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CYPRUS INTERNATIONAL TRUSTS
Owing to their characteristics, structure and associated advantages, Cyprus International Trusts (CITs) have established the Republic of Cyprus as a preferred Trust jurisdiction over the years. CITs are regulated by the International Trusts Law of 1992 (L.69(I)/1992), as consolidated and amended, and are an essential tool for preserving confidentiality and asset protection of foreign investors. The definition of a CIT, as provided by Section 2 of the Law, is a trust in respect of which: …
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LEGAL FRAMEWORK
Cyprus has constituted a colony of Great Britain until 1960. The legal framework that was established was almost entirely based on the English legal system and the legislation adopted the principles of Common Law and Equity. Following the establishment of the Republic of Cyprus, …
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ACCOUNTING & AUDIT FRAMEWORK
The Cypriot Company Law requires all companies to use International Financial Reporting Standards (IFRS) in the preparation of their financial statements. The Republic of Cyprus, as a member of the European Union (EU), has adopted the EU IAS Regulation which requires the members to apply the IFRS Standards as adopted by the EU for the consolidated financial statements of EU companies whose securities are …
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AML & CTF FRAMEWORK
Anti-money laundering (AML) and counter-terrorist financing (CTF) compliance is a reality for most businesses around the globe. As a European Union (EU) Member State, the Republic of Cyprus has transposed the applicable EU Directives into its national legal order, with the Law for the Prevention and Suppression of Money Laundering Activities of 2007 (L.188(I)/2007), as amended, being the key piece of…
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DATA PROTECTION & PRIVACY
The Notion of Data Protection & Privacy as Two Fundamental Rights: It could be argued that data protection and privacy are two interconnected, fundamental rights underpinning sustainable democracy across the European Union (EU). Data protection relates to protecting any information relating to an identified or identifiable natural (living) person, including their name, date of birth, photograph and video footage, email addresses, telephone numbers, as well as IP addresses and …
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