News

Y. Argyrides & Associates LLC was featured in a recent publication discussing Cyprus real estate, legal representation, and investor confidence.

Y. ARGYRIDES & ASSOCIATES LLC FEATURED IN A PLACE IN THE SUN WEBSITE

We are excited to announce the listing of Y. Argyrides & Associates LLC on A Place in the Sun website, which we hope will be more than just a window to our law firm.

Y. Argyrides & Associates LLC has assisted thousands of clients throughout the years, especially UK nationals, who wished to establish themselves in Cyprus.

Our mission is to provide in-depth, high-quality, affordable legal advice and representation, efficiently and promptly whilst being accessible and approachable to clients.

You can find us on the website of A Place in the Sun by clicking here.

Please get in touch with us and see how we can assist you in safeguarding your legal interests when purchasing your dream home in Cyprus.

Y. Argyrides & Associates LLC – Law Firm

Y. Argyrides & Associates LLC is excited to announce the release of our corporate video which showcases our firm, the services and our people.

We hope that you like it as much as we do. Furthermore, we would like to express our thanks and appreciation to everyone involved with the production of this video.

We would love to hear your feedback, so please do watch and get in contact with us.

We are honored to have been featured by Forbes Magazine (Cyprus) in their October 2020 issue as a leading Law Firm.

The publication features an interview by our firm’s Managing Partner Mr. Yiannis Argyrides. Mr. Argyrides commented on the latest developments regarding the cancellation of the Cyprus Investment Program, the challenges that the legal profession is currently facing, and he also outlined our mission and vision for the near future.

We would like to thank Forbes Magazine for giving us the opportunity to present our Firm.

The full article can be read here.

Y. Argyrides & Associates LLC has had the pleasure of collaborating through the years with Ukrainian professionals and successfully representing Ukrainian organisations and individuals. 

It is only natural for the firm to be delighted that it is now in the position to announce that it has made it into the Ukrainian Embassy’s (Cyprus) list of acknowledged legal firms for Ukrainian organisations and individuals seeking legal representation in the Republic of Cyprus. 

The list currently includes only 7 select legal firms island wide, with Y. Argyrides & Associates LLC being the only firm located in Larnaca. 

A testament to the quality of our services, as well as the international appeal of our firm, Y. Argyrides & Associates LLC continues to establish itself as the go to place for legal representation at a global level. 

Cyprus International Trusts

Boasting an already attractive package as an international business and financial hub due to its unique location, modern infrastructure, accessibility, stability and great relationship with virtually all countries in the world, Cyprus has further advanced its unique position by fundamentally reforming its relevant trusts legislation over the years. 

An increasing number of professionals chose Cyprus to set up their International Trusts due to the unique environment offered by Cyprus Law, which is based on the popular English law and principles to begin with. Nowhere else in the world can one find so many advantages concentrated in a single trust jurisdiction. The fact that Cyprus is a member of the European Union only adds to the already comprehensive package. 

Some of the advantages of setting up trusts in Cyprus include:

• The establishment and administration of trusts is very attractively priced
• A unique blend of tax exemptions and double tax treaties
• Registration requirements are minimal
• High confidentiality / anonymity
• A comprehensive legal or otherwise infrastructure
• The flexibility and adaptability of the Cyprus International Trusts law
• The level of protection and flexibility provided to trust structures
• Possibility for a trust to be redomiciled to another jurisdiction

Now let’s look into the Cyprus International Trusts Law in detail: 

 

The Cyprus International Trusts Law

The law governing Cyprus International Trusts (the “CIT”) is the International Trusts Law of 1992, as has been amended from time to time (the “Law”). The Law aims to attract non-Cypriot Tax Residents for establishing a hereditary vehicle in the Republic of Cyprus in order to protect their properties/private assets located anywhere in the world including property situated in Cyprus, and simultaneously benefit by Cyprus tax regimes. 

Who are the main participants of a CIT?

