The power of attorney is a formal and legal document through which an individual, called a donor, appoints another person, called an agent or attorney, to make decisions on his or her behalf. These actions are usually defined when handing over the authority to the agent. Power of attorney in Cyprus allows an agent to represent the donor in certain legal situations or handle business or financial matters. A Cypriot power of attorney may be released for specific situations or for broad purpose.
The Power of attorney can be used by foreign investors when opening companies in Cyprus and cannot be present to sign legal documents. Also, the power of attorney can be employed when purchasing real estate in Cyprus. The power of attorney will allow Cypriot lawyers to act on behalf of clients thus reducing the amount of time for a legal action to be completed.
The Contract Law in Cyprus allows for two types of power of attorneys to be issued: the general and the specific power of attorney. The general power of attorney will allow an agent to sing any document on behalf of the donor, while the specific power of attorney will limit the agent’s actions to some degree. The specific power of attorney in Cyprus may be subject to two possible limitations: by task or by time. The Cypriot limited power of attorney by task is usually granted for a certain purpose only. The power of attorney limited by time will usually be granted for a certain period of time.
Even if it is quite easy to issue a power of attorney, it is always advisable to contact a law firm in Cyprus before drafting the document.
In Cyprus, the power of attorney must be singed in front of a certifying officer. Citizens living abroad and giving power of attorney to their lawyers in Cyprus must address the Cypriot Consulate in their country. The document must also be notarized before being forwarded to the Consulate. As the power of attorney is a very important document that implies good faith on the part of the donor, the Cypriot Civil Law is very protective of donors by making sure this document is certified by a certifying officer before taking effect.
For information about all required steps to issue a power of attorney you can rely on our Cypriot law firm.
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