Estate planning is the process of arranging the disposal of someone’s movable and immovable property after his/her death. Estate planning may eliminate doubts over the administration of estates. Obviously, estate planning is a rather sensitive issue. As a result, many people avoid addressing it. However, it should be taken into account that the documents you prepare regarding your death might be some of the most important documents you will ever make during your lifetime.
Cyprus is an attractive destination for estate planning because the Estate Duty (Amending) Law 2000 has been abolished for people who passed away after the 1st of January 2000. However, foreign citizens may have to pay the relevant inheritance tax in their country of origin.
In Cyprus, all matters related to estate planning are regulated by the following legislations:
- Wills and Succession Law (Cap. 195);
- Administration of Estate Law (Cap. 189);
- Probates (Re-Sealing) Law (Cap. 192);
Specifically, one of the most popular estate planning solutions in Cyprus is drafting a will since it enables individuals to dispose of their property as they wish. Following the Cyprus regulatory framework, the estate can be divided into a disposal and a statutory portion. The disposal portion defines the part of the property that can be disposed of through a will without any restriction. The statutory portion is divided according to Article 41 of Wills and Succession Law (Cap. 195).
Drafting a will is one of the most effective estate planning solutions available for Cypriots and foreigners who are permanent residents of the Republic of Cyprus. That is to say, the property of both Cypriot citizens and foreign citizens will be disposed of according to the provisions of Wills and Succession Law regardless of nationality.
Regarding foreign citizens who are permanent residents of Cyprus it is recommended to consult a law firm located in the Republic of Cyprus in order to discover all the available solutions related to estate planning through a will. The Cyprus lawyers of Michael Chambers & Co. LLC will examine your situation thoroughly and find the best possible solution for you and your family. Note that residential status is important because it is strongly related to taxation matters.
Estate planning is a vital issue since it determines the disposal of movable and immovable property of Cypriot and foreign citizens who are permanent residents of the Republic of Cyprus. The legal team of Michael Chambers & Co. LLC is able to provide you a proper legal and administrative support on all aspects of estate planning, inheritance and administration of estates. Moreover, our lawyers will study your case and provide you with customised solutions that will address your needs. If you wish to draft a will or find more information about estate planning solutions in Cyprus, then contact one of our lawyers: [email protected]