
A Power of Attorney is the document through which a person (the principal or grantor) explicitly grants authority to another person (the attorney-in-fact) to carry out specific actions on their behalf and for their benefit.
Depending on how broad the granted authority is, the power of attorney is called either Special or General. A Special Power of Attorney specifies particular, defined acts that may be performed by the attorney-in-fact. A sample special power of attorney for property transfer at the Land Registry is attached and marked as Appendix 1.
In contrast, a General Power of Attorney grants the attorney-in-fact broad authority to carry out various actions. A sample general power of attorney is attached and marked as Appendix 2.
Powers of attorney must be in written form and signed by the principal. The signature must be certified by an authorized officer or other person with such authority (e.g., community leaders or embassy officials). Moreover, powers of attorney must be duly stamped.
Power of attorney is an essential legal tool for completing many transactions—especially in the context of COVID-19, where travel between cities or countries is no longer straightforward. Instead of the principal’s physical presence, another person can be easily and affordably authorized to act on their behalf through a signed power of attorney.
However, granting power of attorney also involves risks, mainly due to the abuse of authority by attorneys-in-fact. It must be emphasized that attorneys-in-fact occupy a fiduciary position, and therefore owe the principal a duty of honesty, loyalty, and diligence, as well as a duty to act in the best interest of the principal.
The law firm P. Kyprianou & Associates undertakes the preparation of power of attorney documents for the purpose of representing you before authorities and/or banks and/or public departments, with professionalism and always in accordance with your specific instructions and guidance.
Appendix 1
SPECIAL POWER OF ATTORNEY
I, ……………… ………………. with Identity Card No. ………………. from ………………………………….., Nicosia, hereby declare that with this power of attorney document, I appoint and constitute as my special attorney-in-fact Mr./Ms. ……………… ……………… with Identity Card No. ……….. from ………………………, Nicosia, to appear on my behalf and for my account before any District Land Registry Office of Cyprus and to transfer, by way of SALE, for the amount of €____________ (__________ euros), by signing both the transfer declaration and any other relevant document, to:
……………. ………….. with Identity Card No. …………. and
…………… …………….. with Identity Card No. …………, from …………..……, Nicosia,
my entire share of the property located in the Municipality of ……….., with Registration Number ……., Sheet/Plan …….., Section …., on Plot No. …….
The registration of the property shall be effected in the names of the above-mentioned beneficiaries in equal shares (½ share each).
I further authorize the above attorney-in-fact to settle all my tax obligations, by appearing before the competent officers of the Ministry of Finance – Department of Inland Revenue, completing and signing, for this purpose, any declaration, document, or form that may be required under the Immovable Property Tax Law, the Capital Gains Tax Law, the Special Defence Contribution Law, etc.
This authorization also includes empowering the above attorney-in-fact to declare all my immovable property, proceed with its valuation at the Inland Revenue Department, and pay any taxes that may arise under the relevant legislation.
Furthermore, I authorize him/her to settle all my municipal and sewerage tax obligations, including any other relevant charges, by completing and signing any required document or declaration for this purpose.
Moreover, I authorize him/her to settle my obligations relating to water supply fees, by completing and signing any required document or declaration for this purpose.
Finally, I declare that I acknowledge any acts or actions taken by the above attorney-in-fact with regard to the said property transfer as valid, binding, effective, and incontestable, as if they were made by me personally.
Date: …../…../2020
The Principal: ………………………….
Appendix 2
GENERAL POWER OF ATTORNEY
I, the undersigned, …………. …………….. with I.D. No. …………. from ……….., Nicosia, hereby appoint and constitute by this General Power of Attorney document, as my General Attorney-in-Fact, Mr./Ms. …………. ……………. with I.D. No. ……, from …………………….., Nicosia, to act on my behalf, in my name, and for my account to:
Manage any and all types of property I own in Cyprus, whether movable or immovable.
Rent out any of my properties, terminate leases, initiate evictions, sign lease agreements, collect rent, issue receipts for payments or rents, etc.
