Trust & Corporate Services – swisspartners – The art of finance

Cyprus – A gateway to Europe

swisspartners Marcuard Heritage Ltd, the international trust and corporate service company of swisspartners Group, took a strategic decision to broaden its horizons by offering its services from a European location. After careful evaluation we decided that the optimal solution was to join up with our close associates Executive Business Consultants Ltd, a long established corporate and accounting service provider based in the Republic of Cyprus, and established a regulated joint venture company called SPMH (Cyprus) Limited “Company”.

The collaboration brings together more than 70 professionals from various cultures and educational backgrounds with a wealth of experience ranging from chartered accountants, lawyers, STEP members, bankers etc. with the aim of servicing high net worth individuals/organizations with added value and high-quality comprehensive services tailor made to their needs.

The Company was incorporated on the 17th of December 2018 and is fully licensed to offer administrative and accounting services from the Republic of Cyprus. The Company is managed by Andreas Hadjimichael and Anastis Nikolaou who both have many years of experience in the industry.

Cyprus is well placed as the gateway between Europe and the rest of the world. The island geographically lays at the eastern-most point of Europe, bordering three continents, Europe, Africa and Asia. In addition, Cyprus has a stable and flexible tax system (over 60 double tax treaties) and a business environment that makes the country an ideal link for investments in Central and Eastern Europe, Russia, India, China and other emerging markets.

From our Larnaca office, we offer the formation and administration of Cyprus companies, accounting and bookkeeping services, banking services, liquidation services, company law advisory matters, taxation and VAT advisory services, as well local substance and immigration services. In addition to these services, we pride ourselves in specializing in the establishment and management of Cyprus International Trusts (CIT).

The International Trusts Law of Cyprus, builds on the well-established English principles of equity and trusts and Cyprus has created one of the most attractive trust legal frameworks in the world. The lack of formal requirements for the creation and operation of trusts, and the  flexibility of trust instruments, make them uniquely useful for asset protection, succession planning and many other reasons.

Summary of key points and most important benefits of CITs

  • Asset protection – The assets settled into the CIT are sheltered against potential claims unless it can be proven that the CIT was set up with intention of the settlor to defraud his creditors. There is a 2-year time limit from the date of transfer of property/assets in the CIT to file such an action with the Cyprus Courts. Careful consideration should be placed when deciding reserving powers to a settlor to avoid possible hindering of the effectiveness of the protection offered by a Trust.
  • Wide investment capabilities – The trustee is able to invest trust funds in any kind of investment. The income is accumulated for the whole perpetuity period with no forced distributions.
  • Confidentiality – in the absence of a court order, the trustee, the Protector or any other person cannot disclose to any person any documents or information, related to the trustees or to the Beneficiaries referring to the exercise of the powers of the trustees or related to the CIT.
  • Exclusive jurisdiction of the Cyprus courts – a foreign judgement dealing with any issues of a CIT is not enforceable in Cyprus.
  • Tax advantages if properly set up.

For further details please CONTACT US

 

Andreas Hadjimichael
Director
andreas.hadjimichael@swisspartners.com.cy

 

Anastis.Nikolau
Director
anastis.nikolau@swisspartners.com.cy