Wills and Succession
The Republic of Cyprus gives the opportunity for an individual to distribute his/her estate by drafting a Will. In the event that a deceased person did not prepare a Will during his/her lifetime the estate will be distributed in line with the Cyprus Wills and Succession Law (Cap.195). The provisions in the latter law regulate: the succession of the estate of physical persons and residents of the Republic but also the succession of real estate of physical persons and non-residents of the Republic of Cyprus.
In order for a Will to be valid it must be drafted by an adult person of sound mind with the legal capacity to sign. This is established in Article 23 of the Act which lays out basic requirements for a will to be valid. Specifically it must: be signed by the testator, or by another person authorized by the testator in the presence of the testator by his/her request; be signed by the testator in the presence of two or more witnesses; be signed by the witnesses in the presence of the testator and of another; have the initials of the testator and witnesses on every page of the Will and the final page must be signed by the testator and all the witnesses.
The European Union Law on Wills and Succession is integrated in the provisions of the national Law giving the individual the freedom to rightfully choose the law of their country of origin to apply to their estate, whether it is in the European Union or a non-EU member state – third country. Unlike other jurisdictions, there is no Inheritance tax in Cyprus regarding movable or immovable property.
Our lawyers are highly proficient and meticulous in preparing wills. They possess a wealth of knowledge in drafting wills or guiding clients in their preparation as to ensure the protection of the personal and financial interest of the testator.
Covered areas: preparation and drafting of wills, obtaining probate orders, administration of estates, resolution of disputes between heirs etc.
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