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ARTICLE · 11 SEPTEMBER 2015

Beware - Your Will May No Longer Achieve The Outcome You Intended

Elias Neocleous & Co LLC
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A recent change to the Wills and Succession Law has important implications for many British people and nationals of other Commonwealth countries with immovable property in Cyprus.

CyprusWealth Management
Christos Vezouvios
Christos Vezouvios
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A recent change to the Wills and Succession Law has important implications for many British people and nationals of other Commonwealth countries with immovable property in Cyprus.

Like many countries in the world Cyprus has a "forced heirship" regime. Section 41 of the Wills and Succession Law, Cap 195, sets aside a specified proportion, known as the statutory portion, of a deceased person's estate for close relatives. The statutory portion must be passed to the relatives concerned and cannot be disposed of by the individual's will.

For example, if an individual dies leaving a spouse and a child, three-quarters of the value of the estate is reserved for them and divided equally between them. Only the remaining quarter of the estate can be disposed of by the individual's will.

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