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Don’t leave your will to chance in Cyprus
Country: Cyprus; Cyprus
28 November 2008 Anyone who owns or is thinking of buying property in Cyprus should forward plan and ensure that they set-up a will, as lawyers in Cyprus can charge, by law, a fixed amount for probate work, typically in excess of 12% of the estate value, according to soliciting firm ProACT Partnership.
In Cyprus, if you die without a will your estate passes automatically to your children – not your spouse. Also, it could be expensive because of unavoidable taxes and fees. The very wealthy are able to make trusts and foundations to hold overseas assets and control ownerships when people die, these same rules are available to everyone and using them can avoid expensive and lengthy probate costs. Sam Orgill, managing director of ProACT Partnership, says:” You need to look forward and plan how you want your assets and your family’s security protected against unnecessary expenses, delays and distress at a difficult time when someone dies or is incapacitated through illness. We look at every case independently as each family’s will or trust, is dependant on the type and amount of their assets and even more importantly, family values.” If you die without a will with Cyprus assets, the courts will appoint a solicitor who will charge the full probate cost. There is no UK or Cyprus Inheritance Tax on first death between UK domiciled married couples.
Browse other Cyprus property news stories, read articles about investing and buying property in Cyprus or view our range of Cyprus property.
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