Cyprus Property Forum for Buyers, Sellers & Investors

Hello there Nigel,

Thank you for advice on my previous question. It's been reassuring information!

At the moment my lawyers are trying to seek probate (or eqiv?) to release the funds from my fathers Cypriot bank accounts which are soley in my father's name (unlike the apartment as the property is in both his and his wife's name),

Our lawyer says we must have 2 local guarantors for this? My lawyer says he can be one but we need a another local.

Is this correct? We have asked a local friend, but it is an onerous and probing task ( guarantor must disclose financial details). So naturally he has declined.

Now we are not sure what to do? I have friends in Greece who could go guarantor.

Why is a guarantor required?
what do they do?
Is there any other way to deal with this?

If you could shed any light on this situation, I would be most grateful.

Kindest
Will
Is this right?

Good morning Will,

I ahve not heard of this before, but I found an article by George Coucounis (Larnaca-based lawyer) at Making a Will in Cyprus and the Administration of an Estate. It says:

"Prior to the issue of the probate order, the administrator must provide the Court with information regarding the heirs and the beneficiaries of the deceased, an estimate of the estate, movable, immovable and debts and a written declaration by the heirs or beneficiaries consenting to his appointment. Where the Court considers it necessary, it requires for a publication in a daily newspaper or even in the official gazette, so that any interested person can be informed of the application for the appointment of the administrator. Moreover, the administrator must sign a bond for the double value of the estate together with a guarantor of his that he will execute his duties in accordance with the law and the will of the deceased. A temporary tax release certificate is also necessary for the issue of the probate order."

I'm not sure how you can handle this situation.

Regards,

Thanks again Nigel, much appreciated. It's been a pretty frustrating and cumbersome process. Given we don't live we in Cyprus, finding a guarantor is almost impossible. Thanks for looking that up for us - we really appreciate your help.
Kindest regards,
Will