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Offshore Trusts Report: CyprusSupervision, Licensing and Tax Trust services in Cyprus are provided through International Trustee Services Companies. Until 2003, the Central Bank of Cyprus was the authority responsible for the licensing and regulation of international business enterprises (i.e. companies which are beneficially owned exclusively by non-residents) involved in the provision of trustee services to the public at large, known as “International Trustee Services Companies” or “ITCs”. Following the enactment of the Financial Services Firms Law in July 2002 (Law No. 148(I)/2002),(as subsequently amended in January 2003), as from 16th January 2003, the responsibility for the licensing and supervision of international business enterprises which offer financial services in or from within Cyprus to the public at large was transferred to the Cyprus Capital Market Commission.
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