With rapid globalisation processes in the world, asset protection is becoming a necessity for everyone. The basis of trusts for asset protection is quite simple: assets, being any type of property, are transmitted from your name into the international trust. You designate the trustee, settlors and beneficiaries and you control the assets in the international trust in the interests of those beneficiaries.
Korpus Prava provides services for the establishment of trusts as well as their administration. You can enjoy the following benefits:
- Exemption from income tax and capital gains tax;
- Beneficiaries are not subject to tax in Cyprus;
- Assets can be added to the trust at any time, trust can be modified if necessary;
- No registration required, ensuring confidentiality;
- Trust assets are permanently separated from the Settlor’s personally-owned assets, offering protection against infringement by any possible creditors;
- Trust placements CANNOT be challenged on the grounds that they are contradicting the law of a jurisdiction other than the one in Cyprus (if the trust is placed in Cyprus).
There are a lot of jurisdictions where placing trusts has its pros and cons. Cyprus has grown to become quite a popular jurisdiction for trust formation and administration.
In order to establish a trust with the help of Korpus Prava:
- The founder cannot be a permanent resident of Cyprus in the year preceding the year of the establishment of the Trust;
- At least one trustee should be a resident of Cyprus.
Korpus Prava offers a personal approach and rational decisions for trust agreements in Cyprus.Trust formation and administration services include establishing and acting as trustees or co-trustees for the administration of trusts, provision of full accounting services and portfolio administration and full reporting.