Filenews 8 May 2025 - by Theodora Nicolaou
The Plenary Session of the Parliament unanimously approved the "On the Management of Deceased Inheritances (Amendment) Law of 2025", which now allows the use of electronic means of payment for withdrawals or payments from bank accounts for the management of inheritances of deceased persons.
The amendment came to face bureaucratic obstacles and delays, as until now transactions were only allowed with bank cheques.
According to the explanatory memorandum, the system previously in force caused unnecessary inconvenience for inheritance managers, since it prohibited any direct transaction by electronic means.
It is emphasized that with the new regulation, the possibility of payment by bank cheque is not abolished and continues to be offered as an alternative method of banking transactions from a deceased person's inheritance management account.
