Cyprus enhances its position as a leading jurisdiction for Trusts

NICOSIA, Cyprus - Nov. 21, 2013 - PRLog -- On the 5th of September 2013 the Cyprus parliament passed laws providing for the creation of trust registers in Cyprus. The supervising bodies operating as per the applicable Fiduciaries Law (namely, Cyprus Stock Exchange Commission, Cyprus Bar Association and the Institute of Certified Public Accountants of Cyprus) will keep a register of the trusts created and maintained by the companies and firms they regulate.

The said register kept by each supervising authority will maintain the following information:

• Name of the trust;

• Name and full address of every trustee at all material times;

• Date of creation of the trust;

• Date of any change in the law governing the trust to or from Cyprus law; and

• Date of termination of the trust

These changes have been welcomed by the trustee services community because they enhance Cyprus’ position as a leading jurisdiction for the creation of trusts. Pursuant to these developments, Cyprus achieves transparency and alignment with all EU and local anti-money laundering laws and regulations while maintaining a legal system that offers asset protection for trusts to the highest possible degree.