# Cypriot Inheritance Laws



## David_&_Letitia (Jul 8, 2012)

Hi,

Although Letitia and I intend to let our property in the UK and rent in Cyprus when we finally relocate there, we have not ruled out buying a Cyprus property in the future. We may also move some of our savings into Cypriot banks.

Can anyone advise on the inheritance position if we owned a house there? We have 3 children and 4 grandchildren. I'm sure that a well written will should sort out most problems, but I wondered specifically about inheritance tax thresholds and whether our children would encounter any problems with transfer of ownership? Will a UK written will have legal standing in Cyprus or would you recommend that we have a new will drawn up by a Cypriot lawyer?


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## Pam n Dave (Jun 11, 2007)

The general advice seems to be that you should have a will for both countries.

Many people also point out that it may not be a good idea to use the lawyer in Cyprus as the executor, there may not be much to distribute once the fee and charges have been taken into consideration.


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## Veronica (Apr 5, 2008)

There is no inheritance tax in Cyprus.
However even with a will everything has to go through probate, so if you own a property (even cars have to go through probate)you need a Cypriot lawyer who can represent you in court as everthing is done in Greek (naturally).
I would however caution you to be very careful about which lawyers you use as some will take as much as they can out of your estate for themselves as they can legally get away with.
I can recommend a very good lawyer who will not take your eyes out and who will tell you exactly what his services will cost so that there are no nasty surprises at the end.
It is a good idea to go to several lawyers to get quotes (in writing) so that you can make an informed decision. There are certain lawyers who I would recommend you steer clear of but I can't name there here as we are not allowed to name and shame.

Veronica


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## PeteandSylv (Sep 24, 2008)

There are people other than lawyers capable of drawing up a will and depositing it with the court for far less than any lawyer is likely to charge. You can have your children or whoever you like named as executor. When the time comes they can then appoint a lawyer having negotiated a sensible price, to carry out the probate.

Pete


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## Veronica (Apr 5, 2008)

PeteandSylv said:


> There are people other than lawyers capable of drawing up a will and depositing it with the court for far less than any lawyer is likely to charge. You can have your children or whoever you like named as executor. When the time comes they can then appoint a lawyer having negotiated a sensible price, to carry out the probate.
> 
> Pete


Again though I would say be very wary about who you use if you go down this route.
There is a certain english 'expat services' company who offer will writing services and then make an annual charge for storing the will. This is just daylight robbery as they charge several hundred euros per year for this "service" which any good lawyer will not charge at all for.


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## PeteandSylv (Sep 24, 2008)

Veronica said:


> Again though I would say be very wary about who you use if you go down this route.
> There is a certain english 'expat services' company who offer will writing services and then make an annual charge for storing the will. This is just daylight robbery as they charge several hundred euros per year for this "service" which any good lawyer will not charge at all for.


You are quite right to be wary which is why I mentioned depositing the will at the Court for a few Euros. I've also heard of lawyers charging daft sums to store wills

The lady from the partnership I have used has carried out this task and others perfectly well for me and others I know. I will pass on her details if you PM me.

Pete


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## berni109 (May 28, 2010)

Hi,
since you seem to be leaving things (property/money/bank accounts) in the uk then you will find it extreamly difficult to escape the uk inland revenue. a residence certificate for cyprus is simply not good enough. you have to be able to prove you have severed all economic links with the uk
so all of your world wide things will become part of your uk estate and be taxed there. 

a uk will is therefore a must with or without the tax problems.
inheritance rules in cyprus are very different to the uk irrespective what a uk will says - your spouse and children are automatically provided for taking equal shares of what is legally yours. 

be very careful who you use in cyprus (as has already been said) you need in writing exactly what they are going to charge you for and how much usually a percentage.

hth
bern


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## Loukia (Jan 26, 2012)

Hi all,

We are in Australia but my parents had substantial property in Cyprus as well as Australia.
My father had an Australian will only and it superseded any laws in Cyprus, even though his second wife who is Cypriot tried to contest it through the Cypriot system but let me tell you, everyone is right about the lawyers taking everything they can using various "fees".
Daylight robbery, so my advise is to get as many recommendations as possible and a quote before!


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