The Beneficiaries of a Cyprus International Trust
The Beneficiaries of a C I T : On the creation of a Cyprus International Trust the Settlor must declare who the Beneficiaries of the Trust are. There are no limitations by the Cyprus International Trusts Law who they can be. The Settlor himself can be the Beneficiary or one of The Beneficiaries of a C.I.T.
Your Family Can Be the Beneficiaries of a C I T
The first group for Beneficiaries can of course be your wife and children especially if you are setting up a family trust in order to provide for your wife and children. An unborn child can be a Beneficiary to a Cyprus International Trust.
A Group of People Can Also Be The Beneficiaries of a C I T
The Beneficiaries of a C.I.T. can be a group of people. For example the members of the tennis club of your town as long as they are identifiable. Even if the group is expanding it will still be valid. The Beneficiaries do not have to be in a particular country. They can be in any country.
A Legal Entity Such as a Corporation Can Be The Beneficiaries of C I T
A legal entity can also be a Beneficiary of the Trust. Such legal entity can be of course a private limited liability company, a foundation, another Trust, a Hedge Fund etc. Such legal entity can be registered in any country. As long as Cyprus law can recognize that entity as legal and as a recognized legal entity it can be a Beneficiary. A Cyprus company is the perfect candidate for Beneficiary of a C I T. For more info and advice of Cyprus Company Formation follow this link.
The list of Beneficiaries can be expanded or restricted depending on the terms of the contract and the powers ceded to the Trustee. An obvious example of extending the list is the unborn child of the Settlor. An example of the restriction of the list is the death of one or more Beneficiaries, the conviction for a serious crime, their bankruptcy etc.
Our Firm will glad to give you more information on this topic if you apply to us.