a statutory trust. Statutory Business Trust: A trust created pursuant to a state's business trust statute used primarily for commercial purposes. Two prominent variants of Statutory Business Trusts are Delaware statutory trusts and Massachusetts business trusts. The Uniform Law Commission promulgated a final amended draft of the Uniform Statutory Entity Act (2009) in 2013. As of 24 January 2017, no states have adopted the Uniform Statutory Entity Act of 2009. Testamentary trust (or 'Will Trust'): A trust created in an individual's will is called a testamentary trust. Because a will can become effective only upon death, a testamentary trust is generally created at or following the date of the settlor's death. Unit trust: A trust where the beneficiaries (called unitholders) each possess a certain share (called units) and can direct the trustee to pay money to them out of the trust property according to the number of units they possess. A unit trust is a vehicle for collective investment, rather than disposition, as the person who gives the property to the trustee is also the beneficiary. Country specific variations While trusts originated in England, and therefore English trusts law has had a significant influence, particularly among common law legal systems such as those of the Commonwealth or the United States, the impact of trust law has been wide and varied. Even under common law systems, the basic notion of a trust has been implemented in strikingly different ways. Trust law in civil law jurisdictions, generally including Continental Europe only exists in a limited number of jurisdictions (e.g. Curaçao, Liechtenstein and Sint Maarten). The trust may however be recognized as an instrument of foreign law in conflict of laws cases, for example within the Brussels regime (Europe) and the parties to the Hague Trust Convention. Tax avoidance concerns have historically been one of the reasons that European countries with a civil law system have been reluctant to adopt trusts. Cyprus Cyprus legislators enacted the Cyprus International Trusts Law of 2012 with an aim to facilitate the establishment of trusts by non-Cypriot residents. The Cyprus International Trust is based on common law principles however the Cyprus International Trusts Law of 2012 introduces certain conditions and requirements to for the trust to qualify under the same law. These conditions are: The settlor must be of sound mind and of the right age. The settlor must not be a resident of Cyprus for at