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The trust is too be set up for business purposes in respect of a niche contractor solution based overseas in Cyprus.
I am not directly involved and my knowledge of trusts is little. I would be happy to know what a settlor is, the tax implications, whether you are personally responsible for the trust and would face loss of assets or legal proceedings should there be any issues.
My husband who is the person to be the settlor us also a trustee. Any information about this set up would be greatly appreciated.
No he is not a beneficiary. As a Cypriot resident he pays tax in Cyprus.