The most frequently voiced
complaint about buying property in
Cyprus
is a, seemingly never ending delay obtaining title
deeds. This is also a subject that highlights a major culture difference
since the Cypriot laissez faire attitude to the possession of “the
deeds” is completely unfathomable and alien to foreign purchasers and
similarly the foreigner’s obsession with obtaining that piece of paper
is an anathema to Cypriots – after all no deeds no land registry fee!
But Times are changing and with the huge increase in new properties being
built and sold the government is very aware of the potential for a huge
windfall of fees if deeds are actually issued. A major problem at the
moment is that the land registry offices are hugely understaffed and remain
at a level that was designed to cope with the workload of 20 years ago.
Noises are being made in the bureaucracy and, fingers crossed, things may
begin to move more quickly in the future.
What should be of greater concern to is the situation regarding wills made
in
Cyprus
. Making a will is of course a sensible and prudent
thing for anyone to do, concerns about the “forced heirship”
rules in Cyprus (simply put near relatives have a right to inherit in
certain proportions and cannot easily be excluded) and UK Inheritance Taxes
for British citizens (even those resident in Cyprus are liable on their
world wide assets including Cyprus property).
If you have not made a will then you should make it a priority but beware
of the common practise of legal firms and solicitors automatically making
themselves the executor. This is the equivalent of writing them a blank
cheque! The fees are rarely specified and if mentioned at all a vague
description such as “as agreed by the ----- -District Court” is
normal. If you are not around to argue you may be placing an unacceptable
burden of fees on your estate. If you have already made a will in
Cyprus
do check it and if the executor is a firm or solicitor
consider re writing. Partners should make each other the first choice of
executor with alternates such as children, if they then want to employ the
services of a professional they can – but at least they are able to
negotiate the fees in advance!
Ross
Pays is the Chairman of The FAA based in Cyprus. FAA offer advice on wills,
tax registration services, home, health and car insurance, investment
services and tax planning, including Inheritance Tax Planning, together
with full accounting services.
Visit Ross Pays website at www.rosspays.com, Telephone 00 357 25 82 58 76, Fax 00 357 25 33 35 93 or
e-mail ross@rosspays.com
Initial consultations are free and no obligation and
fee quotations will be provided in advance for all services.
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