A new improvement in managing funds left behind by deceased individuals will soon be discussed in the Cypriot Parliament. Following a proposal by the Association of Banks and with the consent of the Ministry of Finance, a new amendment bill has been submitted to the House Legal Affairs Committee. The bill seeks to allow first-degree relatives to access and operate the bank accounts of deceased persons.

The objective of the bill is to amend Article 43 to enable electronic payments for transactions involving the inheritance accounts of deceased individuals, either for withdrawals or other payments.

Specifically, the amendment would allow relatives of the deceased who reside abroad to electronically manage the accounts of their deceased parents without needing to be physically present in Cyprus. This provision will also apply to foreign nationals whose deceased relatives were permanent residents of Cyprus.

Under the current law, no withdrawal or payment can be made directly from an inheritance account except through a bank-issued check.

Sources told OffsiteNews that the purpose of this amendment is to reduce the circulation of checks and address several practical and procedural problems.

The bill was approved by the Council of Ministers on February 5, 2025, and will be discussed by the House Legal Affairs Committee on Wednesday, March 26, 2025. The bill was signed by Deputy Attorney General Savvas Angelides.