Reform of the Cyprus International Trusts Law of 1992
On 23 March 2012, the International Trust (Amending) Law of 2012 came into effect after the Cyprus House of Representatives passed into law the long-awaited reform of the International Trusts Law of 1992.
After 20 years with the world changing fast, the then modern and state of the art international trust regime with excellent tax mitigation and protection features, had fallen behind with numerous restrictions and limitations contained in the original law no longer being necessary. The amending law makes a number of changes to the original law, many of which are relatively technical.
The key changes are outlined in the attachment below.