WILLS – CYPRUS AND IN YOUR COUNTRY OF RESIDENCE.
Do you have a WILL for your assets in Cyprus? If not, now is the time to act and complete this process to ensure that your wishes are adhered to.
If you do not have a will in Cyprus, then your estate will be administered according to the Laws of the Republic of Cyprus. Many people presume that this means that their estate is automatically bequeathed to their spouse, unfortunately this is not the case. Intestacy laws state that if there is no VALID WILL at the time of death, the estate of the deceased is bequeathed in equal shares to your spouse and your children in equal shares.
If you have a will in your country of domicile, your estate in Cyprus will also fall under this jurisdiction, which may mean your family fall into the inheritance tax bracket.
By having a will in each country where you have assets, it simplifies all aspects and can save your family a considerable amount of money.
If you wish to speak to one of our specialist members of staff who can assist you in preparing your will to cover your assets in Cyprus please do not hesitate to contact us for an appointment.