PITTADJIS - Making a Will in Cyprus - FOTOS PITTADJIS

One of the most important yet overlooked areas of purchasing a property in Cyprus is the drafting a Will. The drafting of a Will can be deemed boring due to the high volume of “legal jargon” used and making any decisions about a subject as touchy as death can seem morbid and a little pessimistic. The subject of death is a very sensitive issue, but if a little time is dedicated now to what will happen after your death, a lot of complications and expensive legal fees can be spared for those loved ones you leave behind.

The next few paragraphs will detail the Law as it stands in Cyprus for Cypriot Nationals and UK Nationals resident in Cyprus. I have limited the amount of legal jargon and believe me when I say that a little knowledge in this area can have huge benefits, so here goes:

Cypriots cannot dispose, by Will, the whole of their estate if they have a spouse, child, grandchild or parent at their time of death. According to Cyprus Law, the undisputable amount of estate left is:

75% - if the deceased has left a spouse and child or descendant of a child (grandchild) or child or descendant of a child (great grandchild).

50% - if the deceased has left a spouse or parent but not a child or descendant of a child. If no spouse, child, parent or grandchild is left, the deceased can dispose by Will 100% of their estate. For any person regardless of their domicile who was born or whose Father was born in the UK or in any Country who is a member of the Commonwealth this “forced heirship” rule does not apply and no statutory limitation exists. Other foreigners can dispose freely of their movables regardless of their domicile.

A Will made in the UK referring to Cyprus property may be valid in Cyprus but, upon the death of the of the “Testator/Testatrix” (the person who has a will which is effective at the time of his/her death) the “Grant of Probate” (an official document which executors may need in order that they can administer the estate) must first be obtained in the UK and then “re-sealed” in Cyprus. If no executor has been appointed by the deceased the Cyprus Court will have to appoint one on their behalf.

These matters obviously take a lot of time to resolve and will cause long delays and expensive costs and expenses for the beneficiaries.For any UK residents who have not made a Cyprus Will and covered all their foreign investments and property within their UK Will, all movables and immovables will then be deemed liable to UK Inheritance Tax (IHT). For UK Nationals whose total worldwide estate exceeds £300,000GBP the IHT due will be 40%, for example:
If your worldwide estate totals:

• £400,000GBP your Inheritance Tax due will be: £40,000GBP

• £600,000GBP your Inheritance Tax due will be: £120,000GBP

• £1,000,000GBP your Inheritance Tax due will be: £280,000GBP

(Please note that these figures are correct as at the time of issue, but are subject to change. These figures are to be used as a guideline only).

Please be aware there is no Inheritance Tax in Cyprus.
Under Cyprus Law if your estate in Cyprus is settled under your instructions bequeathed in a Will drawn up in Cyprus, no IHT is due.

Taking a little time now to calculate these costs can save a huge amountof time and money for your beneficiaries after your death.

I hope you can now see the importance of having a Will made in Cyprus to protect you from the hidden expenses, lengthy delays and unnecessary tax costs which could be incurred upon your death and although nobody likes to broach the subject, it is of paramount importance.

Wills are not a complicated subject if you obtain the right legal advice and assistance and while you may have been apprehensive about legal matters occurring after your death, you can be secure in the knowledge that your Will can be executed by PITTADJIS ADVOCATES to your precise specifications and wishes without incurring extra expenses and costs for the beneficiaries.

For further information, help and advice on Inheritance Tax for UK Nationals, please contact HM Revenue and CustomsHM Revenue & Customs(+44 115 9743009 from outside the UK)


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