Settlor = the person who creates the Trust and is the owner of the initial property placed under the Trust. The Settlor may choose to retain some powers for himself/herself.
Trustee = the person (may be an individual or a company) who agrees to hold the property on trust for the benefit of the Beneficiary or Beneficiaries based on the provisions of the Trust. The Trustee has the legal title to the Trust Property, whereas the Beneficiary or Beneficiaries have an equitable title to the Trust Property.
Protector = (optional appointment, particularly in CITs) where appointed, such person has the right to control the Trustee and/or dismiss the Trustee and appoint a new Trustee. The Protector does not have the right to intervene in the exercise of powers vested upon the Trustee under the Trust Deed.
Trust Property = the property held by the CIT during the relevant period, which may include any type of assets situated anywhere in the world, including in the Republic of Cyprus.
Beneficiaries = the legal or natural persons who have a right or interest in the Trust Property. Beneficiaries may be persons who, on the date of the establishment of the CIT, have not yet been born, or part of a class of persons.