Wills As An Estate Planning Solution In Cyprus
- Author Michael Chambers
- Published April 22, 2016
- Word count 395
Estate planning is the process of arranging the disposal of someone’s movable and immovable property after his/her death. It should be mentioned that 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 their property as they wish. Following the Cyprus regulatory framework, the estate can be divided into a disposal and a statutory portion. On the one hand, the disposal portion defines the part of the property that can be disposed through a will without any restriction. On the other hand, the statutory portion in 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 Cypriot 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 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.
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. Precisely, a family lawyer based in Cyprus 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.
Michael Chambers and Co. LLC is a full service Cyprus law firm offering a wide spectrum of expertise in an impressive variety of legal disciplines. Our philosophy is simple: you give us the facts and we will give you the law, based upon which we will undertake your instructions in an efficient and cost-effective manner. For more information: www.cypruslawfirm.com
Article source: https://articlebiz.comRate article
Article comments
There are no posted comments.
Related articles
- Local Tax Attorney vs Competitors: A Comparative Analysis of Legal Services in Orlando
- J. David Tax Law: Your Top Tax Levy Lawyer in North Carolina
- Who Can Garnish Tax Refunds: Your Questions Answered
- Unlock the Secrets to Handling a North Carolina Notice of Deficiency
- The Importance of Financial Services: Enabling Debt Management and Legal Debt Settlement
- Justin C Freeman
- What are the Eligibility Criteria for a Spouse Visa? How to find right Spouse Visa Attorney in Houston?
- Importance, Benefits, and Tips for Hiring a Houston Immigration Attorney
- Importance and Tips of Hiring a Houston Immigration Attorney
- The Importance of Protecting Whistleblowers
- WHY CLASS ACTIONS ARE SO IMPORTANT TO SOCIETY
- THE CONSTRUCTION INDUSTRY AND ALTERNATIVE DISPUTE RESOLUTION (ADR) MECHANISMS
- Lawyer Connections - Finding a Criminal Defense Lawyer
- “The House is Haunted” – Surely the Value should be Decreased?
- AN OVERVIEW OF THE NIGERIAN DATA PROTECTION ACT 2023
- Can you get a divorce without the other person signing in NJ?
- Residency and Taxation in Andorra, Bulgaria, and the UAE - Tax Haven Options
- The Advantages of AI in eDiscovery
- Patrickstash: A Glimpse into the Depths of Online Anonymity
- Family Legal Matters in Queensland: How Family Lawyers Can Help?
- Your Trusted Logistics Partner in Bangladesh
- How Legal Outsourcing Can Save You Money and Boost Productivity
- How to Choose the Right Personal Injury Attorney in Las Vegas, Nevada
- What is Receivership in Relation to a Company?
- EEOC, "No Friend to Feds"
- Amazon Brand Protection: Protect the Brand You Built
- Do You Need CCJ Help or Any Advice? Here's What You Need to Know
- A Comprehensive Legal Dictionary for Personal Injury Cases
- A Guide to Finding the Best Personal Injury Attorney in Beverly Hills, California
- Fire Safety Law - Fire Risk Assessment as required by The (Fire Safety) Order 2005