Trusts have been introduced in medieval times in England. Since then they have come to be used in various scenarios predominantly in estate and tax planning. A trust is defined as the relationship when a person holds assets for someone else (the beneficiary). In Cyprus there exist two types of trusts. The common law express trust and the Cyprus International Trust. The former is typically used in estate planning whereas the latter has been introduced by legislation and is being used for tax planning and optimisation.
Trusts can be used to provide for people who cannot or will not be able to manage their assets, to circumvent forced heirship rules, to provide confidentiality and to protect assets from attack. Our lawyers are trusts experts, accredited by STEP while Gregoris Philippou is also a lecturer of equity & trusts at the Neapolis University in Paphos.