• The Settlor is the person who creates the CIT and is the owner of the initial property placed under the CIT. He must not be a Cyprus tax resident the year before the establishment of the trust. Also, the Settlor must be of full age (18) and of sound mind in accordance with the law of the country which he is resident;
• The Trustee is the person (individual or company) who agrees to hold the trust property in his/its name for the benefit of the Beneficiary under the terms of the trust deed. The Trustee must be a Cyprus Tax Resident (or at least one of the trustees must be a Cyprus Tax Resident). The Trustee has the legal title to the trust assets;
• The Beneficiary (individual or company) who is entitled to a right or interest in property which is subject to the trust. The Beneficiary must not be a Cyprus tax resident the year before the establishment of the CIT. The term includes persons that were not yet born at the time of the creation of the Trust, and also persons who are part of a class of people;
• The Protector (not compulsory) is the person other than the Trustee to whom powers of any nature are conferred by the trust instrument, including the power to advise a Trustee as to the exercise of the trustee’s powers, the rights of the Trustee in respect of a consent or veto, and includes the right to appoint or remove a Trustee.
• The Enforcer means a person or persons whose duty is to enforce an international trust, with the exception of trusts for charitable purposes in accordance with the Law.

 

Can a CIT be irrevocable?

According to the Law, a CIT is irrevocable unless a specific power of revocation is clearly stated by the Settlor. 

What is the applicable law and the respective court jurisdiction?

Pursuant to the provisions of the Law, the Settlor may choose the law which will govern the CIT. In cases where no applicable law has been chosen, then the CIT will be governed by the law which is more closely related to the CIT (the Law provides relevant guidelines in this respect). 

Based on the provisions of the Law, the Cyprus Courts, if one of the following circumstances apply, shall have exclusive jurisdiction on a CIT: 

• (a) where the applicable law of the Trust is the law of the Republic; or
• (b) where the Trustee is a resident of the Republic; or
• (c) where the company acting as a Trustee has been incorporated in Cyprus; or
• (d) where any asset of the Trust is situated in Cyprus; or
• (e) where the administration of the Trust is performed in Cyprus; or
• (f) where the parties to the Trust accept the jurisdiction of the Cyprus courts; or
• (g) where the Trust refers any dispute to the Courts of the Republic.

 

What are the advantages of a Cyprus International Trust? 

I. Settlor may reserve powers 

According to the Law, the Settlor may reserve for himself certain powers/rights either in his capacity as Settlor, or as Protector or as Enforcer of the Trust, such as:

• i. To revoke, vary or amend the terms of the Trust;
• ii. To grant, distribute, pay or dispose in any form of either income or capital of the Trust, or give instructions with respect to these;
• iii. The right to appoint or remove any Trustee, Enforcer, Protector, Beneficiary, Investment management or investment consultant;
• iv. To alter the applicable law of the Trust or the forum of the administration of the Trust;
• v. The ability to confine the exercise of the powers or the discretion of the Trustee by imposing a stipulation that these will be exercisable only with the consent of the Settlor or by any other person so specified in the terms of the Trust;
• vi. To give binding instructions to the Trustee in connection with the Trust property; and
• vii. The ability to act as director or officer or give binding directions with regards to the appointment or removal of any director or officer of any cooperation which is wholly or partially owned by the trust.

 

II. The CIT might be amended from time to time 

The Law permits an alteration to the terms of the CIT if it is permitted by the CIT itself or after being approved by the Court. 

III. The duration of the CIT 

Provided that it is not otherwise indicated in the CIT, there shall be no limit on the period for which the trust is valid and enforceable. 

IV. Confidentiality of CIT 

First of all and most importantly, trust registers maintained by the competent authorities are not publicly available. 

Furthermore, the Law prohibits the disclosure of any information or documents regarding the CIT by any person (including the Trustee). Only the court may allow such disclosure of information/documents, to the extent that such disclosure is important to the result of a particular civil or criminal proceeding. 

