Succession and Estate Planning

Helping you considering, designing and implementing your succession and estate planning

Creating, increasing and preserving wealth in a tax efficient manner was for many years the primary focus of entrepreneurs and wealthy families.  During the last 20-25 years there has been a focus shift.  Preserving, using in a socially responsible manner and passing wealth to the next generation has become the primary focus.

We advise our clients in Cyprus (local and international) to consider early and in consultation with their professional advisers their succession and estate planning. Such process should not be confined to what happens in case of death, incapacity or other undesirable eventualities. It should be wide enough to cover a wide range of considerations and scenarios that are of big concern to modern families.  For example:

(a) How to safeguard against substance or other abuses.

(b) Best investment practices and policies with emphasis on the environment, technology, startups, and socially responsible firms.

(c) How to educate, involve and make the next generation accountable in the management of the family wealth.

(d) What mechanisms may be put in place to know where the assets are situated and who has access and information to or in relation to them.

(e) How to cater for the risks involved in potential divorce proceedings.

(f) How to exit a jurisdiction if required.

(g) How to finance litigation or major needs in case of freezing orders.

(h) How to bring together or keep apart (if this is in the best interest of all) children from second or third marriage.

(i) How to cater for the old age in the light of the demographic changes.

(j) How to cater for extraordinary events such as going missing in adventure travelling e. g. in diving or climbing expeditions or in case of kidnapping.

(k) How to keep, in a world of almost full transparency, the family affairs private and confidential.

(l) What to provide in a family constitution and how to deal with soft or hot issues like family governance, use of family assets in particular luxury assets such as art, classic cars, yachts, planes, holiday homes, employment in the family business and compensating family members who exit.

At PwC we can offer global legal, tax and other expert support to help you consider, design and implement the best available option or combination of options under the circumstances. 

Our service offering capability

Always in close collaboration and consultation with a wide range of experts from PwC in Cyprus and abroad, we can advise and support clients:

1. To set up a trust 

2. To set up and manage other private wealth structures in Cyprus (including companies by shares and/or by guarantee with special provisions which operate as an alternative to trusts)

3. To put in place oversight, governance and consultation mechanisms and practices (including special purpose trusts to oversee the trustees or directors, governance practices such as trustee governance, family constitution)  

4. To draft other necessary legal documents such as lasting powers of attorney, deeds of gifts

5. To draft their will and other legal documents passing assets to loved ones

6. In administration of estates process in Cyprus (support the administrators of the estate/ executors of the will or undertake this role)   

Our service offering capability and expertise puts us in a position to engage in a productive consultation process with our clients, to draft all required legal documentation and to provide continuous legal support and assistance to our clients, family members and family council, trustees, directors, protectors, administrators and executors and other stakeholders.