the trust The actual implementation of this law still remains to be seen however the requirements above are expressly extracted from The Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007–2018. FATCA Under the Foreign Account Tax Compliance Act (FATCA) a Trustee and or a Trust may be classified as a Foreign Financial Institution (FFI) requiring registration with the IRS and disclosure of results on a yearly basis. CRS Under the Common Reporting Standard decree, a trust would in most cases classify as either a Reporting Financial Institution (FI) or a Passive Non-Financial Entity (Passive NFE). If the trust is an FI the trust or the trustee will have an obligation to report to its local tax authority in Cyprus in respects to the reportable accounts. Taxation of Cyprus International Trust The income and profits derived within and outside of Cyprus are liable to every possible taxation imposed in Cyprus if the beneficiary is a resident of Cyprus in accordance with the Income Tax Laws of Cyprus. If the beneficiaries are not Cyprus residents then any income and profit derived from Cypriot sources will be subject to tax. Relevant to consider is what income is subject to taxation in Cyprus and the none domicile regime applicable in Cyprus. England and Wales History As noted above, the English trust arose from the court of the Lord Chancellor, known as the Court of Chancery. There are several features which distinguish the modern English trust both from other common law trusts and from civil law approaches. Purpose trusts and the requirement for a beneficiary In some ways, the modern English trust is, when compared to other jurisdictions, more conservative in its requirements. For example, it retains the requirement that there be a beneficiary. There are two main exceptions to this rule: charitable purpose trusts and Re Denley trusts. This contrasts with other jurisdictions like Cyprus, the BVI, the Cayman Islands, the Isle of Man, Jersey and Gibraltar which allow for non-charitable purpose trusts to be valid. This will normally be done by appointing a somebody to act as the trust's Protector. These purpose trusts allow for a trust to be created with a purpose (eg. 'to provide for N's education', where N is a family member) instead of a named beneficiary. The role of the Protector (also sometimes called an enforcer) is to hold the trustees to account, which the