The law and practice referred to in this article or webinar has been paraphrased or summarised. It might not be up-to-date with changes in the law and we do not guarantee the accuracy of any information provided at the time of reading. It should not be construed or relied upon as legal advice in relation to a specific set of circumstances.
UK / Cypriot Estate Planning and Estate Administration Services
The lawyers in Stone King’s International and Cross-Broder Team are trained to help individuals with their estate planning, covering their assets located throughout the world, including those in Cyprus. In addition to this we have a dual qualified Cypriot and English solicitor in the team (Marina Emmanouel) who is a native Greek speaker bringing an additional level of expertise to help our Cypriot/UK clients.
If a family member or friend passes away owning assets in Cyprus, Stone King can help with their estate administration. Our services include:
- Project managing the UK and Cypriot estate administrations, so that our clients only need a single point of contact.
- Working with a Cypriot lawyer to analyse what work needs to be completed in each jurisdiction.
- Assessing whether English/Welsh law or Cypriot law applies to which assets.
- Calculating the UK inheritance tax and submitting inheritance tax returns, if necessary.
- Co-ordinating the UK and overseas taxes to mitigate the consequences of income tax double taxation (if required), by applying the double taxation treaty.
- Applying for the grant of probate to cover the UK assets, if necessary.
- Co-ordinating and assisting with the signing of foreign succession documentation, to facilitate obtaining the Cypriot equivalent of a Grant of Probate, namely “παραχωρητήριο επικύρωσης διαθήκης”, or of a Letters of Administration if there is no Will.
- Arranging to re-seal an English and Welsh Grant of Probate in Cyprus, if necessary. Alternatively we can arrange to re-seal a Cypriot Grant of Probate in England.
- Providing advice in relation to accepting or disclaiming a Cypriot inheritance, namely “κατάθεση δήλωσης αποδοχής ή αποποίησης κληρονομίας“.
- Advising upon and preparing deeds of variation, for the purposes of post death tax planning from a UK perspective. Advising on Cypriot disclaiming.
- Ensuring UK and Cypriot assets are distributed to the correct beneficiaries.
We can also provide administrative help such as arranging the funeral, repatriating a body, and selling property.
If you own property in Cyprus and are resident in the UK, or you live in Cyprus but own property in the UK and need help with your estate planning please do get in touch.
We have an experienced and highly qualified team that can help you put Wills in place. We can also liaise with Cypriot accountants and financial advisors if you wish.
In order to give you comprehensive advice we analyse your circumstances and provide an in-depth report, before drafting Wills that will be customised to your individual situation. Our advice will include: -
- Analysing your domicile, including common-law and civil law definitions for succession and taxation purposes.
- Reviewing whether you have entered into a matrimonial property regime that will affect how you can leave your assets on death.
- Advising on the Cypriot forced heirship rules, such as the right to compulsory shares (“νόμιμη μοίρα‘’) and Anglo-Welsh testamentary freedom.
- Advising on the EU Succession Regulation 650/2012 (Brussels IV) (‘Κανονισμός (ΕΕ) αριθμός 650/2012 του Ευρωπαϊκού Κοινοβουλίου και του Συμβουλίου‘).
- Advising on Cyprus International Trusts (CITs), including Charitable trusts where necessary.
- Providing you detailed advice in relation to UK Inheritance Tax Allowances & Exemptions (estate planning opportunities).
Discussing the Cypriot tax implications of your estate planning.
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