I wonder if anyone can assist me. I operate a legacy planning business in Cyprus mainly directed at British Expats living there. I often have a need to create trusts for them. For example, I have a current scenario where a British couple wish to place an apartment that they own in England, which is occupied by their daughter, into a Settlor Excluded Asset Protection Trust to take advantage of holdover relief. Unfortunately, whilst they are still UK domiciled, they no longer have a residential address in the UK and the lawyer that I normally use for creation of trust documentation says that he is unable to act as his AML software rejects the settlors as they do not have an address in the UK.
It seems ridiculous that these individuals are unable to access legal services.
Any assistance/ guidance appreciated .
Many thanks
Wayne Barnett
Maplebrook Services Limited
Why can’t you use a Cypriot lawyer?
Cyprus is a signatory to the Hague Convention
STEP Cyprus has in excess of 150 members.
Although we are all familiar with increasingly burdensome AML requirements, there is no reason in principle why UK lawyers cannot assist with this. Trust work for non-resident clients is a significant part of our case load and I’m sure the same is true for many others on this forum