Put simply, a Trust is the transfer of funds or other valuable assets to nominated Beneficiaries through a Trust Deed to a Trustee who acts as Administrator and who complies with instructions as to the disposal of the assets.
Many people assume that a trust works only for the benefit of the ultra-wealthy as a way to protect and pass on significant sums of money to family, friends, or entities after they pass away. Whilst this scenario is true, a trust will allow anyone to ensure that their cash and assets continue to be useful beyond their death. And setting up a trust isn't difficult or financially burdensome.
Cyprus International Trusts are acknowledged as essential tools in the protection of assets. Further strengthening of associated laws has added many new and significant features to the benefits of CITs, and has helped establish Cyprus as a leading offshore and financial centre and a secure trusts jurisdiction.
To make a CIT as tax-efficient as possible, our attorneys dedicate their specialised legal and financial knowledge to the individual client and their trust requirements, thereby ensuring maximum objectivity. Needless to say, total confidentiality is at the core of all matters.
It is prudent to ensure that one’s assets are legally protected from unwelcome or frivolous claims, both today and in the future. For many people, making certain that their assets are passed to their loved ones after they die is of paramount importance, and this can be achieved by careful planning that keeps assets outside the reach of potential creditors, unwarranted claimants, or inheritance and matrimonial contestants.
The strategies that we adopt embrace a complex series of techniques to afford the highest levels of asset security and can include one or more specific strategies depending on the ultimate objectives. We will advise on and create the correct legal vehicle to secure family wealth and for the transfer of assets from one generation to the next.
We will advise on strategic tax planning and construct circumstance-specific structures to ensure the most tax efficient way of protecting assets. Our attorneys will use their skills to assist and guide clients through the myriad of rules and regulations so that their wealth is fully protected in the interests of current and future beneficiaries.