TRUSTS AND ESTATES
Our Firm deals with the management and administration of estates and trusts. innovative and relevant solutions for clients through the preparation of wills, trust deeds and agreements, international tax planning, incorporation of trusts within a corporate structure and family partnerships.
The creation of a trust can:
- mitigate tax liabilities;
- preserve confidentiality;
- serve to hold a property for minors or successive generations of a family;
- permit the control and enjoyment of assets to be maintained, despite giving or selling the assets to others;
- benefit certain groups of people;
- act as a management vehicle;
- enable charitable objects to be carried out.
For a trust to qualify as an international trust, the following requirements must be fulfilled:
- the Settlor must not be a permanent resident in Cyprus;
- no beneficiary, other than charitable institution, can be a permanent resident in Cyprus;
- the trust property cannot include any immovable property in Cyprus;
- at least one trustee must be a permanent resident in Cyprus;
- Cyprus International Companies do qualify as residents of Cyprus for the purpose of the Law.
The purchase of immovable property in Cyprus whether for personal use or for investment purposes, is an important financial decision. Our specialized and experienced lawyers can assist you with legal advice of high quality and precision. Our leading experience in drafting of sale and lease agreements of real estate in Cyprus and abroad through our associates abroad, the formation of wills, conveyancing and administrations compels us in protecting our clients’ rights and interests .
Areas of practice include:
- Sale agreements
- Assignment agreements
- Tenancy Agreements
- Wills, probate and re-selling’s and estate administration
- Acquisition of property by foreigners
- Property management for non-residents
- Estate planning and administration
- Power of Attorney
Real estate in Cyprus
- Search on the title deeds of the property and obtaining certificates of registration and site plans;
- Obtaining and checking the building and planning permits and any final certificates;
- Carrying out background financial and stability checks on the sellers;
- Drafting reservation agreement to regulate the terms on which the property is paid;
- Perusal of the proposed sale agreement and modifying the same, if necessary, to fully cover your interests or drafting our own contract;
- Drafting power of Attorney if necessary, enabling us to act for you in your absence;
- Attending signing of sale agreement;
- Stamping and depositing sale agreement with the Land Registry for specific performance purposes;
- Preparing and submitting on client’s behalf application for a license to acquire immovable property in Cyprus where necessary;
- Attending Land Registry and accepting transfer and registration of the property in client’s name and issuing title deeds.