BUYING PROPERTY IN CYPRUS

Wills

It is preferable to make a will in Cyprus to cover movable and immovable property in Cyprus. The will can be worded in such a way as to deal with Cyprus property only so as not to affect either property in other countries of any wills already existing in other countries.

A will made in another country referring to Cyprus property may be valid in Cyprus, but is should be noted that on the death of the testator the Grant of Probate must first be obtained in the country where the will was made and then “resealed” in the Cyprus Courts, which inevitably leads to excessive delays and additional expense.

There is no Inheritance Tax in Cyprus.

Please Note

The above information has been compiled as a general set of guidelines only and for most of the procedures mentioned it would be advisable to seek legal advice.