Inheritance in Cyprus
The Hajivangeli & Partners team offers you legal support in matters of inheritance in Cyprus. In this article, we will consider what features, according to the law, succession in Cyprus has.
The laws of Cyprus apply and regulate the issues of inheritance in relation to a deceased individual if:
- Whether a will was drawn up in which the law of a particular state (European Union) was selected as the applicable law.
- The person’s place of residence at the time of death.
- Nature of assets left.
If the person lives in Cyprus, then Cap. 195 governs succession in respect of movable property, whether in Cyprus or abroad, as well as succession in respect of immovable property located in Cyprus. If immovable property is located outside Cyprus, the law of the country in which it is located applies.
The principles of inheritance depend on various circumstances:
- In case the deceased is not has a spouse and children, the inheritance is distributed between the parents or descendants of the deceased.
- If there is a spouse / spouse alive, he / she will inherit half of the property, and the other half is transferred to the parents or descendants of the deceased.
- If the deceased is not married, but has children, the inheritance rights are divided between them.
- If the deceased has a spouse and children, the estate is divided equally between them.
Legislation Cyprus recommends to indicate in the will of the property that is subject to the legal regulation of Cyprus.
Inheritance taxation in Cyprus
In accordance with the legislation of Cyprus, inheritance, including real estate, is not taxed. It was canceled in 2000. However, this requires that the testator be domiciled in Cyprus. Otherwise, the tax will still be levied.
A domicile on the island belongs to those who were born here or those who chose the Republic of Cyprus as their domicile. The presence of a “domicile of choice” will be recognized if it is possible to prove their physical presence in Cyprus and the desire to choose the island as their place of permanent residence. At the same time, the presence of a domicile may not depend on the citizenship of another country. So, a UK filed without Cypriot citizenship may be domiciled on the island.
If you have any problems with the registration or inheritance in Cyprus, please find the contacts listed on the website. The team of professionals of Hajivangeli & Partners will always provide high-quality legal assistance.
Please note that this article is for informational purposes only. For additional advice, please contact us at the contacts indicated on the website.