For the first time ever, in May 2012 the Society of Trust and Estate Practitioners (STEP) held its flagship International Conference in Cyprus, in a move that further consolidates the island’s position on the trust services world map. Delegates from around the world, including trust practitioners, lawyers, accountants and providers of financial and corporate services, heard presentations from the leading experts in the trusts sector. The theme of the conference was "tax and trust challenges in the new world order" and the topics it covered ranged from recent trust case law to citizenship and tax residence programmes. The conference also focused on the benefits of Cyprus as a stepping stone to doing business in Europe and the rest of the world.

Andreas Neocleous & Co LLC had the pleasure of sponsoring and hosting the welcome drinks on the evening of 9 May. This popular event provided an opportunity for delegates to network informally, re-kindling old friendships and forming new ones.

The opening speech of the conference was given by the Minister of Finance, who assured the audience of his government's commitment to maintain the favourable tax regime for investors to continue doing business in Cyprus.

Maria Kyriacou, head of our firm's Nicosia office, gave an informative speech on the recent reform of the Cyprus International Trust Law of 1992. Maria’s contribution was well received, with many delegates and fellow-speakers congratulating her on the clarity of her presentation. Our firm was at the forefront of the movement to modernise the International Trusts Law throughout, having taken the initiative in identifying and drawing attention to the deficiencies in the existing law. With the overwhelming support of all relevant professional bodies we took the lead in the modernisation process and we are proud to have been involved in giving Cyprus an International Trusts Law that puts it in the ‘premier league’ of trust jurisdictions and will stand it in good stead for some years to come.  We were therefore delighted that Richard Pease TEP, former Chairman of STEP Worldwide, who drafted the original Cyprus International Trust Law of 1992, expressed his opinion that the amendments to the law were very beneficial, making Cyprus a highly attractive jurisdiction for settlors. 

The event closed on an upbeat note, with delegates expressing great satisfaction with the successful outcome of the two day conference and very much looking forward to the next.

For further information on the reforms to the Cyprus International Trust Law please contact Elias Neocleous or visit our website.