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Business in Northern Cyprus, trust companies


Trust companies in North Cyprus are often used by foreign citizens for various purposes. These maybe receiving title deeds on more properties than one (as foreigners are allowed to obtain title deed only on one property), trust company can also be used when for some reasons that Ministry of TRNC refused to transfer title on the name of the owner. A trust can be used for anonymity or joint ownership of property in Northern Cyprus. Often, the trust is used in those cases where foreign nationals acquiring property that is located on a plot of land in excess of one donum (1,338 square meters), or when buying a resale property, when ready titles are held by the Trust for their subsequent transfer to the owner’s name when the permit has not yet been received from the Ministry of Foreign Affairs.

Trust is a written agreement that one person (the beneficiary) transfers control of the property to another person, and trust in this case is an instrument for the ownership of property with limited liability. Or, in other words, Trust company - is a form of relationship in which the property is owned by the founder (Beneficiary), and is handed over to the trustee, manager, who in turn agrees to make transactions that conform to the guidelines of the Beneficiary.

The object of the Trust may be movable, immovable property or intellectual property. Transferring property to the Trust, which would be a formal title holder, the beneficiary is not only completely controls the property, but also has the right to transfer it to another person (or company). Trust company takes full responsibility for the fact that all the terms of the Trust Agreement have been fulfilled.

When the property is being registered on the trust company the process is the same as when the property is registered on the natural person. For the holding of trust company annual tax in the sum of 250GBP will be charged.

02.10.2013

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