Whether you have a Will or not, if you have assets in Cyprus your estate must go through probate, on death.
In Cyprus, the process of probate involves several steps, including:
Filing a Petition: The process begins with filing a petition for probate in the District Court of the relevant district where the deceased person resided. This must first be translated into Greek, using an official translator.
Publication of Notice: Once the petition is filed, a notice of the probate application must be published in the Official Gazette of the Republic of Cyprus. This is done to give notice to any potential creditors or beneficiaries.
Issuance of Grant of Probate: If there are no objections or disputes, and if the court is satisfied with the application, it will issue a Grant of Probate. This legal document confirms the validity of the will and gives authority to the executor named in the will to administer the estate. At this point a Temporary Tax Certificate is requested.
Inventory and Valuation of Assets: The executor is responsible for preparing an inventory and valuation of the deceased’s assets. This inventory must be filed with the court.
Payment of Debts and Taxes: Before distributing the assets to the beneficiaries, the executor must settle any outstanding debts, taxes, and other liabilities of the estate.
Distribution of Assets: Once all debts and taxes are settled, the remaining assets can be distributed among the beneficiaries according to the terms of the will, unless Cyprus forced heirship rules apply.
The cost of the process was traditionally established as a percentage of the estate, under Cyprus Bar Association guidelines. These have since been withdrawn, although still commonly quoted. The process has also been further complicated by the advent of ‘ijustice’ , the online probate system, which requires registration with Ariadne.
There can be major delays as the Tax Department is years behind in its returns and, if property is part of the estate, then Land Registry will also be involved.
