the cyprus trust law one year on
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The Cyprus Trust Law One Year On. Maria Kyriacou Andreas Neocleous & Co LLC. The Law of Trusts in Antiquity. The Greeks (Demosthenis case 365 BC) The Romans (fideicommissum 200 BC) The Crusaders (12 th century) The Anglo-Saxon legal system. The Law on Trusts Today. - PowerPoint PPT PresentationTRANSCRIPT
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The Cyprus Trust LawOne Year On
Maria KyriacouAndreas Neocleous & Co LLC
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The Law of Trusts in Antiquity
• The Greeks (Demosthenis case 365 BC)• The Romans (fideicommissum 200 BC)• The Crusaders (12th century)• The Anglo-Saxon legal system
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The Law on Trusts Today
• The Trustee Law Cap 193 of 1955
• The International Trusts Law No. 69(I) of 1992 to 2012
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STEP The law aims at further enhancingCyprus’s footprint as a leading trustjurisdiction since in contrary to mostjurisdictions transparency and authoritywill be granted from the law creating theTrust.
Total Serve - Cyprus Amends InternationalTrusts LawThe Cyprus House of Representatives passedlate last week the eagerly-awaited amendment
International welcome of the new LawPWC - Amendment of the CyprusInternational Trusts LawThe new Law builds on the existing veryattractive Cyprus International TrustsLaw and has introduced many newfeatures.
Andreas Neocleous & CO LLC - Reform of the Cyprus International Trusts Law of 1992The long-awaited reform of the Cyprus International Trusts Law, a muchneeded initiative, has finally become reality
DeloitteReform of the Cyprus InternationalTrusts. The most modern and favourabletrust regime in Europe
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The effects of the new Law• New Trust Companies Registered• Increase in EU Family Trusts choosing the Cyprus Law
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Cyprus International Trusts Cases &
UK Case Law
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Key features of the new Trust Law (1)
• Removes any prohibition on settlors relocating to Cyprus after establishing a Cyprus International Trust;
• Makes clear that all questions relating to Cyprus International Trusts are to be determined in accordance with the laws of Cyprus;
• Protects against the application of foreign laws, such as forced heirship laws, as a matter of public policy;
• Allows the settlor to reserve powers to himself, to retain a beneficial interest in trust property, or to act as the protector or enforcer of the trust
• Removes any limit on the duration of a trust;
• Widens trustees' investment powers and, in particular, abolishes the prohibition on investment in immovable property in Cyprus
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Key features of the new Trust Law (2)
• Powerful asset protection features
• 2 year “hardening period”
• Valid transfers unless intention to defraud is proved
• Claimant must show that he or she was a creditor at the time of transfer
• Unaffected by matrimonial property or succession laws
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Uses of Cyprus international trusts
• Individuals– Preservation of wealth – Managing family wealth– Pre-immigration planning– High-risk professions– Pre- or post- nuptial arrangements– Testamentary freedom– Philanthropy
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Managing family wealth
A Cyprus international trust provides an effective structure for managing family wealth with the following benefits:•Flexibility - reserved powers, choice of law•Protection •Unlimited investment powers•Tax neutrality•Perpetual existence•Inheritance tax avoidance
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High-risk professions• Claims may emerge many years after the
event and be disastrous in scale- From doctors to accountants - From architects to businessmen• But also prudent for all It is not intended to offer a loophole to every settlor who wishes to avoid
his existing creditors. Instead, it is intended to offer a legitimate protection to persons who may be engaged in high risk professional activities.
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The reform of the International Trusts
Law gives Cyprus the most modern and favourable trust regime in Europe, and restores it to the "premier league" of trust jurisdictions.