Paphos Life

Anyone out there have a rough idea of Probate Costs? Versus setting up a trust....
Am thinking of putting assets into a trust to avoid the distress and costs of probate ,should either of us be left on our own here in Cyprus....
A cheerful subject,I know but planning ahead etc ...

I was hit with probate when my first wife died. We had just moved and had bought a car in the her name. It took about a year to get the vehicle out of bond and process the paperwork plus around C£1,000 lawyers fees. There was also the cost of bond storage which I can't remember the exact figure but cost we'll over C£1,000.

Has anyone set up a Cyprus Trust? Would be interested to hear about it.....

Is it automatic that cars go into bond, and cant be used when the named owner pops off? Both our cars are in my name at present.

When we changed our car last year ANW Cars, who are very knowlegeable about anything to do with cars, told us that vehicles are no longer held in bond until probate is completed.

Also we had our old car registered in both our names & customs told us that is not allowed.

Strange cos we have just registered ( 2 months ago) a car in both names.....

Both our cars are registered in my name and my wife's name as Joint Owners

Well all I can do is trot out the old saying "this is Cyprus".

We recently met this gentleman, who can advise you on the advantages and costs of a trust (versus going through probate), plus will writing, etc.

St John Coombes
EWMT Advisers, Limassol
www.ewmt-advisers.com
99 829 578
25 344 888

You need a lot of knowledge, and many solicitors here do not seem to be aware of all the facts when they advise people.

trevnhil wrote: ↑Sat Sep 03, 2022 6:40 pm Both our cars are registered in my name and my wife's name as Joint Owners

Likewise, as has been the case for many years with different vehicles.

I emailed the road transport department yesterday & suprisingly received the following reply today:

[email protected]
11:17

Hello,

I refer to your email and I would like to inform you that it is possible to register a private car in two names.

Kind regards,
Eleftheria Chrysanthou

So I don't know what customs were talking about when we saw them last year about our old car which was registered in both our names!

Since tbere is no inheritance tax in Cyprus and all tbat old faff about putting cars in bondage is abolished. I am not sure why there should be any more than usual lawyers fees. I lost MOH, last year and am still waiting for our house and the car to come out of probate. I have been quoted normal fees by my lawyer. A friend who knew her husband was dying , got the house and car put into her name only, mitigating probate. There is still tax clearance and my lawyer says that is what can hold things up, they can take months! I can believe that, after waiting over 7 years for an Immovable Property tax rebate. Still hadn't received it when i left Cyprus. I paid all my taxes up to the day i left, so i am not expecting any nasty bills, but, its Cyprus!

Maybe some of these rule changes took place as a result of Cyprus joining the EU. Previously, eligible people (retirees coming to Cyprus to live, was one example) were allowed to purchase a duty free car. There were many regulations about how such cars were used and also limitations on who could buy a used duty free car. Disposal of a duty free car following the death of the owner required the car to be held in bond for a year, I seem to remember. Or pending the probate being granted.
Dee