Cyprus Property Law
But, the children could refuse to hand over the assets to the spouse and there is nothing can be done to force them. Solutions There is no UK or Cyprus Inheritance Tax on first death between UK domiciled married couples. They can transfer twice the Nil Rate Band on second death 624,000 without Inheritance Tax but Cyprus real estate property and land, motor vehicles and business still need probate.Using family members can avoid “fixed” solicitor’s costs. Sometimes separate Wills for separate jurisdictions can settle assets in different countries, reducing Inheritance Tax and delays in Probate – currently two years plus in Cyprus. TRUST One can also look at a “Trust” which is in effect a “living Will” where you give your personal assets to a new legal entity called a Trust.
Subject to tax rules you can continue to have an element of direct and control these assets and have a Trust Will to provide for the distribution of assets on death.About the Author:susan is marketing manager at Yourbooks Ltd: http://yourbooks.com.cy/ costs effective accounting and corporate servicesArticle Source: ArticlesBase.com - Cyprus Property Law
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