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Archive for October, 2013

Rent reduction law judged unconstitutional

President Anastasiades has asked parliament is to reconsider a law it agreed two weeks ago that imposed compulsory rent reductions of up to 20 per cent for commercial and residential premises.

Town planning permits within three months

Unacceptable delays in processing applications for town planning permits could become a thing of the past – Interior Ministry Socrates Hasikos considers a three-month timeframe achievable.

Transfer fee discount could be win-win for all

A generous discount on Property Transfer Fees would provide a serious incentive for both vendors and purchasers to complete transfers and bring millions of much needed revenues into state coffers.

Bank restrictions to be lifted (updated)

Update 25 October – Presenting the 2014 budget to parliament on Monday, Finance Minister Harris Georgiades said that restrictions on bank transactions that were imposed earlier this year will be gradually lifted by spring.

EU funds to help restart the economy

Speaking at a finance ministry event yesterday, Harris Georgiades announced that the European union will provide €847 million from its structural funds to help restart the island’s ailing economy.

Multiple creditors & foreclosures in Cyprus

A new directive for handling customers’ debts has been issued by the Central Bank; however foreclosing on non-performing real estate loans and evictions is not in anyone’s interests.

Rich foreigners being fleeced over local taxes

The practice of councils fleecing foreigners continues despite a conclusion by the ombudswoman in her 2011 report that there was a prima facie issue of a possible indirect (covert) discrimination against them on the grounds of nationality/citizenship.

No transparency in Land Registry system

The lack of transparency in the way the Land Registry assesses 1980 values of properties and the secrecy surrounding information held in the public register of titles gives cause for concern.

New law enshrines rent reductions

Despite opposition to any rent control legislation and warnings that it would create new distortions in the market, the government passed a law last evening aimed at reducing rents.

Money off your Immovable Property Tax bill (updated)

Update – 18 October. At yesterday’s Plenary session of Parliament, the majority of Cypriot MPs agreed to extend the 10 per cent discount period to those who pay their IPT by 5th November 2013.

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