Cyprus trust legislation began with the Cyprus Trustee Law Chapter of 1955, based on the British Trustee Act of 1925.

The legislation is predominantly focused on the Anglo-Saxon concept of international trusts (and not on the management and domiciliation of Cyprus-based companies).

The island’s trust regime was brought in line with international practice with the introduction (in 1992) of the International Trust Law, which provides for the formation and administration of international trusts, offering considerable incentives for the establishment of such trusts in Cyprus.

The legislation is not a self-contained law on international trusts, but rather provides that the Central Bank of Cyprus, Plc is the regulatory and supervisory authority for “schemes”, their managers and trustees.

Only licensed banking and international trust services providers may act as trustees of “schemes”.

Under the provisions of the law, the Central Bank of Cyprus, Plc may issue codes of conduct, directions and regulations, to specify the investment restrictions, which must be adhered to by “schemes” and their managers and trustees in relation to their investment objectives and their investment policy and other matters in connection with the conduct of business of these “schemes”.

BK (Cyprus) Limited does not render international trust services (as defined under current trust legislation in Cyprus), but rather provides management and domiciliation services to Cyprus-based companies. Consequently, it is not obliged to obtain a license from the Central Bank of Cyprus, Plc.

For more information about the licensing procedures for international trust services providers, the text of the International Trust Law and other legislation and regulations, please contact the Central Bank of Cyprus, Plc:

t        +357 22 71 41 00

f        +357 22 37 81 53

e        info@centralbank.gov.cy

General information is provided at the internet site of the Central Bank of Cyprus, Plc: www.centralbank.gov.cv.