A Will in Cyprus
A Will is a written legal document, in which a person communicates their wishes concerning the distribution of their assets and when drafted in accordance to the rules, it takes effect immediately after the testator’s death. Although it is not mandatory to create a will in Cyprus, it is nevertheless recommended in order to avoid any misunderstandings and complications, especially in regard to...
Probate Rules in Cyprus
What is Probate and what are the probate rules in Cyprus? Thinking about death can be an unpleasant topic for most people, but it is undeniably a part of life, and the sooner you face the fact and prepare your inheritance the better it would be for those you leave behind. If you own any immovable property in the Republic of Cyprus, irrespective of your nationality or permanent residence, it...
Wills and Succession Regulations for Non-Cypriot citizens having assets in Cyprus
An individual residing in Cyprus can distribute his/her assets by drafting a Will according to the regulations of Cyprus Wills and Succession Law (Cap. 195). Until 2015, article 42 of Cap. 195 gave the right to British and Commonwealth citizens, as well as to other expatriates, to dispose of their movable and immovable property as they wished.
Article 42 has been removed from Cap. 195,...
Cyprus International Trust Law
The International Trust Law (No. 69/1992) legislation facilitates the formation and administration of an international trust. The law built on the existing Cyprus trust legislation of 1995 (The Trustees Law, CAP. 193). The amendment of Cyprus trust legislation introduces innovative provisions and provides considerable incentives for the establishment of trusts in Cyprus. Furthermore, Cyprus...
Succession and Wills Regulations in Cyprus and EU
In Cyprus, an individual can distribute his/her estate by drafting a Will. In case, a deceased person had not prepared a Will during his/her lifetime then his/her estate will be distributing according to the Cyprus Wills and Succession Law, Cap. 195.
Precisely, the distribution of an estate could be regulated by a Will or according to the Law or both.
The Cyprus Wills and Succession Law, Cap....
Considerations When Writing Your Will in Cyprus
Although it is often said that a person may not make a Will in Cyprus, this is in fact a gross oversimplification of the legal provisions regarding inheritance in Cyprus. In fact, some individuals are able to make a Will for their whole estate and others are entitled to make a Will for the, so-called, “disposable portion” of their estate. It is therefore tremendously important to ascertain...
The New and Improved Cyprus International Trusts Law
The law on international trusts in Cyprus has undergone considerable changes this month with the enactment of a new law that amends the International Trusts Law. The amendments have been heralded as positioning Cyprus as the most favorable trust jurisdiction in the European Union and its much-anticipated provisions have been received with considerable praise by investors and professional...
Inheritance in Cyprus
Benjamin Franklin famously declared that “in this world nothing is certain but death and taxes”. Estate planning is a sensitive issue, which many people are reluctant to address, but considering that the plans and documents you make concerning your death are likely to be some of the most important financial documents you will ever make, inheritance is a crucial legal issue which everyone must...