The Program of obtaining Cyprus Permanent Residence Card and Cyprus Citizenship through investment attracts many foreign investors to invest in Cyprus in order to obtain an additional identity to diversify various risks or/and just for ease of travelling, at the same time, it adds the complexity for inheritance arising from various jurisdictions involvement.
Legal Framework
Wills and Succession law in Cyprus is governed by both domestic and EU law. Regarding the Cypriot statute law, the most significant legislations are:
Moreover, EU law is relevant and specifically Regulation (EU) 650/2012 which allows EU citizens to choose the law of the country of their nationality as the governing law of their will.
The law relating to wills and succession differs from country to country.
Cyprus law provides a complicated system of inheritance. Under this system the estate is divided into two sections a disposable and non-disposable section.
The disposable section can be passed by a Will. When a person passes away, a number of matters are raised which need to be dealt with. In case that the deceased left a valid will, then the appointed Executor(s) have the responsibility to fulfil the deceased’s wishes, according to the Will and subject to the law.
The non-disposable part will pass according to the law of succession. When a person passes away in the absence of a Will, the deceased’s family and inheritors will need to appoint the Administrators of the estate of the deceased.
Appointing a lawyer to be the Executor or Administrator will give you peace of mind that the process will be properly completed and the legal fees are settled by the deceased's estate.
What is a Will?
It is a legal document which the testator expresses his/her wishes as to how his/her estates and assets shall be distributed at death.
A valid Will in Cyprus must:-
The Will in Cyprus can be registered at the District Court of the City in which the testator lives, however even if not registered its validity is not affected.
Is there any inheritance tax in Cyprus?
There is no inheritance tax for people who passed away after year 2000 when inheritance tax was abolished. But there is inheritance tax for properties of person who passed away before 2000.
Is a will made in a foreign country valid in Cyprus?
Yes, provided that the will was executed following the formalities required by Cyprus law. Further, a will can be accepted by Court if it has been executed according to the conditions of the Hague Convention.
What does 'domicile' mean?
'Domicile' is a term often used in succession matters when seeking to establish which law is applicable to the estate of a deceased person. Specifically domicile is the status of being a permanent resident in a specific jurisdiction.
Is Cyprus succession law applicable to immovable property of a foreign national located in Cyprus?
Cyprus law regulates any immovable property found in Cyprus irrespective of the nationality or country of residence of the deceased.
Is Cyprus succession law applicable to immovable property abroad of a person who has Cyprus domicile status?
No. Cyprus law does not regulate and is not applicable to any immovable property abroad even when the deceased person in question had a Cypriot domicile.
Is Cyprus succession law regulating movable property of a foreign national located in Cyprus?
Movable property such as money, cars, etc. are governed by the laws of the domicile of the deceased at the time of death. Thus, if the deceased had a foreign domicile, the laws of his/her country will regulate his movable property in Cyprus. Likewise, a person who passed away having a Cyprus domicile, his movable assets abroad will be governed by Cyprus law.
The above is intended to provide a brief guide only. It is essential that appropriate professional advice is obtained. Our company will be glad to assist you in this respect. Please do not hesitate to contact us.
Our lawyers would be happy to meet or provide additional information and give you a detailed description of the process and our services.
Feel free to contact us for a consultation by phone +35722-252684 or by email info@azgroups.net