V. Taxation 

Income or profits which are acquired or deemed to be derived from outside Cyprus are not taxable in Cyprus if the beneficiary is not a Cyprus tax resident. Income and profits sourced from Cyprus are taxable in Cyprus, irrespectively if the beneficiary is a Cyprus tax resident or not. Nevertheless, all income and profits of a CIT which are acquired or deemed to be derived from sources inside or outside Cyprus are taxable in Cyprus provided that the Beneficiary is a Cyprus tax resident. 

Passive income (dividends/passive interest) received by a CIT from a Cyprus company are not subject to tax nor subject to withholding tax. 

VI. Asset Protection 

The Law provides that notwithstanding the provisions of any bankruptcy or liquidation laws in the Republic or in any other country, unless it is proven to the court that the CIT was established with intent to defraud the creditors of the Settlor, the CIT shall not be void or voidable. 

 

Why Y. Argyrides & Associates LLC is the go to place to establish a Cyprus International Trust

Y. Argyrides & Associates LLC feature an established track of record in offering comprehensive business & legal solutions to international and local businesses here in Cyprus. 

With decades’ worth of experience and the establishment of countless trusts for its clients, the firm is in the unique position to advice multinational clients as to the creation of trusts as well as to the choice of the best possible structure. 

Furthermore, the firm may draft the trust instrument and any other legal document required under the Law. 

Y. Argyrides & Associates LLC supports and assists clients in terms of provision of trustee, administration and management services for the CIT. 

Lastly, the firm advises clients regarding any issue related to trusts under the Law, trustee powers, beneficiary rights, interpretation of trust deeds and other trust related documentation and represents them in court. 

 

Contact Us

Looking forward to establishing an International Trust in the Republic of Cyprus?

Our experienced team is here to provide you with comprehensive services in all aspects of your business including setting up international trusts. We would be glad to disclose more information as well as offer our assistance. Feel free to get in touch with us by sending us an email at info@argyrideslaw.com. 

Y. Argyrides & Associates LLC and Perfect Circle Trust LTD meet the High Commissioner of India to the Republic of Cyprus

Seeking to strengthen and solidify Cyprus’ unique position as an attractive global business hub as well as to increase awareness and establish connections with leading world-renowned businesses, the partners of Y. Argyrides & Associates LLC and Perfect Circle Trust LTD, Yiannis Argyrides and Kyriaki Gerolemou have recently met with the High Commissioner of India to the Republic of Cyprus. 

Mr. Argyrides and Mrs. Gerolemou were delighted to have personally met with Her Excellency, Ms. Madhumita Hazarika Bhagat at the High Commission of India in Cyprus, and are grateful for the productive conversation. 

The meeting’s main focus was India’s relationship with Cyprus including opportunities in establishing a solid foundation for a long and fruitful cooperation. The benefits and need for professionals such as lawyers and accountants in making bilateral ties a success were also on the agenda. 

Y. Argyrides & Associates LLC and Perfect Circle Trust LTD wish to thank HE Ms. Madhumita Hazarika Bhagat for her hospitality and time, and are looking forward to a long lasting collaboration both with the High Commission as well as with business professionals in India. 

CYPRUS-INDIA: Unique opportunities for Business and Investments

Cyprus and India have traditionally enjoyed excellent political and economic relations, based on a deep friendship, mutual respect and close cooperation with these relations only strengthening over time. 

Influenced by the mutual support and the similarities in culture and traditions of the two countries, Cypriot and Indian entrepreneurs are seeking opportunities to build good, strong and lasting business relationships. 

Why Indian entrepreneurs consider Cyprus as the best place to relocate or establish their businesses

SIMILARITIES IN THE LEGAL SYSTEMS

The Indian and Cyprus legal system administers the common law system. They have in fact, inherited the legacy of the legal system established by the colonial powers. Α bright example is that, the Cyprus Contract Law Cap 149 is very similar and to some extent identical to Indian Contract Law. As a result, there are many examples in Cyprus case law where the interpretation of Cyprus Contract Law Cap 149 is based on Indian sources. 

