In the absence of holding assets in trust it is generally important to have a Will wherever an individual has physical assets. This is particularly important for expatriates in Cyprus. Where immovable property is owned in Cyprus it is essential to have a Cyprus Will. If an individual dies in Cyprus without a Will the Cypriot law Cap 189 will be applied including the provision for forced heirship. A Cyprus Will enables UK citizens and those born in the Commonwealth to avoid forced heirship and therefore make provision for their family on terms they decide.
Why you should have a professionally prepared Cyprus Will.
Cypriot Estate Law is governed by two separate laws CAP189 and Cap195. The laws include a number of provisions that are very important for UK nationals who choose to make Cyprus their home The Laws includes a provision for forced Heirship. Uniquely individuals who are British can be exempted from this provision. But, only if they make a valid Cyprus Will. A further provision within the law restricts the persons who qualify as executors to residents of Cyprus only.
Finally a Cyprus Will gives a UK citizen with a permanent residence in Cyprus the opportunity to state they wish to be buried in Cyprus. This often missed point may mean the difference between an individual being able to avoid UK inheritance tax and not being able to avoid UK inheritance tax. The reason is that only an individual who intends to die in his or her country of “domicile of choice” can claim to be NON UK domiciled. With inheritance tax at 40% in the UK it can be a very important reason to ensure that a valid Cyprus Will is made.
EWMT was specifically established to offer clients a professional personal service. The directors of EWMT have over 30 years of legal and financial experience between them and aim to ensure that each client needs are catered for expertly and efficiently.
If you want a professionally prepared Will that meets your personal requirements and protects your family contact EWMT.