The Cyprus House of Representatives passed The International Trusts Law in July of 1992. This law provides a comprehensive set of laws regulating the registration of international trusts and is unique in that it does not require the registration of an "international trust." The only amount payable to Cyprus is $500 upon settlement of the trust in the form of a stamp duty. The International Trust Act does not override the Statute of Elizabeth but, instead, closely parallels United Kingdom trust law. It is a popular base for companies driven out of Eastern Europe or Lebanon notwithstanding the division of the island into Greek and Turkish Cypriot sectors separated by United Nations peacekeepers. Cyprus has a tendency to regulate offshore companies heavily, for example, by requiring submission of an audited financial report every year. In addition, according to Mr. Sophocles Nichaelides of the central bank, "We're not a tax haven; we're offering tax incentives." It is unclear what regulations or taxes may be imposed upon offshore trusts.