The Cyprus Trustees Law Cap 1993 regulates the law on ‘local trusts’. The Act is similar to the English Trustee Act 1925. A trust is a legal entity created by a party known as the settlor /trustor through which a second party known as the trustee holds the right to manage the trustors assets or property for the benefit of a third party known as the beneficiary. In most cases, the settlor and the beneficiaries are residents of Cyprus. The trust and trust property are subject to exchange controls. However, since accession to the EU, such has become vestigial. In this case too it can be seen that the law followed in Cyprus follows the English law very closely.