Commercial Escrow Service
Our Commercial Escrow Service eliminates risk for both parties to a commercial transaction by ensuring that conditions precedent are carried out prior to an exchange. Escrow provides a method of transferring funds, goods, documents and other instruments of value, via our licensed trust company, to two or more principals in accordance with specific instructions and conditions as set out by them.
This service is particularly important for independent parties who want to transact commercial business together but are not sure of their respective business practices and cultural background.
Trust Law in Cyprus
The introduction of trusts into Cypriot law has presented the availability of a number of security-related solutions in both commercial and non-commercial contexts, introducing greater flexibility for the holding and enforcement of security arrangements, which are no longer limited to the traditional real or personal forms of security listed in the Civil Code but extend to arrangements which operate as security under the fiduciary rule of the trustee, including the trustee being the creditor himself, as would be the case in finance syndicates with the appointment of a security trustee.
Escrow under Cypriot Law
These same legal developments have provided the framework for authorised trustees to act as escrow agents, instructed by the relevant parties to a transaction, to handle property in accordance with specific instructions.
Claris Trustees & Fiduciaries Ltd acts as escrow agent in a number of commercial transactions, including transfers of trademarks and patents, transfers of internet domain names, financing and security transactions and equity purchase and sale transactions.
Our escrow services include:
- acting as security trustee;
- trust services in connection with investment transactions;
- acting as escrow agent in the context of various commercial transactions;
- holding, administration and safe-keeping of documents and financial and non-financial assets
- holding of shares on a fiduciary basis