Cyprus has a sound legislation regarding inheritance. Succession in Cyprus falls under the following regulations:
The rules of inheritance apply to all Cypriot citizens and to foreign citizens owning real estate in the country. Moreover, the inheritance rules apply to foreign citizens living in Cyprus and intending to relocate to the country. Many foreign citizens are attracted toward the island due to the fact that there is no estate tax in Cyprus. The Cypriot inheritance and gift tax was abolished in 2001.
The principles applied in cases of inheritance depend on the following factors:
In case the deceased leaves no testament, the Cypriot legislation will determine the inheritance according to the rules of forced heirship. In this case the Cypriot estate will be divided into:
The disposable section depends on the surviving relatives which will receive between a quarter and half, or even the entire estate. Even if similar to the disposable section in terms of surviving relatives, the compulsory section refers to the spouse receiving a certain share of the estate, the other parts of the estate being divided between the remaining heirs.
For complete information about the legislation on succession please contact our lawyers in Cyprus.
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