charitable trusts and charitable organisations 59
Eleni Drakou
Michael Kyprianou & Co LLC
Part II
The Cyprus International Trusts Law 1992-2012: new dynamics 77
Chrysthia PapacleovoulouVassiliou
Open University of Cyprus
Settlor reserved powers trusts 109
Emily Yiolitis
Anemi Trustees Limited
Beneficiaries' right to information 117
Nicky Xenofontos
N Xenofontos LLC
Trustee investment powers and delegation 135
Savvas Georgiou
Christodoulos G Vassiliades & Co LLC
Protectors 145
Emily Yiolitis
Anemi Trustees Limited
Non-charitable purpose trusts 153
Panayiota Kouzoupi
Christodoulos G Vassiliades & Co LLC
The trustee's ability to request directions from the court 165
Constantinos Constantinides
Stefanos Marangos
Christodoulos G Vassiliades & Co LLC
Perpetuity and duration 177
Paolo Panico
Private Trustees SA; Chair - STEP Europe
Forced heirship: the 'firewall legislation' 183
Stella Kammitsi
Raza Corporate Services Ltd; Chair - STEP Cyprus
Asset protection trusts 201
Peter G Economides
Totalserve Management Limited
The trustee's liability to third parties and mistake 209
Nicky Xenofontos
N Xenofontos LLC
The main ingredients of an international trust law - some proposals for reform 221
Paolo Panico
Private Trustees SA; Chair - STEP Europe
Nicky Xenofontos
N Xenofontos LLC
Analysis of Cyprus case law involving Cyprus international trusts 237
Chrysthia PapacleovoulouVassiliou
Open University of Cyprus
Part III
Taxation 257
George Economides
E & G Economides LLC
Trusts and ultimate beneficial ownership registers in Cyprus 265
Eleni Drakou
Michael Kyprianou & Co LLC
Appendix 277
About the authors 279
About Globe Law and Business 285
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 13
Eleni Louca
Christodoulos G Vassiliades & Co LLC
Trusts in Cyprus under domestic law 25
Chrysthia PapacleovoulouVassiliou
Open University of Cyprus
Evi Papacleovoulou
Law Chambers Nicos Papacleovoulou LLC
Vakfs: the Islamic version of trusts 43
Paolo Panico
Private Trustees SA; Chair - STEP Europe
Charitable trusts and charitable organisations 59
Eleni Drakou
Michael Kyprianou & Co LLC
Part II
The Cyprus International Trusts Law 1992-2012: new dynamics 77
Chrysthia PapacleovoulouVassiliou
Open University of Cyprus
Settlor reserved powers trusts 109
Emily Yiolitis
Anemi Trustees Limited
Beneficiaries' right to information 117
Nicky Xenofontos
N Xenofontos LLC
Trustee investment powers and delegation 135
Savvas Georgiou
Christodoulos G Vassiliades & Co LLC
Protectors 145
Emily Yiolitis
Anemi Trustees Limited
Non-charitable purpose trusts 153
Panayiota Kouzoupi
Christodoulos G Vassiliades & Co LLC
The trustee's ability to request directions from the court 165
Constantinos Constantinides
Stefanos Marangos
Christodoulos G Vassiliades & Co LLC
Perpetuity and duration 177
Paolo Panico
Private Trustees SA; Chair - STEP Europe
Forced heirship: the 'firewall legislation' 183
Stella Kammitsi
Raza Corporate Services Ltd; Chair - STEP Cyprus
Asset protection trusts 201
Peter G Economides
Totalserve Management Limited
The trustee's liability to third parties and mistake 209
Nicky Xenofontos
N Xenofontos LLC
The main ingredients of an international trust law - some proposals for reform 221
Paolo Panico
Private Trustees SA; Chair - STEP Europe
Nicky Xenofontos
N Xenofontos LLC
Analysis of Cyprus case law involving Cyprus international trusts 237
Chrysthia PapacleovoulouVassiliou
Open University of Cyprus
Part III
Taxation 257
George Economides
E & G Economides LLC
Trusts and ultimate beneficial ownership registers in Cyprus 265
Eleni Drakou
Michael Kyprianou & Co LLC
Appendix 277
About the authors 279
About Globe Law and Business 285
