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Fiduciary Services in Cyprus

Fiduciary Services in Cyprus

Persons who need to receive financial assistance can appeal to fiduciary services 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. 

The main laws on fiduciaries in Cyprus

Compared to other European countries where such services exist and are recognized, but not necessarily through specific laws, this is not the case in Cyprus.

Here, fiduciary services are regulated by Law 196/2012 on Companies providing Administrative Services and Related Matters along with other European directives, as well as other local rules.

Should you be interested in such services, our lawyers are at your disposal with tailored support.

Types of fiduciary services available in Cyprus  

Fiduciary services are provided by a wide category of professionals, trained in their respective fields 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 establishing 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. 

We can also help you register your marriage in Cyprus. If you need assistance with document drafting and filing, including if you are foreigner marrying a Cypriot national, our law firm is at your disposal. We can also help you gain the status of resident if you have moved here with your husband or wife.

Fiduciary services in Cyprus – How can our lawyers help you

Fiduciary services usually cover a wide area of management and protection services for a client’s property or money. These are usually offered by individuals or specialized companies in Cyprus. It is also possible to request assistance from lawyers in Cyprus when dealing with legal matters.  

When referring to fiduciary services in Cyprus, some of them can be called trustee services. A fiduciary agent’s responsibilities include safeguarding clients’ assets and doing all activities in the beneficiary’s best interests. Among the fiduciary services provided by our lawyers are:

  • nominee shareholder and director services;
  • legal representation in various matters, such as real estate acquisition;
  • asset protection services;
  • custodian services in relation to holding trust assets into custody.

If you are interested in obtaining fiduciary services in Cyprus, do not hesitate to inquire with our law firm for an offer.

Licensing of fiduciaries in Cyprus

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 a license. For example, the lawyers and accountants who are under the supervision of the above-mentioned institution do not need to receive a permit

Nominee services in Cyprus

One of the most employed types of fiduciary services in Cyprus is the nominee shareholder or director that aims at offering protection to the beneficial owner in offshore companies, respectively to respecting the law in terms of business registration.

Nominee services are easy to obtain and imply signing an agreement with the provider (most business owners use law firms for this type of activities thanks to their legal background) through which various details are established. Nominee directors and shareholders are also a safety net for those who want to make sure they comply with the requirements of the Company Law.

We offer tailored legal services, including those related to immigration to Cyprus to our clients.

Fiduciary services available for Civil Law matters

Foreign citizens who want to buy properties or need representation in signing various agreements and contracts can rely on our fiduciary services in Cyprus.

Such services are usually requested when the client cannot travel to Cyprus and needs a local representative to handle various matters on their behalf. Apart from the services contract, a power of attorney must also be granted to one of our lawyers for a quick resolution of the situation.

Our solutions target not only natural persons but also companies, including foreign entities doing business in Cyprus. From assistance in obtaining tax or VAT numbers, EORI registration, or obtaining licenses for various activities, feel free to address us.

Foreign citizens can also rely on us if they want to get married here and need assistance in obtaining various documents from the local authorities before entering the country.

Fiduciary services can be acquired on a short or long-term basis, depending on one’s needs. Also, it is worth noting that there is also a Fiduciary Association in Cyprus.

Why choose Cyprus as an investment destination

Cyprus’ economy is expected to register a slight growth this year, despite the difficult situation in Europe, as follows:

  • a 3% Gross Domestic Product increase is expected by the end of 2022;
  • 2023 is expected to be a better year with the economy growing to 3.2%.

Persons who are interested in an extensive presentation on the fiduciary services available in Cyprus can address our Cypriot law firm for assistance.