Inheritance and probate valuations

No inheritance tax, but a valuation is still required

Cyprus does not levy inheritance tax, and estate duty was abolished with effect from 1 January 2000. Administrators are sometimes told, on that basis, that no valuation is needed. That is not correct.

Under the Deceased Persons' Estates (Tax Provisions) Law 78(I)/2000, the executor or administrator must file a statement of the deceased's assets and liabilities with the Cyprus Tax Department within six months of the date of death. Immovable property must be stated at a value in that return. Separately, and for a different purpose, the property must be valued so that the estate can be divided among the heirs.

Those are two distinct exercises, and they are not always answered by the same figure.

The six-month deadline and the forms

In practice the sequence is:

• T.F.701 is filed first
• T.F.78 and T.F.2101 follow once the administration order has been issued

Filing is on paper, with original signatures. The six-month period runs from the date of death, not from the grant of administration, and the administration order frequently takes longer than the estate's advisers expect. Where the estate includes immovable property, the valuation should be commissioned early rather than at the end.

The value entered in the return must be capable of being substantiated if the Tax Department asks how it was arrived at. A figure taken from a family recollection, an old agreement or an agent's opinion is not evidence. CPA prepares the valuation to the basis the Tax Department and the administrator require, sets out the comparable evidence relied upon, and provides a report that can be produced if the figure is queried.

Valuing for division among heirs

Where the estate is to be divided, the valuation carries a different weight. It is the number by which one sibling's share is measured against another's, and it is frequently the number on which one heir buys out the others.

We are regularly asked to value:

• a single property to be transferred to one heir, with the others compensated in cash
• several properties to be allocated between heirs so that the shares are equalised
• undivided shares in a parcel, where the share itself is being valued rather than the whole
• property that cannot practically be divided, where sale and division of proceeds is the only realistic outcome

Where one heir is buying out the others, we recommend that all heirs are told at the outset who has instructed the valuer and on what basis, and that the report is circulated to everyone. A valuation that only one side has seen invites a dispute that costs more than the valuation.

Disputed estates

Where the heirs are already in disagreement, or where proceedings have started, the valuation should be prepared as expert evidence rather than as an ordinary report. The obligations under PS 1 and PS 2 of the Red Book apply, including independence, competency and disclosure of any conflict. See our page on expert witness and court valuations.

Multiple properties, and property that is not straightforward

Estates in Cyprus are rarely a single flat in one district. We routinely value across all districts under a single instruction, which keeps the methodology consistent and means the administrator receives one schedule rather than several unrelated reports.

We also value the property that most estates contain and that ordinary market appraisals handle badly:

• village houses that are part-ruined, roofless or structurally unsound
• listed and traditional buildings, where the planning constraints govern the value
• agricultural land with no building rights, and land whose zone has changed since it was acquired
• parcels held in undivided shares among several generations of the same family
• property with an unresolved title, or with a separate title never issued

What the administrator needs to supply

To begin, please provide:

• the death certificate and the date of death
• the title deeds, or the Land Registry search for each property
• the administration order, if it has been issued
• any grant or court file reference, and the names of the heirs
• keys or access arrangements, and the contact details of anyone occupying the property
• any tenancy agreements, and any planning permits or building permits held by the family

Where documents are missing, say so. We can usually work from the Land Registry record while the rest is assembled, rather than waiting.

Dealing with an estate

Administering an estate in Cyprus involves a deadline, a set of forms and a family, usually in that order of urgency and reverse order of difficulty. We keep to the practical side of it: we arrange access at a time that suits whoever holds the keys, we inspect without disturbing the contents, and we deal with the administrator or the lawyer unless asked to do otherwise. If several heirs want to be present at the inspection, that is fine, and it is often better.

Instructing us

Send the date of death and the title deeds or Land Registry search for each property, and tell us whether the valuation is needed for the estate return, for division among the heirs, or for both. We will confirm scope and fee in writing before starting.

Last reviewed: August 2026.

Request a probate valuation: [email protected] · +357 25254222 · mobile +357 96569477