Bariono Wealth Advisors Ltd
- Worldwide income, gains and profits are not taxable in Cyprus.
- Any dividends, interest or royalties that a Cyprus International Trust receives from any Cyprus company are not subject to tax.
- No inheritance tax.
- Cyprus has a wide network of double tax treaties.
In order to establish a trust in Cyprus, the following three certainties must be present:
- Certainty of intention: There must be evidence of express intention of the settlor to establish the trust. This is verified by the trust deed.
- Certainty of subject matter: The subject matter of the trust, i.e. the trust property, must be readily identifiable. Failure to satisfy this criterion would warrant the trust void.
- Certainty of objects: The identity of all beneficiaries must be ascertained or ascertainable at the time of setting up the trust.
Further criteria apply. In order to set up a trust:
- The settlor can either be a natural or a legal person.
- The settlor must be of the right age and of sound mind.
- Neither the settlor nor the beneficiaries may be residents of Cyprus during the year preceding the creation of the Trust.
- There must be at least one trustee residing in Cyprus at all times.
What we can do for you
- We advise you regarding the creation of a CIT and we deal with the preparation of all legal documents required.
- We provide administration and trustee services.
- We maintain records regarding principal and interest
- We monitor compliance with legal requirements