CYPRUS INHERITANCE LAW - ANDREAS NEOCLEOUS & CO
After some tense negotiations, Cyprus was finally accepted as a member of the European Union in 2004. Cyprus has been a firm favourite for foreign property investors over the years, especially investors from the United Kingdom, as many of the laws within Cyprus are modelled on the UK law. Many investors in Cyprus automatically assume that the law from their own country of residence with regards to Wills, should provide the necessary safeguard for their dependents after their death. This is far from the truth as there are currently a number of complex situations emphasising the importance of using a local, reputable and established law firm in Cyprus.
Cyprus law today states that Cypriots cannot dispose by will the whole of their estate if they have a spouse or children. In basic terms this means one half of their estate to a surviving spouse and two thirds to children. It is important to note that British subjects are exempt from the current rule and they may therefore dispose by Will of the whole of their estate.
In relation to other foreigners buying real estate in Cyprus, the Cyprus rule comes into effect and therefore it is even more important to have a legal will established in Cyprus.
If you are a foreign investor of property in Cyprus, and you decide not to have a will established in Cyprus, you then rely on the Cyprus Law regarding what is applicable regarding your succession after death.
Leaving your dependents with the least possible burden after your death has to be your number one priority, although, when spending thousands of euros on property, a last will and testament is normally the furthest thing on foreign investor's minds.
Establishing a will in Cyprus for foreign investors is relatively straightforward. For example, the will should be in writing and attested by two witnesses. The will should reflect the true wishes of the testator. Wills can be securely stored with the Probate Registrar of the District Court, however, it is advised to have the will securely stored at a reliable and dependable Cyprus law firm as this also provides you with peace of mind that your dependents have a local point of contact who can resurrect the will and provide clear guidance in times of need.
Having a will established also eliminates any issues which may occur through disputes by other family members.
Dealing with a reputable and established lawyer in Cyprus can also provide safeguard should you also wish to appoint an executor or executors to your will as, if you die and have not appointed an executor to your will, a court will appoint an administrator to your estate.
Note: Andreas Neocleous & Co is a full-service law firm specialising in business and foreign investment in Cyprus, banking and insurance, property development and investments, Land Uses and Zoning, Real Estate, State Local and Municipal Law, Trust, Taxation, International Law, Estate Planning, Divorce, Immigration Law, Business and Commercial, Criminal Law, Franchising, Mediation and Collaboration Law, Probate and Estate. ANDREAS NEOCLEOUS & CO CYPRUS OFFICES: LIMASSOL, NICOSIA & PAPHOS IN ADDITION: MOSCOW, BUDAPEST, KIEV, PRAGUE & BRUSSELS
FOR FAST CONTACT TO LEFKIOS LT. TSIKKINIS OF THE LAW FIRM Andreas Neocleous & Co: http://www.opow.co.uk/contact.php