Power of Attorney

At IBCCS TAX we are experienced international tax planning advisers offering legal
& tax advisory assistance both on an international and local scale.

Types of a power of attorney

  • Specific which can be subject to two limitations: by task or by time
  • General which will allow the attorney to sign any document of behalf of the principal

Planning, implementation, & compliance

Planning, implementation, & compliance

Frequently Asked Questions

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.

  • Dealing with bank accounts
  • Selling/Purchasing real estate
  • Dealing with Electricity/Water Authorities
  • Opening of Cyprus Companies

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:

  • Clear instructions to the Attorney to act on his/her behalf
  • Should be signed by the Principal. If the power of attorney has more than one page, then all pages must be signed.
  • A date of signing is mandatory
  • Should be duly certified by a Certifying Officer (to confirm that it was indeed the principal signing the document)
  • The Principal and the Agent must be both adults and in good mental health.

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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