The Cypriot legal practicioners and judiciary have long been decided that the Cyprus International Trust Law of 1992 needs to be modernised. For this purpose and after long consideration and discussion relevant Bill has been submitted into the House of Representatives.
The main purpose of the new Bill is to implement certain provisions of juristictional protection of the Trust settlements being governed by the said legislation. Also the new legilsation shall inter allia include confidentiality and trust duration provisions.
Details of the new legilsation will be reported subsequently.