For any trust to be established as Cyprus Trust or Cyprus International Trust, it must have at least one Cyprus-resident trustee.
Trustees carry the fiduciary responsibility for the proper management of trust assets in accordance with the trust deed and any “letters of wishes” from the settlor or the beneficiaries. With trusts, there is really no “one-size-fits-all” solution. Professionals in the field need to be well-educated and stay updated on all regulatory and legal changes that impact trusts and their operations.
Provision of trustee services, administration or management of trusts in or from within Cyprus are regulated activities subject to the provisions of the Law Regulating the Businesses Providing Administrative Services and Related Matters of 2012, Law No. 196(I)/2012, also referred to as the “Fiduciaries Law”.
Such activities may be offered only by licensed legal persons pursuant to a licence granted by the regulating authority which is the Cyprus Securities and Exchange Commission. In accordance with the “Fiduciaries Law” trust services in Cyprus may also be provided by lawyers, members of the Cyprus Bar Association and accountants, members of the Institute of Certified Public Accountants of Cyprus and their subsidiaries.