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Trust Laws in Cyprus: An International Perspective


ISBN13: 9781787428782
Published: December 2022
Publisher: Globe Law and Business
Country of Publication: UK
Format: Hardback
Price: £95.00



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The Cyprus International Trust Law was originally enacted in 1992 and amended in 2012.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.

Subjects:
Equity and Trusts, European Jurisdictions, Cyprus
Contents:
Foreword
Peter Economides, E&G Economides LLC; Stella Kammitsi, Raza Corporate Services Ltd;Stella Kammitsi Law Firm; Richard Pease, Bluewin
Part I
The Cypriot legal system: an overview
Annamaria Vassiliades, Christodoulos G. Vassiliades & Co. LLC
Trusts in Cyprus under the domestic law
Chrysthia Papacleovoulou, Open University of Cyprus
Vakfs: the Islamic version of trusts
Paolo Panico, Paolo Panico’s Law Chambers; Private Trustees SA
Charitable trusts and charitable organisations
Eleni Drakou, Michael Kyprianou Advocates & Legal Consultants
Part II
The main “ingredients” of an international trust law
Paolo Panico, Paolo Panico’s Law Chambers; Private Trustees SA
The Cypriot International Trust Law 1992–2012: new dynamics
Chrysthia Papacleovoulou, Open University of Cyprus
Reserved powers trusts
Emily Yiolitis, Anemi Trustees Limited
The beneficiaries’ right to information
Nicky Xenofontos, N. Xenofontos LLC
Trustee investment powers and delegation
Savvas Georgiou, Christodoulos G. Vassiliades & Co. LLC
Protectors
Emily Yiolitis, Anemi Trustees Limited
Non-charitable purpose trusts
Michaella Georgiou, Christodoulos G. Vassiliades & Co. LLC
Perpetuity and duration
Paolo Panico, Paolo Panico’s Law Chambers; Private Trustees SA
Forced heirship: the “firewall” legislation
Stella Kammitsi, Raza Corporate Services Ltd; Stella Kammitsi Law Firm
Asset protection trusts
Peter Economides, E&G Economides LLC
For a future reform: trustee’s liability to third parties, mistake and “material purpose”
Nicky Xenofontos, N. Xenofontos LLC
Part III
The taxation of Cyprus international trusts
George Economides, E&G Economides LLC
The taxation of Cyprus domestic trusts
George Economides, E&G Economides LLC
Trusts and the UBO registers in Cyprus
Eleni Drakou, Michael Kyprianou Advocates & Legal Consultants