Will
Making a Will
If you have a holiday home, car, any other property or money in North Cyprus, you may think of making a valid will in North Cyprus, in order to ensure that your property/money is distributed according to your wishes after you pass thus avoiding extra difficulties to your loved ones.
If you have already made a will in your home country or in another country, it may not cover your holiday house or other assets in North Cyprus nor it may be enforceable in North Cyprus due to different applicable laws.
Renewing Your Will
When you buy a house or other property, get married or divorced, have a child or lose a member of your core family, your heirs’ rights to your estate may change.
According to North Cyprus inheritance laws, your recognised marital spouse and children may have protected rights to your estate. This means that you may not be able to give less than the protected percentage of your estate stated in the law to the said protected heir. Whether your heirs have protected rights to your estate also depends on your nationality and ancestry.
In this case if you already have a will, it may be important to make a new one or amend and update your current will to correctly reflect your wishes.
We can help you to assess your circumstances and change it or make a tailor fit new will that is going to better reflect your wishes.
Inheritance Planning
When somebody dies, apart from the emotional difficulties, distribution and transfer of the properties to the heirs can be difficult. It can create unwanted disputes or in some cases, cause family members to break apart.
Doing your inheritance planning in good time can help your heirs to avoid these difficulties.
If you would like your properties and belongings to be left to your loved ones according to your wishes, we can help you to devise an arrangement that is acceptable for you. If there is no valid will, your properties, money and belongings will be distributed according to the applicable laws North Cyprus.
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North Cyprus Inheritance Tax
According to North Cyprus law, there is no inheritance tax up to the total ownership amount of 3,255,120 TL (applicable as of 3/1/2023).
Above this, inheritance tax in North Cyprus is 1% of the remaining amount.
The ownership amount includes combined values of assets and debts. Assets include immoveable properties, such as houses and lands, and movable properties such as money, company shares, cars and other personal items.
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Inheritance Tax Planning
There are legal mechanisms to avoid paying inheritance tax over one’s estate.
One way of doing this is by transferring some of your properties and still keeping or establishing certain residential rights to such properties.
Furthermore, if you live or own property in a country other than in North Cyprus, your estate may have inheritance tax obligations in that country.
We can review your circumstances and advise you as to how you may be able to decrease the amount of inheritance tax applicable to your estate in North Cyprus.
Unmarried Couples
North Cyprus law does not legally recognise unmarried couples or marriage or civil partnership between same sex couples.
If you are together with your partner under such circumstances, your partner may not have the same rights as a partner in a recognised marriage under North Cyprus laws.
We can help you to ensure that your partner is included your will.
Contact Us For Free Consultation
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