A share plan must...
The scope of this category of publications is to focus on Cyprus trust law, cases and relevant practice.
Cyprus is a common law jurisdiction, this can be clearly traced from our history but also from our legal heritage.
Section 29(1)c of the Courts Law (14/1960) provides that every court when discharging its civil and criminal jurisdiction shall apply the common law and the principles of equity. In Section 29(1)e the same law provides that the laws United Kingdom and Great Britain applicable prior to the establishment of the Republic of Cyprus will apply to Cyprus.
One of the laws adopted with Cyprus’ independence from the crown was the Trustee Law, Chapter 193 of the laws of the Republic of Cyprus. This law was based on the Trustee Act of 1925 in the UK. It’s main aim is to regulate the fiduciary responsibility of trustees and the administration of assets placed in trust.
This is the main law governing truss in Cyprus, established, principally for none Cypriot domiciled beneficiaries and settlors. Certain reserved powers are afforded to settlors and its use has been tried and tested in several cases. Further reading available on this publication.
The Cyprus Government passed a law ratifying to national legislation the Hague Convention on the applicable law to trusts and the recognition of trust. The law aims to adopt the Hague Trust Convention into national legislation. This provides a harmonized approach towards the definition of trusts and specifies certain conflict rules for resolving choice of applicable law.
A share plan must...
Cyprus International Trust is used to manage family assets after the death of the person. Nevertheless a trust can have other more specific purposes which we consider in this post.
A Cyprus International Trust by nature is confidential, however nowadays public disclosures and exchange of information are bringing more details to light
Cyprus International Trust allows settlors to set-up a trust in Cyprus for local and International assets. Cyprus amended the existing law in 2012 and this post highlights the key provisions.