The Settlor of a C I T
The Settlor of a C I T : There are no restrictions or conditions as to who can be the Settlor of a C I T. Any physical person regardless of which country he comes from, regardless of age as long as he is over 18 years old and regardless of sex can be a The Settlor of a C I T. He must of course not be a bankrupt. A know your client procedure and an AML verification sequence is made for compliance reasons. The Settlor of a C I T has many rights and protections by the Cyprus International Law. His identity is protected against all third parties and all foreign governments or Courts. The Trust Funds are also protected against any forfeiture by third party creditors or Tax Authorities or Governments.
Apart from physical persons of course a legal entity can be The Settlor of a C I T. Such entity can be a company private or public, a foundation, another Trust or Fund etc. It is a prerequisite that the Cyprus Law recognizes that the entity in question is a valid legal entity.
The Settlor to a C I T does not have to only one. Many Settlors can join in one Cyprus International Trust. Each one contributing to the Trust Fund or to the Trust Property. Provisions can be made in the Trust for each Settlor`s powers or rights and liabilities. An obvious example of two Settlors is where the father and the grandfather join together to set up a common Family Trust to provide for the wife and children of a family. The Settlor of a C I T can increase the Trust Fund, can remove and replace the Trustee and can of course increase the Beneficiaries of the Cyprus International Trust. These are only a few of the powers he may have in his Trust. For details on how to set up a Cyprus International Trust follow this link.
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