The Law defines an International Trust as being a trust in respect of which:
- The Settlor is not tax resident in Cyprus during the calendar year which precedes the year of creation of the trust
- At least one of the Trustees is a tax resident in Cyprus during the trust period
- None of the Beneficiaries are tax resident in Cyprus during the calendar year which precedes the year of creation of the trust.
According to applicable Law where the beneficiary is resident in Cyprus all income and profits of the Trust are subject to Cyprus Taxation. Where the Beneficiary is not resident of Cyprus, income and profits of the trust earned from overseas sources are not taxed in Cyprus.
Transfer Fees by the department of land and surveys
The fees charged by the Department of Land and Surveys to the purchaser for transfer of immovable property are as follows:
| Market Value | Rate | Fee | Accumulated Fee |
| € | % | € | € |
| First 85.000 | 3 | 2.550 | 2.550 |
| 85.001-170.000 | 5 | 4.250 | 6.800 |
| Over 170.000 | 8 |
However:
- No transfer fees are payable if VAT was paid upon the purchase of the immovable property.
- The above transfer fees are reduced by 50% in case the purchase of immovable property is not subject to VAT
