The Zulaikho Avas Trust Settlement
The Zulaikho Avas Trust Settlement (“the Agreement”) is a legal agreement which has been entered into under Cyprus law by one Settlor and three Trustees. The agreement was prepared by the respected Limassol law firm of Chrysses Demetriades & Company. All legal fees have been settled and represent a donation-in-kind from the Settlor which will not be reimbursed by donor money.
The property which has been placed under the authority of the Agreement, and thus under the control of the Trustees, is a a Euro-denominated bank account at the Bank of Cyprus, International Business Unit, Limassol, Cyprus (henceforth, “the Trust Fund”).
Trustees
The Agreement specifies three Trustees who will jointly control the Trust Fund. These Trustees are:
- Natalia Antelava, a journalist with the BBC, a citizen of the Republic of Georgia currently residing in Beirut, Lebanon;
- Elin Jönsson, a freelance journalist, a citizen of Sweden currently residing in Malmo, Sweden;
- Elena Charalambous, a qualified Cyprus lawyer, a citizen of Cyprus currently residing in Limassol, Cyprus.
Natalia Antelava and Elin Jonsson are journalists who had previously worked in Central Asia and who were friends of Alisher. Elena Charalambous is a friend and former colleague of the Settlor who has agreed to serve as a Trustee so as to fulfill the legal requirement that at least one Trustee be a citizen of Cyprus.
The Settlor is Laurent Ruseckas, a citizen of the United States currently residing in London, UK. A personal bank account opened at Bank of Cyprus in his name has now been placed under the legal authority of the Agreement and thus the Trustees; this is the Trust Fund.
Advantages of domicile in the Republic of Cyprus
Given the fact that donations to the Trust Fund are expected to come from a range of countries, it was decided to establish the trust fund in a jurisdiction with an attractive regulatory and tax framework for such a fund. The procedures for establishing a Trust Settlement in Cyprus are straightforward and simple, and the Trust Fund itself is exempt from all taxation with the exception of a one-time Stamp Duty of C£250.
Bank of Cyprus has been among the international banks least affected by the recent turmoil in the global financial system, as it has a low ratio of loans to deposits and no exposure to the US mortgage market. The Trust Fund account is in any case protected by EU and Cyprus deposit insurance schemes.
Once the Trust Fund is funded the Trustees intend to invest the donated funds in a manner appropriate for a fund of this sort, after taking advice from a finance professional willing to donate his or her time at no charge.
Account details and money transfer procedures
The details required to send money to the Zulaikho Avas Trust Fund by international bank transfer are as follows:
SWIFT Code: BCYPCY2N030
Account number: 0385-01-033313-00
IBAN: CY59 0020 0385 0000 0001 0333 1300
Bank of Cyprus, International Business Unit
121, Georgiou Griva Digheni Avenue, CY-3699 Limassol, Cyprus
Fees for international transfers are substantial with one exception, which is transfers from other banks within the Eurozone. For incoming transfers denominated in Euros from within the Eurozone, total fees on both ends of the transaction will amount to approximately €11.
However, for any transfers from outside the Eurozone total fees will be significantly higher. There will be wide variations but €50 is a good estimate.
Therefore for donations with a value of less than several hundred Euros (which is to say, most donations from individuals) we would suggest alternative options.
Within the UK, donations can be transfered to the account of the Uzbekistan Initiative London. This is a non-profit organization registered in the UK, registration number 05773106. Its director is Shahida Tulaganova, a friend and colleague of Alisher Saipov who has helped organize this Trust Fund. Any UK donations can be transferred into the account of Uzbekistan Initiative London, where they will be collected and then sent into the Trust Fund in a single transfer. All donors using this method will be informed when their donations have reached the Trust Fund.
Uzbekistan Initiative London
Sort Code: 30-98-71
Account Number: 3416689
Lloyds TSB
32 Oxford Street
London W1D-1AX
If you are in the US and would like to make a donation, please let us know of your general interest and we will be in touch soon with account details in the US.
