A Trust can be a valuable tool for protecting your property especially when the Trust is established in such a favourable jurisdiction as Cyprus. Being extremely flexible, Cyprus International Trust make Cyprus one the best jurisdictions someone may choose to establish a Trust. Consequently, the establishment of Cyprus International Trusts by non-residents is constantly growing.
Based on the announcement of the UK Government, and as per the new Economic Crime (Transparency and Enforcement) Act. 2022 https://www.gov.uk/guidance/register-an-overseas-entity#what-the-register-of-overseas-entities-is overseas entities holding or intending to buy real estate in the UK must register on the Register of Overseas Entities (ROE) which is maintained by the Companies House, the ultimate beneficial owner or managing or director.
The House of Representatives voted amendments to the Articles 8(21) and 8(23) of the Income Tax Law (ITL) related to the income tax exemptions granted to employees who take up first employment in Cyprus. The amended provisions of the Law have been published in the Government Gazette on 26 July 2022.