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A G Paphitis & Co | Cyprus | 13 Jul 2023
Establishing foundations in Cyprus: new steps in asset protection
In recent years, there has been an unprecedented wave of new foundation legislation in common law jurisdictions across the world. New statutes have been enacted and have brought foundations to regions of the world that had previously ignored or disregarded the concept. The question is whether Cyprus, an EU member state and common law jurisdiction with a well-established offshore reputation,......
A G Paphitis & Co | Cyprus | 20 Apr 2023
Cypriot power of attorney: loss of capacity and other challenges
In Cyprus, several documents exist by which powers are vested on different persons (physical or legal) to carry out certain activities. Of these, two main types of power of attorneys (POAs) now prevail: the specific POA, which entails one transaction only, and the general POA, which entails more than one transaction. This article discusses the key aspects of POAs, in particular when loss of......
A G Paphitis & Co | Cyprus | 2 Mar 2023
Benefits of taking out life insurance in Cyprus
In Cyprus, life insurance is commonly used to protect at least one of the two spouses in a marriage, if not both. Although it is widely used, it is anticipated and desired that more families and individuals will start planning and securing their future. Cyprus has a good quality of life and a high life expectancy, which lowers the cost of life insurance. Any resident in Cyprus, whether......
A G Paphitis & Co | Cyprus | 20 Oct 2022
Introduction to Cyprus international trusts
🕑 3 minutes A variety of trusts can be set up in Cyprus. The choice of the type of trust depends on the requirements of the settlor and the objectives they want to achieve. Among these choices are discretionary trusts, fixed trusts, a combination of discretionary and fixed trusts, trading trusts, and purpose trusts. The discretionary trust is the most commonly used type of trust in Cyprus......
A G Paphitis & Co | Cyprus | 6 Oct 2022
Degrees of consanguinity upon inheritance
🕑 1 minute This article is the fifth in a series on inheritance and succession law in Cyprus and discusses how the degrees of consanguinity are taken into account when calculating inheritance. When a person passes away leaving behind a spouse, the spouse is entitled to a share on the inheritance, after the payment of any debts and obligations. Otherwise, a person becomes an inheritor if they......
A G Paphitis & Co | Cyprus | 15 Sep 2022
Making wills in Cyprus
This article is the fourth in a series on inheritance and succession law in Cyprus and discusses how to make a will. Under Cyprus law, a will is a written document in which a person, the testator, decides and specifies how their estate will be managed and distributed after death. Because of the legal importance of a will, the laws of descent and distribution require certain elements for a......
A G Paphitis & Co | Cyprus | 1 Sep 2022
Inheritance and succession: what share are relatives entitled to?
This article is the third in a series on inheritance and succession law in Cyprus and answers the question of what share of the estate relatives are entitled to. According to the provisions of the Law on Wills and on Succession, a person becomes an inheritor if they have a kinship relationship up to the sixth degree with the decedent. Cypriot legislation provides for four classes of kinship....
