Litigation and Dispute Resolution practice breaks through to Legal 500 top tier rankings for 2022
Athos Demetriou Associates LLC adds yet another practice area in the coveted Legal 500 EMEA top tier practice areas
On 23 February 2021, Cyprus fully implemented the provisions of the 5th Anti-Money Laundering EU Directive 2018/843 on its domestic legislation, whereby it was decided to establish central registers of ultimate beneficial owners; one of them being the Register of Beneficial Owners of Express Trusts and similar legal arrangements (the “Register”).
The term “express trust” refers only to those trusts created expressly by a settlor at their own will, and does not include trusts arising by operation of law nor trusts for which the settlor shows no clear intention for their creation.
Express trusts must be registered provided that:
Required information:
A. For the Trusts
B. For the Ultimate Beneficial Owners of the Trust (Trustee, Settlor, Protector, Beneficiaries)
A six-month period has been granted for the submission of the aforementioned information and documentation in the Register.
Athos Demetriou Associates LLC adds yet another practice area in the coveted Legal 500 EMEA top tier practice areas
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