Trusts are well-known in the Common Law world. The continental systems do not have similar set ups and some countries may not recognize their existence. However trusts have traditionally been used successfully for asset protection and inheritance provided the settlor understands the role of the trustee and how the trust property is managed by the trustee under the terms of the trust deed. This is especially important to ensure that in the event that a trust is challenged there can be sufficient evidence that the trust is in no way “look-through” and that the discretion of the trustee remains unfettered.
In Cyprus we have local and international trusts. The international trusts attract the interest of the international community for the benefits that they provide.
Lawyers who are professional trustees are regulated by the Cyprus Bar Association. The Association holds a register for trusts which however is not available to the public.