BILATERAL INSTITUTIONAL ARRANGEMENTS

At this age and time, India and Cyprus are keen on promoting and upgrading their bilateral relations, increasingly focusing on economic, scientific, technical and tourist cooperation. 

Main bilateral institutional arrangements signed between the two countries: 

• i. In March 2001, the two countries signed a protocol institutionalizing Foreign Office consultations (FOC) on an annual basis. 
• ii. India and Cyprus signed an Agreement on Economic, Trade, Scientific and Industrial Co-operation in April 1989, following which the Joint Economic Committee (JEC) was established. 
• iii. In order to facilitate cooperation in Science & Technology, with the possibility of commercial application in this field, a MoU providing for joint research and development projects and joint ventures in S&T was signed in October 2002. 
• iv. The MoU on IT and Services was signed in October 2002. The Cypriot side has a common JWG to implement the MoU on S&T and the MoU on IT. 
• v. In September 2005, Cyprus-India Business Association (CIBA), was established under the auspices of the Cyprus Chamber of Commerce. Y. Argyrides & Associates LLC is a member of CIBA and soon to be a Board Member. 

ECONOMIC RELATIONS BETWEEN THE TWO COUNTRIES

Since the 1960s, the importance of economic development and economic relations between the two countries, has drawn much attention worldwide. 

Cyprus and India have achieved many economic developments. As per the DIPP figures, Cyprus is the 8th top investor in India. 

CYPRUS-INDIA TREATY FOR THE AVOIDANCE OF DOUBLE TAXATION

A double tax treaty was signed by Cyprus and India on 18 November 2016 and has been revised on 21/04/2017. 

Capital Gains Tax 

The agreement provides for source-based taxation for gains derived from the alienation of shares. Investments made before 1.4.2017 are “grandfathered” with the view that taxation of disposal of such shares at any future date remains with the contracting state of residence of the seller. 

Withholding tax rates 

Under the new treaty, the following withholding tax rates apply: 

• i. Dividends: 10% 
• ii. Interest: 10%  
• iii. Royalties: 10% 

The above rates are relevant in the case of dividends paid from India. Cyprus does not impose withholding taxes except on Cyprus sourced royalty payments. 

Fund opportunities 

Cyprus fund industry is rapidly evolving, turning Cyprus into the new investment fund center in Europe. The Cyprus‐India treaty allows and promotes Indian investors to establish, in the Republic of Cyprus, tax efficient fund structures, under a highly regulated environment in line with European Directives and be benefit from Cyprus tax neutrality, speed and flexibility of the Cyprus fund sector. 

EMBASSY

India maintains a High Commission in Nicosia. Cyprus maintains a High Commission in New Delhi, which is jointly accredited to Bangladesh, Malaysia, Myanmar, Maldives, Nepal, Sri Lanka, Thailand and Vietnam. 

Why Y. Argyrides & Associates LLC and Perfect Circle Trust LTD are the logical choice

Both Y. Argyrides & Associates LLC and Perfect Circle Trust LTD feature an established track of record in assisting in the establishment, development and growth of multi-national businesses here in Cyprus. 

Strategically located only a short distance away from the island’s international airport, both offer unique accessibility to global clients. 

Offering a client-centered approach, these boutique law firms are renowned for their personal and business oriented touch. The firms are well connected and well established in Cyprus and abroad, and offer a unique blend of high quality, specialized services in the Corporate and Banking sectors.  

CONTACT US

Looking forward to establishing your business in the Republic of Cyprus?  

Our experienced team is here to provide you with conclusive services in all aspects of your business. We would be glad to disclose more information as well as offer our assistance. Feel free to get in touch with us by sending us an email at info@argyrideslaw.com.