June 24, 2015

Have you ever heard of the Cyprus Trust? Using an international trust could be an option for you if you’re hoping for effective asset protection, but you should always walk through the specifics with your estate planning attorney. 

In order to set up a Cyprus international trust, it’s not required that either beneficiary be tied to Cyprus. No immovable property has to be located there, either. In 2000, laws were adjusted such that investments in Cyprus were allowed. The control of the trust simply requires that the creator form a company wherein that same individual serves as sole director and shareholder. The company, then, serves as the sole trustee. Assets are protected in some ways from creditors, who would need to file suit in the courts of Cyprus to bear the burden of proof that assets were transferred with the purpose of defrauding someone. The process there also has a statute of limitations that expires within two years.

To determine if this kind of trust or another planning option makes sense for you, please contact your asset protection planning attorney for more information. Contact us at info@lawesq.net for more information.