Cyprus Inheritance affects people in different ways depending on the assets they have, where they are coming from, and what place they intend to make their home.
If you are living in Cyprus or if you have an immovable property in Cyprus you should consider on Cyprus Will.
If you are Cyprus resident then local rules of succession will regulate your entire estate in Cyprus. If you are not Cyprus resident, but you have an immovable property here, then the law of succession will regulate only your Cyprus property.
As the law of succession may vary indifferent countries, you should make a document that will regulate your Cyprus assets.
Residing in Cyprus
If you wish to make Cyprus your domicile of choice, you should be resident of Cyprus and to intend to live in Cyprus till the rest of your days.
If you are planning to do so, you should seek an expert advise first.
You should know that domicile affects your inheritance tax.
If you was born in UK or a Commonwealth country you are allowed to make a Will, that will determine the inheritance of Cyprus estate.
People that cannot be included in the category. mentioned above, can make a will to regulate some of their properties and to think of other estates in other to make sure that their assets will pass in appropriate way.
Making a Will in Cyprus you should keep in mind that the formalities may vary from the country you was living before. You should ensure that any new Cyprus Will will not revoke deal that existed before with assets in another jurisdiction.
In case of inability to make Cyprus Will the assets that are subject to Cyprus law will pass with forced heir-ship rules of Cyprus.
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