European Union: Trusts

The Financial Intelligence Analysis Unit (FIAU) has issued updated Implementing Procedures Part I, introducing significant changes to beneficial ownership identification requirements and employee screening obligations. These amendments affect how subject persons must conduct due diligence on beneficial owners of trusts and legal arrangements, while also modifying the documentation requirements for employee vetting processes.

In this study we shall try to identify how the income of trusts is taxed in Cyprus, having in mind its idiomorphic concept as to the dual separation of the ownership of the trust property, to legal and beneficial.

German tax residents must report worldwide income on their tax returns, including rental income from foreign properties and investment earnings from abroad.