The Contract law of Cyprus which is contained in Cap. 149 of the Laws of Cyprus, originally enacted in 1957, during the time at which Cyprus was a British colony, is very similar to some extent identical to Indian Contract Law. As a result, assistance in its interpretation may be derived from Indian sources (A classic reference is Pollock & Mullaha’s Indian Contract and Specific relief Acts. See also Saab v The Holy Monastery of Ayios Neophytos (1982) 1 CLR, 499). In the course of this short Article, the object of which is to give a short nut comprehensive idea of Cyprus Contract Law, certain particularities of the Cypriot contract law will be demonstrated as well as some deviations from the English Contact Law from which the Cyprus and Indian Contract laws derive their roots.
The succession law in Cyprus is regulated by:
Originating from the English law of Equity, the Trust is a widely used instrument in common Law jurisdictions such as Cyprus. Through the years and through statutory amendments, the legislation in Cyprus has been modernized to ensure that Trusts remain to the forefront of estate planning and succession tools available to practitioners and advisors for the benefit of their Clients. The uses of Trusts range from the traditional probate avoidance, succession planning, conveyance of assets between generations, asset protection and privacy, to the more ‘modern’ uses as wealth management tools, as a result of the rapid globalization of the investment process and products, and the tremendous expansion to the investment options now available to Trustees. The original legislation in Cyprus was enacted in 1992 and it is known as the International Trusts Law (Law No. 69(1)/1992). This has been amended by the International Trusts (Amendment) Law of 2012, to bring the legislation in line with trends and development in the area of asset protection and in line with the needs of Investors/Estate Planners today. The amendment was necessary considering the growing number of new investment opportunities, investments practices and developments in International Trust legislation and practices. Combined with the other characteristics and strong points of Cyprus that have made it one of the most prominent International Financial Services Centers, the Cyprus International Trust is an instrument of great flexibility, offering settlors and beneficiaries the highest degree of protection and unmatched tax optimization structuring opportunities.