The Civil Code is one of the most complex laws in Cyprus. It contains provisions on some of the most important matters related to family relations, including on wills and succession.
The Cyprus Inheritance Law is one of the most important acts providing for the division of an estate upon death, and if you need guidance drafting a will, our lawyers are at your disposal with tailored support.
Below, we invite you to read about the recently amended Wills and Succession Law in Cyprus.
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Cyprus has a sound legislation regarding inheritance. Succession in Cyprus falls under the following regulations:
Recently, Section 42 of the Wills and Succession Law has suffered several changes through which the forced heirship rules have been amended. Even so, these remain quite complicated due to the fact that part of the estate of a person who died must be divided between surviving family members based on specific rules.
According to the Inheritance Law, succession applies to an estate, while local courts can decide on the succession of real estate property owned by foreign citizens in Cyprus.
There are two ways of dividing an estate:
This is why, it is important for persons to draft wills. Our Cypriot lawyers are at the service of Cypriot nationals and foreigners who own assets in this country and want to organize the division of their belongings upon their deaths.
We can also help in matters related to marriage in Cyprus. After arriving in Cyprus, you must submit your marriage application in person to the Municipality of your choice’s Marriage Officer in order to get married officially. You must provide the original required papers specified below when submitting your application. Within three months after the date the notification is given, your wedding must take place.
The rules of inheritance apply to all Cypriot citizens and to foreign citizens owning real estate in the country. Moreover, the inheritance rules apply to foreign citizens living in Cyprus and intending to relocate to the country. Many foreign citizens are attracted toward the island due to the fact that there is no estate tax in Cyprus. The Cypriot inheritance and gift tax was abolished in 2001.
The principles applied in cases of inheritance depend on the following factors:
You can rely on our lawyers for guidance on the Cyprus Inheritance Law.
Both Cypriot and foreign citizens who own assets in Cyprus are recommended to draft wills in order to have their last wishes fulfilled in respect to the division of the goods they own.
Even if this is not mandatory, it is worth noting that the Inheritance Law is divided into two parts: the first one covers the disposable section (where the assets are divided based on what is written in the will) and the compulsory section (where the assets are divided in accordance with the Wills and Succession Law in Cyprus).
Our law firm in Cyprus can help foreign citizens who own assets in Cyprus and abroad and have already drafted will for the goods located outside this country and want to arrange the part of the estate here. It is important for the two wills to contain similar dispositions in order for the heirs to benefit from the testator’s last wish.
The Cyprus Inheritance Law provides for specific conditions to be met in order for a testament to be valid and taken into account upon the division of assets. These are:
Also, the will can be drafted and kept by the testator’s lawyer.
We provide tailored support to persons interested in preparing their wills. Our Cypriot law firm is at the service of foreign citizens interested in acquiring properties here and making sure they comply with the Wills and Succession Act when it comes to drafting their testaments.
In order to contest a will, a person should have a legal basis related to the way in which the inheritance was distributed or the way in which the document was signed.
As a general rule, a person can contest a testament on the following grounds:
In case the deceased leaves no testament, the Cypriot legislation will determine the inheritance according to the rules of forced heirship. In this case the Cypriot estate will be divided into:
The disposable section depends on the surviving relatives which will receive between a quarter and half, or even the entire estate. Even if similar to the disposable section in terms of surviving relatives, the compulsory section refers to the spouse receiving a certain share of the estate, the other parts of the estate being divided between the remaining heirs.
According to the Inheritance Law, the statutory portion of an estate is divided between close relatives of a deceased persons. These are the spouse and natural children or grandchildren (in case the parents have also died). The division of assets is made under the following rules:
If there are no close relatives, the entire estate will be divided in accordance with the dispositions of the will.
Those who have drafted wills in Cyprus can have between 25% and 50% of their estate divided according to their last wish. Any portion surpassing these percentages can lead to the invalidity of the testament.
The Cyprus Inheritance Law must be carefully considered when preparing a will and our lawyers can offer consultancy in this sense.
Cyprus does not impose any inheritance tax since 2000, which makes a very appealing destination for foreign citizens to own assets that can be passed on to their heirs. However, these must pay a transfer fee with the tax authorities, as it follows:
If you need more information on the Wills and Succession Law in Cyprus, do not hesitate to request the help of our lawyers.
For complete information about the legislation on succession please contact our lawyers in Cyprus.