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Information for Cyprus Expats on making a Will in Cyprus
Top Ten Hints on Making a Will in Cyprus
Nobody likes to think about making a Will, but whenever you have a major change in your family or financial circumstances you need to think carefully about what provisions you have in place to protect your loved ones. The laws of succession in Cyprus are not the same as in the UK – or elsewhere in Europe - and it is for this reason that when you move to Cyprus, or buy a property here it is really important to review and update your Wills.
1. Hint Number 1 – Don’t Avoid the Issue Altogether!
As mentioned already, nobody likes to think about this subject – but if you avoid taking action then you could leave your family and loved ones exposed in the future. Making a Will can mean that your wishes are adhered to, help to prevent family strife, make the administration of your estate much simpler (and cheaper) and (if incorporating tax planning) can also substantially reduce the amount of tax payable on death!
2. Hint Number 2 – Know Your Rights
In Cyprus, it is possible for a person who (or whose father) was born in the UK or in a Commonwealth country to make a Will to determine who will inherit his estate in Cyprus. If you do not fall within this category or if you do not make a Will then your property in Cyprus will be governed by the Cypriot rules of forced heirship.
3. Hint Number 3 – Speak to Someone Who Knows
If you own assets in more than one country then your individual circumstances need to be carefully considered by a lawyer who knows the laws of the countries involved. Find a lawyer who is experienced in both countries!
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- Hint Number 4 – Think about Tax
There is no estate duty in Cyprus for Cypriot domiciles (see Hint 5 below) – but if you are domiciled in the UK, then regardless of the location of the assets, you will be taxed on your worldwide estate – this will include your property in Cyprus. At 40% on anything above the nil rate band – this can be hefty!!! Thankfully there are ways to plan your estate tax efficiently when making your Will - careful planning can reduce (or even remove) liability!
5. Hint Number 5 – Think About Your Domicile
From Hint 4 you can see that domicile is a crucial matter to determine when making a Will. Your domicile is the country you were born in – unless you actively change it – and this is not easy to do. If you live in Cyprus, but are not Cypriot, you need to seek legal advice to ascertain where you are currently domiciled.
- Hint Number 6 – Forget Legal Jargon
The best kind of Wills are simple and clear – don’t let your lawyer draft something you don’t understand.
7. Hint Number 7 – Don’t Assume The Formalities Are The Same
The formalities for making a valid Will in Cyprus are not the same as in the UK or another European country – make sure you are given correct advice on how to sign.
- Hint Number 8 – Don’t Rely On Your Will Abroad
Whilst a Will from your home country might be able to govern your Property in Cyprus, this would mean that the Will would need to be “re-sealed” out here. This can be costly and time consuming. Good advice my is to make a separate Cyprus Will.
- Hint Number 9 – Register Your Will At The Court
In Cyprus you can register your Cypriot Will at the Court. This is a very safe place to store the original document!
10. Hint Number 10 –List Your Assets
Keep copies of all documentation relating to their estate together somewhere safe. When the time comes it will be quicker and easier to deal with the estate if it is clear what assets you have.
The biggest mistake you can make with Wills is to avoid the subject altogether – don’t assume your wishes will be adhered to unless you have made them clear in a Will!
© Louise Zambartas
Updated 01 May 2012
This information is for guidance purposes only.
If you would like to have more information on making a Cyprus Will, please use our contact form and quote ref Cyprus Expat Legal Services.
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