If you have bought property in Cyprus or are considering moving to the island, we strongly recommend that you have a separate Cyprus Will drawn up that deals with your assets held in Cyprus. It is vital that you regularly review the provisions of your existing Will (if you have one) to ensure you have the correct measures in place to deal with your Cyprus property and other assets on your death.
New Wills and Succession Law
There have been some recent changes (July 2015) in the Wills & Succession Law in Cyprus, resulting in the fact that all persons residing with assets in Cyprus will have to abide by the Forced Heirship Rule unless they choose to include an “Election of Law” clause in their Will.
On 17th August 2015, an EU wide regulation (European Union Succession Regulation EU650/20121) came into being where a National of one EU country who is resident in another EU country can expressly choose the law under which their Will should be executed. In this respect a British National residing in Cyprus can draft a new Cyprus Will expressly stating that the Will should be governed by the laws of the UK.
By making a new Will which includes this statement, you will ensure your estate can be disposed of according to your wishes, and will not fall within the Cyprus Forced Heirship regime.
The not so good news is that should you wish to take advantage of the EU regulation, new Wills must be written to express the Laws under which the Will should be governed.
For some people the forced heirship regime may suit their needs, and if so there is no need to take further action, but for those of you who wish to exercise full control over the disposal of all of your assets, you will need to make a new Will. We can of course assist in the drafting of this document.
Should you wish to discuss further or make an appointment to call into the office please email firstname.lastname@example.org or call the office on 26818358. We provide a highly personalised service to assist clients in drafting out a Will and we also provide a full Executor Service.