Until the 17th August 2015, all British people with property or other assets in Cyprus could make a Cyprus will leaving their assets to anyone they wished. The Cypriot rules of what are known as 'forced heirship' did not apply - these rules say who your assets will pass to on your death automatically. Now, if you die after 17 August 2015, then under European law, known as EU Directive 650/2012 - despite what you have said in your Cyprus will as to your wishes - these Cypriot rules will apply and your estate will not pass under the terms of your will but under the Cypriot rules of forced heirship.
That is the bad news! The good news is that it is possible to avoid this.
The Regulation allows you to declare a choice of Law of your country or nationality rather than where you live. The declaration is to be made in a Will. It doesn't have to be an EU country in order to be chosen. Where a declaration of choice of law of your country of nationality can be made successfully, this can help to avoid an unwanted application of the fixed inheritance rights of Cyprus.
What should you do?
Due to this new EU law coming into effect, if you have made a Cypriot will in the past then please contact Mark Tilden to discuss this further as your assets may not pass to the people you wish and the wills may need to be changed.
Tel: [00357] 96 549826 or email: marktilden11@cytanet.com.cy
Further reading is available on:
http://e-justice.europa.eu/content successions-166-3n.do?init=true En for English
http://www.notaries-of-europe.eu//index.php?pageID=9836
http://www.pglaw.co.uk/eu-succession-regulation-gift-europe/