Sell, purchase, exchange or enter into property development agreements regarding any asset—movable or immovable, registered or pending registration—wherever it is located, to or from any person and under any amount or terms. To file, withdraw, or cancel any sales contract or assignment at the District Land Registry of Cyprus, signing all relevant documents, declarations, and applications.
Borrow money—alone or jointly with others—under any interest rate and terms as he/she deems appropriate.
Mortgage, alone or with others, any of my registered or registrable properties, wherever located, in favour of any natural or legal person, for any amount, interest rate, and conditions, and to release such mortgages at his/her sole discretion.
Guarantee any debt, obligation, or liability of any third party, individual or legal entity, and register mortgages on any property registered or to be registered in my name, wherever located, in favour of any person, for the purpose of securing such debt or obligation.
Accept mortgages, alone or jointly with others, on any properties, from any individual, company, or organization, for any amount, interest rate, and conditions, and to cancel or realize mortgages partially or fully as he/she deems appropriate.
Collect rents, promissory notes, or any other amounts owed to me personally or jointly with others, from any person, company, organization, or authority, issue receipts, acknowledgments of payment, and undertake all legally required actions to collect such amounts.
Give or accept gifts of any movable or immovable property and make or accept transfers and registrations accordingly—including of property personally belonging to myself.
Conduct divisions of any kind of property or inheritance shares and sign any necessary consent forms for the completion of such divisions. Also, to proceed with forced partitions through the Land Registry and take all necessary steps.
Perform all necessary actions to register properties or inheritance shares in my name, signing on my behalf all necessary declarations, applications, or other documents.
The above attorney-in-fact may carry out the above actions even for his/her own benefit, including for close relatives, spouse, and/or siblings.
Incorporate companies of any kind, attend meetings of such companies (existing or to be established), make decisions at his/her discretion, and generally represent me with full powers.
Pay or collect any amount owed by or to me from any person or authority, and issue or receive payment receipts or acknowledgments of settlement.
Appear on my behalf before any authority, including administrative, judicial, land registry, municipal, postal, or any other, and sign on my behalf any application, declaration, consent, contract, or other document. At his/her discretion, to receive, acknowledge, or dispute such documents and to swear and respond to oaths before any court.
Appear before any court of any level and jurisdiction, as plaintiff or defendant, and represent me in any legal or extrajudicial proceedings, whether ordinary or extraordinary, relating to existing or future lawsuits, disputes, or dealings. To carry out settlements, seizures, appoint arbitrators or experts, and to represent me generally before any court, including matters of property administration, with full authority and without limitation.
Appear before any banking institution, alone or jointly with others, to open any type of account, deposit money, withdraw deposited, due, or payable funds (including credit facilities), operate current accounts or savings accounts, borrow money, sign promissory notes, and endorse related receipts.
Buy, sell, transfer, or accept transfer of any securities listed on the Cyprus Stock Exchange.
Act as my attorney-in-fact in any matter relating to securities that may be acquired after the date of this document, in my name, in accordance with paragraph 1 above.
For the above purposes, sign on my behalf any necessary agreements, transfer documents, pledges, or any other document in any form, and to hold on my behalf all certificates issued in his/her name.
For the purposes of this Power of Attorney, the term “securities” includes:
Securities issued by the Government of the Republic of Cyprus, municipalities, local authorities, semi-governmental organizations, and other legal entities of public law, including government-guaranteed securities.
Shares, securities, bonds, founders’ and other shares of companies registered in Cyprus under the Companies Law, and rights related to them (such as rights issues and warrants).
He/she may also carry out any other action not expressly mentioned in this document, including the appointment and replacement of other attorneys or lawyers with the same or more limited authority than provided herein.
I hereby declare that I am bound and undertake to recognize any act or signature made or given by the aforementioned attorney-in-fact under this document, as if such act or signature were made or given by me personally.
The Principal
This article is for informational purposes only and should not be considered legal advice.
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