Bariono Wealth Advisors Ltd
Cyprus International Trust
Cyprus is gradually turning into a popular Trust jurisdiction mainly due to the International Trusts Law which is on par with other leading jurisdictions.
Why establish a CIT in Cyprus
Cyprus provides the added benefits of anonymity and confidentiality, a favourable taxation regime, and reduced political risk.
CITs set up in Cyprus have to be registered with one of three competent authorities, i.e. the Cyprus Securities and Exchange Commission (CySEC), the Institute of Certified Public Accountants of Cyprus (ICPAC) or with the Cyprus Bar Association. Nonetheless, the identity of the settlor and the beneficiaries does not have to be disclosed, therefore establishing anonymity and confidentiality. In addition, there are no reporting requirements for CITs.
CITs may serve an extensive range of purposes, including the following:
- To hold property for underage family members
- To protect property against senseless spending by family members
- As an investment vehicle
- To serve commercial arrangements
- For tax planning purposes