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Cyprus Eastern Forum Index » Legal Questions & Issues » Cyprus will
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Cyprus will 
Post: #1   PostPosted: Thu Aug 10, 2017 9:46 am Reply with quote
aquacalm
Joined: 12 Mar 2015
Posts: 10
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Location: Kapparis

 
Hi folks,

My wife and I until fairly recently owned a property in Cyprus and in order to fully protect our then assets we had a Cyprus will created by our solicitor in Cyprus. We are UK residents and have a UK will protecting our UK assets.
The only assets we have left in Cyprus are small amounts of cash in bank account(s), which we intend to deal with at a later date.
For peace of mind purposes only am I correct to assume that the Cyprus will only has jurisdiction within the Republic of Cyprus only and vice versa UK will, and in the event of death, neither solicitors or authorities within either jurisdiction can only have claim on the wills made in their respective countries?

I know that a lot of rumours and half truths circulate these days, but I need clarification on this because I do remember reading or hearing at some point in the not too distant past that Cyprus solicitors and/or authorities can have a claim on UK assets if a UK citizen has an existing will in Cyprus, and even possibly vice versa.

I appreciate that this may well be completely untrue, but for peace of mind I would be very grateful for a response, thank you!
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Post: #2   PostPosted: Thu Aug 10, 2017 6:58 pm Reply with quote
baileyboy
Joined: 26 Nov 2009
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Location: avgorou

 
Why don't you simply close the Cyprus bank accounts. If these are your only assets in Cyprus then I don't see what the problem is. Is there a reason why the Cypriot banks will not release the money?
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Re: Cyprus will 
Post: #3   PostPosted: Thu Aug 10, 2017 7:08 pm Reply with quote
nhowarth
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Joined: 30 Aug 2005
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Location: Erimi, Limassol

 
aquacalm wrote:
am I correct to assume that the Cyprus will only has jurisdiction within the Republic of Cyprus only and vice versa UK will


That depends on how you Wills are worded. You should ensure that your Cyprus Will only covers your estate in Cyprus and that you wish your estate to be dealt with under the provisions of the UK law.

Similarly your UK Will should only cover your estate in the UK.

To avoid any potential issues and having to re-draft your Wills, I suggest you follow baileyboy's advice & close you Cyprus bank accounts.

Regards,

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Nigel Howarth
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Cyprus 
Post: #4   PostPosted: Fri Aug 11, 2017 7:26 am Reply with quote
emanon
Joined: 19 Jul 2007
Posts: 827
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Location: Oroklini

 
I was warned not to use a Cypriot lawyer, or even an English one practising here, as an Executor of a Will either a Cypriot or English Will, as they can take a large proportion of the Estate.

Is this sound advice please. I have relatives in the UK who are Executors of my Will.

Thank you.
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Post: #5   PostPosted: Fri Aug 11, 2017 7:52 am Reply with quote
nhowarth
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Location: Erimi, Limassol

 
Hi emanon

Yes - it is sound advice. The Bar Association dictates the minimum fees that lawyers have to charge for administering an estate. You can find these in this document.

(The decision on a formal complaint submitted to the EU about the minimum fees is eagerly awaited).

If you decide to use a lawyer it is essential that you agree a fixed fee for administering your estate and have the agreed amount written into your Will.

Regards,

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Nigel Howarth
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Post: #6   PostPosted: Sat Aug 12, 2017 5:18 pm Reply with quote
aquacalm
Joined: 12 Mar 2015
Posts: 10
Pictures: 0
Location: Kapparis

 
Thanks for the replies and advice. The will wording does state that the will deals only with any property in Cyprus, and does not revoke any will previously made in the UK, so that should mean that the two wills and the UK assets and remaining Cyprus assets are entirely separate entities, which fully answers my query.
We do intend to close the accounts in Cyprus at some point in the future, we just needed some advice regarding this matter in the meantime.

Many thanks.
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Cyprus will 
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