Yiannos Mylonas Law Firm

Services

Services

Our Law Firm is determined to maintain old professional relationships and to create new links fostering the hope of a mutual understanding with our clients, maintaining the confidentiality which must be met. Our fees are extremely reasonable with a clear appreciation of our clients' requirements. Our costs ate relatively lower not because of lack of experience but rather in large organizations they do normally recruit more staff. Others cannot afford to charge less. To give us the opportunity can be the ideal solution.

The work undertaken in the corporate services and business section by our office:

  • Registration and acquisition of companies in Cyprus and abroad.
  • Corporate re-organization and reconstruction.
  • Shareholder Agreements.
  • Capital raising transactions.
  • Public and private offerings of securities and securities law compliance.
  • Takeovers, mergers and acquisitions.
  • Corporate management and providing a registered office address.
  • Preparation of trust deeds, Director's indemnity, Power of Attorney.
  • Partnerships formation and dissolutions.
  • Insolvency - Objection on Insolvency.
  • Formation and Use of Trusts.
  • Registration of trade names.
  • Registrations of trademarks.
  • Searches at the company's registry.

Additional Legal Services

  • Banking & Finance
  • Any Legal agreements including Tenancy
  • Hire-Purchase Agreements
  • Contracts of Employment
  • Contracts of Sale of Property
  • Franchise Agreements
  • Litigation & Arbitration

Drafting of a will, administration of a deceased estate

As soon as you have signed a contract to buy a property in Cyprus, I strongly recommend that you get an independent lawyer to draw up a Will covering those assets you hold in Cyprus. The consequence of passing away without making a Will covering your property and other possessions can be extremely serious.

Many home buyers assume that if their property is held in joint names then on the death of one party the property passes automatically to the other joint owner; this is not the case in Cyprus.

If you have a Will in your existing country of residence, do not rely on that Will to deal with your assets in Cyprus without having sought expert legal advice from a lawyer experienced in dealing with Succession Law in Cyprus. We strongly recommend that you have a separate Cyprus Will drawn up that deals exclusively with your assets held in Cyprus:

  • In England, if a husband and wife own a property, they are considered as joint tenants, which is a form of holding title where the owners have 100% rights of survivorship unless redirected by a Will. Where a joint tenant dies, their share of the property automatically passes to the survivor.
  • In Cyprus, if a husband and wife own a property, they are considered as tenants in common, which is a form of co-ownership by which each owner holds an undivided interest in real property as if they were the sole owner. Unlike joint tenants, tenants in common have right of inheritance. When a tenant in common dies, their share of the property does NOT automatically pass to the survivor.

It will cost you in the region of €250 (this of course may vary depending on the value of the properties involved and the cash flow) to have each Will drawn up plus Stamp Duty, which will cost you a further €17.09 per Will.

In Cyprus, the property passes in accordance with the terms of their Cyprus Will or the Cyprus intestacy provisions. It is most important to make a Will in Cyprus to cover the distribution of your home and other assets owned on the island. This will avoid the complications that would arise from the conflict of two different legal systems.

If you have assets in the UK (or any other country) then you generally need to have one Will covering those assets and a second Will covering your assets held in Cyprus. If one of these Wills is made at a later date it does not revoke the first Will. Great care has to be taken in the review and wording of the two Wills.

You are free to appoint whoever you wish to act as the executors of your Will. However, if you appoint a non-Cypriot resident as your executor, perhaps one or more of your children, then this could involve them in a lot of expense visiting the island to sort out your estate.

An alternative approach would be to appoint us as residents in Cyprus, as your executors. We can help you with the execution of your Will and deal appropriately with your probate.

Copyright © 2016 Yiannos Mylonas Law Firm