The Trustee of a C. I. T.
Time for Appointing the Trustee
The Trustee of a C.I.T. : At the stage of setting up a Cyprus International Trust, you ( the Settlor ) must appoint a Trustee who will serve the Trust. He will execute the will of the Settlor and carry out all the instructions given to him by the Settlor in the Trust or by a separate Deed executed simultaneously or at any time after the execution of the Trust.
The Trustee of a C.I.T: The Trustee Must Be Resident of Cyprus
The Trustee of a C.I.T. by the Cyprus International Trusts Law of 2012, enacts that the Trustee of a Cyprus International Trust must be a person who is resident in Cyprus during the whole existence of the Trust. Our Firm usually appoints a professional lawyer of long standing to act as Trustee in the Trusts we set up for clients. The Trustee is appointed by the you the Settlor at the time of creation of the Trust and on the execution of the Trust i.e. on the signing by both the Settlor and the Trustee of a C.I.T., the Trustee is officially appointed in his office and can start representing and serving the Trust according to his instructions.
The Trustee of a C.I.T. : Duties and Liabilities of the Trustee
The Trustee of a C.I.T. is the person who will manage the Bank Account of the Trust to pay out for any expenses, salaries, legal fees, taxes, bank charges, or to invest any money on any assets as instructed by the Settlor. In case of movable property that has to be kept in a safe location, usually a Bank safe box. It is possible that both the Trustee of a C.I.T. and the Settlor can have a key each so that both keys are necessary to access the box.It can also be a term of the Trust that a Deed is necessary each time that the Trustee is going to spend money on any investment signed by both the Settlor and the Trustee.All arrangements to safeguard the Trust Fund or the Trust Property are usually allowable. By a term in the Trust the Settlor may reserve the power to relieve the Trustee if his office and replace the Trustee with another one.
Full Information on the Cyprus International Trust please follow this link. For detailed information on how to Register a Cyprus Company also follow this link. For information on how to open a Bank Account for your Trust or your Cyprus company also follow this link. For getting in touch with with email us at : [email protected]