CYPRUS INTERNATIONAL TRUST
The Cyprus International Trust (CIT) Law is based on English Law and has established one of the most attractive trust legal frameworks in the world.
The procedure for establishing a CIT trust is straightforward and can be arranged in a relatively short period of time. The settlor and the beneficiaries must not be tax residents in Cyprus during the year preceding the year of creating a CIT and at least one of the trustees must be a permanent resident of Cyprus.
Cyprus International trusts enjoy very important tax advantages, providing significant tax planning possibilities to interested parties, which include the following:
- Income and gains of a Cyprus International Trust are exempt from any tax imposed in Cyprus
- Dividends, interest or other income received by a Cyprus International Trust are not subject to Cypriot tax
- Gains on the disposal of the assets of an International Trust are not subject to capital gains tax in Cyprus.
- Dividends, interest or other income received by an International Trust from a Cyprus Company are neither taxable nor subject to withholding tax.
- Exemption from taxation in the case of an alien who creates an International Trust in Cyprus and retires in Cyprus under certain conditions.
Numerise Professionals can assist you in creating and registering the Trust with the relevant bodies and manages all the supplementary services to ensure compliance with all statutory obligations.