Will Cyprus

Every year, an increasing number of foreigners are moving to Northern Cyprus. Some spend only the summer here, while others live permanently. By acquiring property in Northern Cyprus, foreigners have the opportunity to obtain a residence permit. To facilitate their mobility on the island, foreigners also purchase cars, and some open companies for business purposes. Owning property in Northern Cyprus is a chance for a carefree life under the sun. However, besides buying and managing property, it is important not to forget about other details that can affect you and your loved ones.

One such detail is a will. We cannot predict the future, but we can ensure the protection of our loved ones and guarantee that our property will be inherited according to our wishes.

Part 195 of the Wills and Inheritance Law 10/1971 regulates the rules for drafting a will and entering into inheritance. Let’s look at a few examples of when the absence of a will, according to this law, can lead to undesirable consequences:

1. If you are married but have not made a will, your spouse will inherit only 1/6 of the entire estate, while the children will inherit 5/6.
2. If you live together but are not legally married, your partner will not inherit your property by default, which can lead to legal complications and loss of property.
3. If you live together but are not married and have children, they are the sole inheritors. If there are no children, the inheritors will be the parents, siblings of the deceased, and if none exist, other closest relatives in decreasing order of kinship.
4. If you have no legal spouse or close relatives, your property will pass to the state.

It is also important to know that there are specific deadlines in Northern Cyprus legislation for entering into inheritance. Without a will, your heirs may lose their rights to your property.

At Veles, we understand that drafting a will can be a complex and confusing process. Therefore, we provide expert consultations and assistance in registering wills in court. When drafting a will, we recommend specifying two lines of inheritance: the first for those whom you bequeath the property in case of your death, and the second for those who will inherit your property in case the heirs of the first line pass away.

The will should clearly state the specific property you bequeath to the heirs: movable property (cars, furniture, yachts), immovable property (houses, apartments), funds in bank accounts, shares in companies, jewelry, securities, intellectual property rights, debts, and any other property belonging to you.

Additionally, it is necessary to appoint an attorney for inheritance matters. This can be the lawyer who drafted the will, one of the heirs, or any other person designated by you. By law, the appointed attorney initiates the inheritance process.

Even with a will in place, direct heirs can contest one-third of the bequeathed property. The law establishes tight deadlines for contesting.

A will is an investment in the future, and we are ready to assist you in this important matter. The lawyers at Veles will draft a will for you in accordance with the laws of Northern Cyprus and help you register it in court.