A Power of Attorney (POA) is a valuable legal tool that can be useful for individuals in various situations. Whether you're travelling abroad and need someone to manage your affairs in your absence, or you're facing a medical situation that requires a trusted loved one to make decisions on your behalf, a POA can empower you to handle life's unexpected turns with confidence.
In simple terms, a POA is a legal document that grants another person, known as the "attorney-in-fact", "attorney" or "agent", the authority to act on your behalf in legal or financial matters. The person granting this authority is known as the "principal" or "grantor".
Types of POA
There are generally two main types of POA: the 'general power of attorney' and the 'specific power of attorney'.
A specific power of attorney grants the authority to the agent to make decisions on behalf of the principal only for certain acts, such as buying or selling a house, opening a bank account, or signing documents on behalf of the principal.
A general power of attorney, on the other hand, grants broad authority to the agent to handle all of the grantor's affairs, including but not limited to legal and financial matters.
Validity requirement of a POA
For a POA to be legally binding in Cyprus, it must be prepared in writing and signed in the presence of an authorized individual who can perform notarial acts, such as a certifying officer, mukhtar, or lawyer. The individual performing the notarial act will validate the document by affixing their stamp and arrange for an apostille if required. For individuals residing abroad, an alternative option is to grant a POA through a Cyprus consulate or embassy.
Additionally, it is necessary that the grantor of a POA is of legal age and possesses the mental capacity to understand the nature and consequences of the POA.
Revocation of a POA
To revoke a POA, the grantor must prepare a written document clearly stating their intention to cancel the POA. The document should be dated and signed by the grantor, and it is recommended to have a witness sign the document as well, providing their full name and address. Once completed, the revocation document should be delivered to the agent, either in person or via registered mail. You can download Efkolaw's free Cyprus Power of Attorney revocation documents in English and Greek here:
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Finally, if relevant, the revocation document must be provided to any financial institution (e.g. bank) or governmental authority where the original POA was provided (e.g. land registry or registrar of companies).
If you are in need of a Power of Attorney, you can purchase Efkolaw's general or customisable specific templates by clicking here.
Please note that Efkolaw is not a law firm and does not offer legal advice. Any content hosted on our site is meant to be informative and does not constitute or substitute advice from a qualified legal professional.