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If we look at the international requirements for the support of offshore Trusts in order, then it can be seen that Cyprus passes with flying colours and satisfies all of the conditions generally required for the establishment of international trusts.
Political and economic stability. The Republic of Cyprus has been an independent country since 1960. Political life in Cyprus is stable, and the principles of parliamentarism are followed to the letter. The economy is at a level that many EU members would envy, as the rate of inflation is very low, while at the same time there is hardly any unemployment on the island, and, in fact, as a result of the growth in the tourist industry, many foreigners are also employed.
Anglo-Saxon type legal system. Cyprus, as a part of the former British Empire, follows the traditions of common law, in both its old legislation and in the introduction of new laws. The influence of the Anglo-Saxon legal system is further reinforced by the fact that a significant number of Cypriot lawyers study in England, or rather the United Kingdom.
Tax exemption. There are no taxes on assets placed in Trusts in Cyprus, on the growth of those assets, on profits arising from the assets or on inheritance, provided that the beneficiaries are not residents of Cyprus.
Suitable infrastructure. The lawyers, accountants, auditors, financial advisers and bankers participating in financial life in Cyprus are highly prepared experts, who, through both their professional training and human approach, deal with all demands directed to them with a totally client-orientated attitude. All professionals speak English, with many also having knowledge of at least one other foreign language.
Suitable regulatory environment. The Cyprus offshore trust is a well-regulated institution legally. Prior to the establishment of a Trust, permission is required from the Central Bank of Cyprus, which means that in practice it is not possible for something which is against the law in Cyprus, or damaging to the client, to be established.
Good communications and links with the rest of the world. Cyprus has a telecommunications system equal to those of the most developed countries, and this system is also available to the general public. Although Cyprus is an island, the telecommunications are comparable to those of any major city, such as Tokyo, New York or London. The transport network is excellent; there are several flights each day to and from Europe and North America, as well as to many countries in the Arab world.