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Buying Property by Trust

Trusts: A trust is established by an individual and is a means whereby property is held by one or more persons for the benefit of another or others. Trusts are very important for tax purposes and numerous tax saving schemes include them.

International Trusts: International trusts are governed by the Cyprus International Trust Law. International trusts are not taxed in Cyprus and enjoy important tax advantages such as:

  • The assets of an international trust are not liable to estate duty in Cyprus.
  • Gains on the disposal of the assets of an international trust are not liable to capital gains tax in Cyprus.
  • All overseas income of an International Trust is exempt from tax in Cyprus.
  • A foreigner who creates an International Trust in Cyprus and retires in Cyprus is still exempt from tax if all the property settled and the income earned is abroad, even if he is a beneficiary.
  • Interest, dividends or other income received by a Trust from a Cyprus international business company are not subject either to tax or to withholding tax.