The power of attorney is a formal and legal document through which an individual, or company, called the Principal, appoints another person, called the Attorney to take decisions or proceed with specific actions. All powers and actions instructed by the Principal to the Agent are set out clearly in the power of attorney.
A power of attorney may be released for specific or broad situations.
All governmental authorities in Cyprus require a power of attorney when another person is dealing with any action on behalf of the principal.
The following formalities must be followed:
In Cyprus, the power of attorney must be signed in front of a certifying officer namely be ‘notarized’. If the power of attorney is executed by a citizen living abroad, it is required to be notarized and legalized. Notarization abroad depends from the laws of each country but in general it involves having the document signed in the presence of a notary public, who will verify your identity and witness the signing. Legalization may be required if your home country and Cyprus are parties to the Hague Convention, in which case an apostille may be necessary. If not, the document may need to be legalized by the Cyprus embassy or consulate in your home country.
IBCCS TAX can assist you in drafting the power of attorney while also being your Attorney.
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