International Trusts in Cyprus 2021
Opening an International Trust in Cyprus in 2021 may be necessary to save and increase your assets. Many parents are interested in the issue of investing and begin saving after or before the birth of a child.
Features and Pros of a CIT
An International Trust in Cyprus 2021 (CIT) can be established as an investment trust that will allow the trust to manage assets to meet the interests of the beneficiaries.
The main advantage of registering a trust in Cyprus is that this state is a member of the European Union and is recognized as an international financial center, which provides good opportunities for these structures. There is a high level of protection and convenience of using trusts, and there is all the necessary infrastructure.
The purposes of registering trusts in Cyprus:
- To protect property from wasting;
- To create of a fund to meet family needs;
- To provide for the needs of the family within the marriage.
The process of setting up a trust is relatively straightforward. The transfer of assets to the CIT reduces tax costs. In addition, a sufficient level of confidentiality is ensured.
The founder, which is a legal or natural person, must not be a resident of Cyprus during the year before establishing the trust. After its creation, it is possible to obtain residency.
When performing the registration, you will need to collect information with the name of the structure and the time of establishment.
You need the details of the trust, and the time of its termination if it is limited. The income of the trust can accrue without limit. For advice on opening a trust and gathering documents, contact our experts at IT-OFFSHORE.