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Cyprus international trust legislation

Cyprus's principal statute for international trusts has its own subject areas and structure, and its text is published in consolidated form.

Principal statute and official text

The Republic's legislation portal provides general legislation access, while the English law title appears in the Law Commissioner's English translations and consolidations listing.

How the Law is organized

The Law is divided into four Parts, beginning with introductory provisions and moving through substantive rules, governing law and jurisdiction, then miscellaneous provisions. Its provisions use numbered sections, with lettered subsections and paragraphs where a subject requires further detail.[3]

  • Part One is the introduction. It includes the short title, interpretation and general provisions concerning the powers conferred by the Law.[3]
  • Part Two contains provisions for international trusts, including trustee and settlor powers, purpose trusts, administration and tax treatment.[3]
  • Part Three covers jurisdiction, applicable law and foreign law trusts. Part Four contains application and other miscellaneous provisions.[3]

Section 2 supplies defined terms used throughout the statute. These include international trust, settlor, trustee, beneficiary, trust property and protector, alongside terms for purpose trusts and trust enforcers. The definitions explain which roles and arrangements fall within later provisions, including a residency-based definition of an international trust.[3]

Subjects covered by the statute

  • The text sets out capacity criteria for a person transferring property to an international trust and specifies that trust issues are determined under Cyprus law in the circumstances stated in the provision.[3]
  • It describes powers that may be reserved to or granted to a settlor, including changing trust terms, directing distributions and appointing or removing trustees, protectors or beneficiaries.[3]
  • Provisions address purpose trusts and trust enforcers, and the administration of trust property and trustee responsibilities. The statute also provides for court applications for directions on matters concerning an international trust.[3]
  • Tax provisions distinguish between beneficiaries resident in Cyprus and beneficiaries who are not resident there, setting out different treatment for trust income and profits by source.[3]
  • The applicable-law provisions recognize an express or implied choice by the settlor, subject to stated conditions. If no choice is made, the text identifies factors for determining the law with the closest connection.[3]
  • The statute also specifies circumstances in which a Cyprus court has jurisdiction and addresses foreign-law trusts. A separate provision states that the Law applies to international trusts constituted after its commencement.[3]

What the statute means for a U.S. reader

The Cyprus statute addresses Cyprus law. It does not set out U.S. federal filing instructions or establish which U.S. tax forms or reporting rules apply to a U.S. citizen with a connection to a trust.[3]

Related reading

Cyprus courts and legal system structure covers Cyprus courts and legal sources. For Cyprus reporting topics, see Cyprus reporting rules and U.S. trust forms, and for the wider jurisdiction overview see Cyprus trusts and U.S. reporting requirements. Other jurisdiction statute pages include Jersey's principal trust legislation and Nevis international trust legislation explained.

Questions and answers

Where is the consolidated text available?

The Office of the Law Commissioner lists an English consolidation. The Cyprus Bar Association's CyLaw site presents a Greek consolidated text with its full text and amendment history.[1][3]

How many Parts does the Law have?

The consolidated text is arranged in four Parts. They cover introductory material, provisions for international trusts, jurisdiction and applicable law, and miscellaneous provisions.[3]

Which terms does the Law define?

Section 2 defines terms used in the Law, including international trust, trustee, beneficiary, settlor and protector. It also defines trust property and roles tied to purpose trusts.[3]

Does the statute cover governing law?

Yes. It addresses the settlor's choice of governing law, subject to the conditions in the text, and specifies factors relevant when no choice has been made.[3]

Does Cyprus law state U.S. reporting requirements?

The Cyprus statute does not cover U.S. forms and reporting requirements.[3]

Related glossary terms

  • Trustee: A trustee controls trust assets and manages, uses, or disposes of them for beneficiaries or a stated purpose under the trust terms and applicable law.

Related articles and guides

Tools and official documents

  • IRS and FinCEN forms: reference pages: Reference pages for 15 IRS and FinCEN forms tied to foreign trusts, foreign accounts and entities, built from the official forms and their instructions.
Sources and data notes
  1. Office of the Law Commissioner, Republic of Cyprus, The International Trusts Laws 1992 to 2013, L.69(I)/1992. https://www.gov.cy/officelawcommissioner/documents/armodiotites-epitropoy/translations-consolidations/. Retrieved .
  2. Republic of Cyprus, Legislation. https://www.gov.cy/en/services/justice-and-public-order/nomothesies/. Retrieved .
  3. Cyprus Bar Association / CyLaw, Ο περί Διεθνών Εμπιστευμάτων Νόμος του 1992 (69(I)/1992). https://www.cylaw.org/nomoi/enop/non-ind/1992_1_69/full.html. Retrieved .
  4. Cyprus Bar Association / CyLaw, Ο περί Διεθνών Εμπιστευμάτων Νόμος του 1992 (Ν. 69(I)/1992). https://www.cylaw.org/nomoi/indexes/1992_1_69.html. Retrieved .
  5. Cyprus Bar Association / CyLaw, Ο περί Επιτρόπων Εμπιστευμάτων Νόμος (ΚΕΦ.193). https://www.cylaw.org/nomoi/enop/non-ind/0_193/full.html. Retrieved .

Dates in this block record when each source was read for this page.