BLUEANDY5

Hi everyone,

We have recently purchase a property in Paphos and we used a solicitor based in cyprus, now the purchase is all done @ dusted the solicitor asked if we wanted to do a will in Cyprus so that we done have to pay 40% inheiritance tax if we did a will back in England.
We would like to know if this a good idea or has anyone else done the same.

Regards Andy & Julie

Veronica-K

There is no inheritance tax in Cyprus but you have to be very careful about which solicitor you use for making a will as some will insist on being executors and can charge a large percentage of your estate when you die.
Try to get an ageement based on a set fee for any work they do with probate for you and not a percentage of your estate.

BLUEANDY5

Hi Veronica,
Thanks for the reply the solicitor has a set fee of €600 each but he has offered to do a will for both of us for the price of one.
Our solicitor is called Nikos Papatheocharous we used him for our purchase and he was very good not quick but very thorough does not cut corners.

JAJ

However, if you still have a U.K. domicile then United Kingdom Inheritance Tax still applies. Technically, at least. If there are assets left in the U.K. then these normally come into the Inheritance Tax net regardless.

Veronica-K

The question was about property in Cyprus on which there is no inheritance tax .

BLUEANDY5

We still will own a property back in the uk as well as Cyprus so I take it we would still pay inheritance tax then even if we have a will made out in Cyprus. :-(

zygiman

You are strongly advised to have separate wills for assets in the UK and assets in Cyprus.

BLUEANDY5

Cheers zygiman looks like we have to do that.