The regulation of the sector, which provides business management and fiduciary management (ASP) functions, has also introduced the obligation to disclose to the regulatory authority the existence of a Cyprus International Trust. Such an obligation falls on the fiduciary company and the disclosed information is as follows: a trust is a legally created entity, designed for the protection, growth and distribution of assets. There are three different roles in a trust, with almost infinite combinations of trusted parties. A trust can be created by one or more people, it can be managed by anyone the founders choose, and it can benefit a particular person or group of people. Each role in a trust comes with different responsibilities and expectations that must be followed for trust to be successful. Beneficiaries have several legal rights related to the trust. For example, they may try to have an agent removed if the trustee mismanages the trust. Examples of mismanagement are behaviors such as overspending funds, reckless investments, or failure to record and record how they spent money. In a revocable trust, dealers often retain control of the trust and its assets and can make changes to the trust throughout their life, both on the assets and the directors. The licensee of a revocable trust may terminate the trust at any time, change the beneficiaries and make other substantial changes. At the time of the licensor`s death, the trust becomes irrevocable and if the grantor was also the agent during his lifetime, a descendant identified in the trust agreement takes control in accordance with the rules established in the State Code. There will always be three parties to a trust agreement, the settlor, the agent and the beneficiaries.

Special Needs Trust: This trust is intended for an employee who receives public benefits such as disability social security benefits. The establishment of the trust allows the disabled person to collect income without affecting or losing government payments. Some people use trusts for privacy. The terms of a will may be public in some jurisdictions. The same terms of a will can apply through a trust, and people who do not want their will to be published publicly choose trusts instead. The identities and rights of the beneficiaries are defined by the concessionaire when the living trust is created and can be changed during their lifetime. The law contains specific confidentiality obligations vis-à-vis the agent, protector, enforcer or other person, in order to keep confidential information and details of the trust. This right is waived when the law provides for the disclosure of such information or when a judge before whom a case is tried renders a judgment to that effect. Nevertheless, with the changing times, the disclosure of trusts in Cyprus is necessary.

[37] Such public disclosures are necessary: in essence, the licensor can integrate everything it owns into the trust. The agent generally has full control of an irrevocable trust, subject to the trust agreement and its fiduciary duties under state law. Fiduciary law in civil courts, usually including continental Europe, exists only in a limited number of jurisdictions (e.g.B. Curaçao, Liechtenstein and Sint Maarten). However, the trust may be recognized as an instrument of foreign law in cases of conflict of laws, for example within the Brussels (Europe) regime and the parties to the Hague Convention. . . .