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Offshore Trusts Report: CyprusLegal Framework and Formation Rules and Fees Cyprus trust law began with the Cyprus Trustee Law Chapter 193, based on the English Trustee Act 1925, but the island's trust regime was brought into line with normal international practice with the International Trusts Law 69(I) of 1992. Local Trusts are governed by English common law and
the original Trustee Law. The settlor and beneficiaries are normally
residents of Cyprus, and the trust and its property are subject
to exchange controls. International Trusts are the normal form of Cyprus Trust used by foreign settlors. International Trusts have the following key characteristics:
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