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08 Aug 11

Making A Will In Cyprus

There have been thousands of Brits and other Europeans who have invested in a property in Cyprus. In the excitement of becoming the owner of your house in the sunshine it is easy for people to overlook the importance of having a will in Cyprus.

None of us really contemplates death and so making a will is the last thing on our minds. But as you get older the reality of what will happen to your assets becomes more important and that includes your overseas property purchase. Different countries have different rules and regulations when it comes to a property owner passing away, so here we will explore i more detail the importance of making a will in Cyprus.

Making a will in Cyprus ensures that you are in control of the estate in terms of who gets what. If you do not make a will then the legal rules governing how an estate is administered come in to play. It is vital that you make a will to ensure the smooth transition of property and money to your loved ones.

Mark Tilden a lawyer based in Cyprus said “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. We always advise our clients to make a separate Cyprus will. 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 rule”.

The good news for people who are domiciled in Cyprus is that there is no estate duty to be paid. However residence of the UK and other European countries would be taxed based on the rules of where they are domiciled. It is therefore important to carefully plan the most tax efficient way to plan who gets what and the safest way to do this is by making a will in Cyprus as well as your home country. It goes without saying that making a will is key to ensuring that your loved ones are not left with a headache should anything happen to you

For more information on making a will in Cyprus then simply complete the contact form on this web site and we will be happy to send you contact details of solicitors in Cyprus who specialise in writing wills and tax planning.