Fiduciary Services in CyprusUpdated on Thursday 04th August 2016
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Persons who need to receive financial assistance can appeal to the fiduciary services available in Cyprus. As a general rule, the term fiduciary refers to a right granted to a person (or group of persons) or a legal entity to act in the benefit of the individual who has offered this right. Our team of Cypriot lawyers can offer an in-depth presentation on the main fiduciary services available in Cyprus and on the legislation regulating this sector.
Types of fiduciary services available in Cyprus
Fiduciary services are provided by a wide category of professionals, trained in their respective field to provide financial and investment advice. Such services can be offered by asset managers, bank representatives, accountants or the board members of a company. Fiduciary services are performed in order to create profit in the name of the person who has requested such services.
Some of the fiduciary services offered in Cyprus refer to the management of the shares owned in a Cypriot company by a shareholder or director management services. At the same time, investors can receive assistance when opening a bank account, which is necessary when estalishing a new company.
Investors can receive assistance for the management of the assets or on financial matters, but also for the registration of a business office in Cyprus; our team of Cypriot attorneys can offer more details on other fiduciary services available here.
Cypriot legislation regulating fiduciary services
It is important to know that the Cypriot authorities apply a set of regulations referring to the way in which fiduciary services have to be performed here.
The country applies the Regulation on Fiduciaries, Administration Businesses and Company Directors, which incorporated the European Union’s directive 2005/60/EC.
The law is applicable to those who are performing fiduciary services, regardless of their nature and establishes the way in which such persons can receive their license, issued by the Cyprus Securities and Exchange Commission.
However, not all professionals are required to obtain the license. For example, the lawyers and accountants who are under the supervision of the above mentioned institution do not need to receive a permit.
Persons who are interested in an extensive presentation on the fiduciary services available in Cyprus, can address to our Cypriot law firm for assistance.