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Name of the trust
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Cyprus International Trust
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Governing law
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Cyprus, International Trusts Law
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Type of trust (basic option)
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Irrevocable discretionary
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Needs potentially addressed
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Preservation and transfer of assets, CFC
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Assets put into trust (basic option)
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Shares in a holding company
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Trustee
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Licensed legal entity, regulated by CySEC
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Key director of the Trustee
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EU citizen, UK solicitor, affiliated member of STEP
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Working languages
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Russian, English
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Locations
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London, UK; Nicosia, Cyprus
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Travelling to other countries, including Russia
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Can be agreed
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Finding a Protector
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Can be agreed
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Legal support
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GSL Group
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Liaising with banks
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GSL Group
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Services
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Fees + 19% VAT
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Basic cost of trust settlement, including drafting of trust documents and structuring of assets to be put into trust
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EUR 10 000
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Trustee services per year, basic fee
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EUR 12 100
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Legal services
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As per GSL Group rates
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Cyprus International Trust (CIT) is regulated by International Trusts Law No.69 (I) of 1992 and Trustees Law (Cap. 193) of 1955 and is a rather flexible instrument for asset structuring.
A trust can be an invaluable tool of tax, family or estate planning. Thanks to the flexibility of Cyprus law, a trust deed can be drafted to reflect the interests of the trust’s settlor and beneficiaries most effectively.
CIT offers a sufficient degree of confidentiality even despite the public register of beneficial owners introduced on 23 February 2020 (under the Prevention and Suppression of Money Laundering and Terrorism Financing Law, 2007).
The information contained in the register is only provided to persons that have a legitimate interest related to combating money laundering and terrorist financing. Whether there is a legitimate interest or not in a particular case is assessed by the regulator (CySEC). Only certain government authorities of the Republic of Cyprus have full and unrestricted access to the register.
We offer to our clients establishing and administering CITs managed by a GSL Group company licensed in Cyprus to provide trustee services.
We will also take care of issues relating to transfer of assets into trust (corporate and tax aspects) and liaise with banks.