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Cyprus: mandatory registration of trusts introduced


18/10/2013

On 9 September 2013, amendments to the law regulating trust were published in the Official Gazette.

According to the amendments, it is obligatory for persons managing and administrating trusts to disclose the identity of beneficial owners.

In addition, details of the following parties have to be provided:

  • The settlor
  • The trustee
  • The beneficiary
  • The protector
  • Investment and tax consultants and accountants

The newly established “Trust Registries,” are administered by several competent authorities (i.e., Cyprus Securities and Exchange Commission, Cyprus Bar Association and Cyprus Association of Certified Accountants) that are allowed to exchange, but not publicly disclose, information on trusts.

In particular, the information includes:

  • The name of the trust
  • Names and addresses of trustees
  • The date of creation of the trust
  • The date of any changes to the law governing the trust
  • The date of termination of the trust
  • Activities of the trust
  • Names of any other persons that effectively control the trust

The information has to be sent to the competent authorities within 15 days from the creation or termination of the trust, and they are obligated to keep the information for five years (after its termination).

www.tmagazine.ey.com

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