In Cyprus, the succession of an individual's estate is predominantly governed by the Wills and Succession Law (Cap 195) and the Administration of Estates Law (Cap 189). Cap 195 applies to the estates of individuals domiciled in Cyprus at the time of their death and encompasses both movable and immovable property. The law enforces a "forced heirship regime," which restricts testamentary freedom to ensure spouses, children, or parents receive a statutory portion of the estate. This regime applies regardless of the testator's nationality but can be circumvented by establishing a Trust or through EU Regulation 650/12, which allows EU citizens to choose the jurisdiction governing their estate. Compliance with the formalities of Cap 195 is critical for a will's validity. Intestate succession follows predefined legal rules. Therefore, it is recommended to draft a separate will for assets in Cyprus, update it with life changes, and consider appointing a competent executor. This strategic planning can help prevent disputes and ensure the desired distribution of the estate.
An article co-authored by Elias Neocleous & Co LLC Associates Annabella Antoniades and Katerina Krassa in the 2024 edition of The Cyprus Journal of Wealth Management explores this topic in more detail, offering insights into the intricacies of will drafting, potential complications, and strategies to navigate the legal landscape effectively.
The full article can be viewed here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.