Power of Attorney in Cyprus
Power of Attorney in CyprusUpdated on Tuesday 06th November 2018
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Cyprus is a very open country when it comes to foreign investors and these can perform various activities in this country without being required to come here. This is possible through a power of attorney granted to a trusted person, such as a lawyer in Cyprus or another relative.
Our Cypriot lawyers can help foreign investors in performing various tasks remotely through powers of attorney.
The Cypriot power of attorney
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.
Types of powers of attorney in Cyprus
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 sign 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 the 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.
For information about all required steps to issue a power of attorney, you can rely on our Cypriot law firm.
How does a foreign citizen grant power of attorney in Cyprus?
In Cyprus, the power of attorney must be signed 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.
Granting a power of attorney for opening a company in Cyprus
Most of the times, clients gave our lawyers in Cyprus power of attorney of representing them in front of the authorities for registering their companies with the Companies Registrar.
Through the power of attorney, our lawyers can perform the following operation on behalf of clients:
- - preparing the Cyprus company’s Memorandum and Articles of Association;
- - going before a public notary in Cyprus and having the documents notarized;
- - submitting the documents with the Companies Registry in the designated city;
- - registering the company with the tax authorities in order to obtain VAT and tax identification numbers.
It is advisable for clients to come to Cyprus when opening the corporate bank account for the business.
Uses of the power of attorney in a Cypriot company
It is important to know that a series of services can be conducted by a representative of the company when it comes to the relation with the authorities. The company owners have the right of appointing a representative who must also be granted a power of attorney which will be used every time the respective person must complete an activity on behalf of the company. Among these, the company director and secretary can use powers of attorney to complete their activities.
The power of attorney in real estate transactions in Cyprus
As mentioned earlier, the power of attorney can also be used when buying or selling properties in Cyprus. The power of attorney can be used by both local and foreign clients interested in such transactions.
With the help of our Cypriot law firm, our clients can:
- - have the sale-purchase agreements drafted and notarized in a fast manner;
- - benefit from representation before the Land Register when conducting real estate due diligence;
- - representation before the parties involved in the sale or purchase transaction;
- - representation with the Land Register when registering a real estate property.
Powers of attorney can be used in order to reduce the time spent on various types of procedures which can be completed remotely.
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.