Cyprus estate

General questions & discussions on Cyprus property related matters
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ASodiri
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Joined: 02 Aug 2017 12:52

Cyprus estate

Post by ASodiri » 02 Aug 2017 13:26

Hi Nigel ,
I am hoping you can help , I have received advise from UK solicitors but am still confused, think they are also.
My Parents were both born in Cyprus, they moved to UK mid 1970's leaving behind their property, which was various lands and Village house, and also a bank account which like a lot of Cypriots deposited funds there from UK, for their eventual return in a few years.
Since then a year ago my Mother died, she had a UK will, which did not mention the land and bank account in Cyprus but no will in Cyprus.
The UK will has been sorted as far as UK issues are concerned. My father at the time presumed all the Cyprus property and money left was his, my 3 brothers and I did not argue about inheritance . I have another brother from my fathers first marriage who wanted the divide of my mothers property soon as she died, he lives in Cyprus and said the law says thats the way to proceed. This year my father has died, so its complicated
My question is moveable and immovable assets, I understand the land will be divided my brother sand myself in Cyprus. Does the cash in the bank account come to UK for his UK will probate which exclude my step brother or again divided between us in Cyprus. Also will the Cyprus court have to sort my mothers half of the property and bank then sort my fathers , or will it all be done together.

Hope you can help ,



Pantheman
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Re: Cyprus estate

Post by Pantheman » 02 Aug 2017 13:50

I think you need proper legal advice on this matter as it is quite complicate.

I doubt Nigel would be able to answer with great certainty, no disrespect to Nigel, but these kinds of legal matters require the correct professional.

Good luck with that.


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Nigel Howarth
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Re: Cyprus estate

Post by Nigel Howarth » 02 Aug 2017 20:01

Hi ASodiri and welcome to the forum

As Pan has said these matters are complicated and you will need to take professional advice. Under Cyprus Law there is a system of forced heirship. E.g. If a person dies leaving a spouse and a child then ¾ of the estate passes to the spouse and child in equal shares and the testator (the person making the Will) has the freedom to dispose of the remaining quarter share as they wish.

I suggest you contact a lawyer on the list provided by the British High Commission in Nicosia.

Regards,


Nigel Howarth
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ASodiri
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Re: Cyprus estate

Post by ASodiri » 03 Aug 2017 12:27

Thank You for your advise, I will contact them.

Is there a way I can (from UK) check what if any other property exists in their names, I looked at the N50 form from your site but think this is for
specify property details.

Thanks Again



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Re: Cyprus estate

Post by Nigel Howarth » 03 Aug 2017 20:20

ASodiri wrote:
03 Aug 2017 12:27
Is there a way I can (from UK) check what if any other property exists in their names.
No, I'm afraid there isn't. I think the Land Registry staff can search with a person's Cypriot ID reference.

Regards,


Nigel Howarth
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Pantheman
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Re: Cyprus estate

Post by Pantheman » 04 Aug 2017 10:37

Nigel Howarth wrote:
03 Aug 2017 20:20
ASodiri wrote:
03 Aug 2017 12:27
Is there a way I can (from UK) check what if any other property exists in their names.
No, I'm afraid there isn't. I think the Land Registry staff can search with a person's Cypriot ID reference.

Regards,
As Nigel, says you need to go in person, of give a PoA to someone you trust to act on your behalf. If would also help if you also had the death certificates of the deceased and their ID numbers.

Depending where the land is located, you may have to go to the appropriate land registry office to get that information.

Good luck.

btw, do you have any copies of any of the title deeds of the lands your parents had?? I say this because even if they produce a list, there is also a possibility that it may not contain everything!!!! And if you can show you had others they will add them to the list.


For all your property needs, we offer Trust, Integrity, Honesty.
FSB Properties Ltd
Registered and Licensed Real Estate Company Co. Reg. No. 795, Lic. No. 250/E
Member of ETEK Registration No. A201999
https://fsbproperties.com

ASodiri
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Joined: 02 Aug 2017 12:52

Re: Cyprus estate

Post by ASodiri » 04 Aug 2017 12:17

Thanks Pantheman,

Yes we have ID numbers, death certificates and two property deeds. I did call the Land Registry who said I must go there in person , never said I
could use POA. I will call them again.



ASodiri
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Re: Cyprus estate

Post by ASodiri » 04 Aug 2017 12:19

Hello again ,


I wanted to do Cyprus banks have same rules as UK on joint bank accounts i.e one the death of one parent automatically the account will pass to the other ?

Thanks again



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Re: Cyprus estate

Post by Nigel Howarth » 04 Aug 2017 20:24

It all depends on how the joint bank account was set up (My wife and I set up our bank account in such a way that either of us can use the account when one of us passes).

You will need to check with the bank

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The Bear
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Re: Cyprus estate

Post by The Bear » 23 Aug 2017 13:01

ASodiri wrote:
02 Aug 2017 13:26
Since then a year ago my Mother died, she had a UK will, which did not mention the land and bank account in Cyprus but no will in Cyprus.
The UK will has been sorted as far as UK issues are concerned
I am a layman in all these matters but my understanding is that the UK imposes inheritance tax (IHT) on world-wide assets of a UK-domiciled individual so the assets in Cyprus should have been declared for probate purposes in your mother's case and, to the extent that those assets became part of your father's estate, also in his case. The Will does not define the extent of assets subject to the IHT computation - the relevant law does that. UK law also determines whether each parent is regarded as UK-domiciled for IHT purposes.

A will shouldn't normally make mention of specific assets as the identity of such assets may change before death without the Will being replaced/updated so no mention of specific land and bank accounts would not be unusual in a UK Will. A plot of land could be sold and another bought with the proceeds so if the former had been specified in a bequest then, as it is no longer an asset of the deceased at the time of death, the testator's intentions would be thwarted because the specific bequest fails and the replacement property goes to the residuary beneficiary under UK law. Same goes for any specific bank account: funds could have been transferred to a different account and even a different bank so specifying an account or bank is not normally done. This supposes the Will is competent to dispose of the assets so applies to UK property & chattels but the concept of not over-specifying bequests remains the norm.

I imagine that you'd need probate for each Will in the UK (which means paying any IHT due before receiving probate) and would then need to have each of those Wills proved in Cyprus with disposition being subject to forced inheritance rules. As already said a few times, the circumstances are complicated and you really need specialist advice.

Regards.



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