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Archive for 2013

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.

Building permits fall 15 per cent in July

Construction activity continued to decline in July with the number of building permits authorized by the municipal authorities and district administration offices falling compared with the same period last year.

Cyprus slips in Top of the Props chart

Cyprus slipped two places last month in the Top of the Props chart published by the TheMoveChannel.com which records the most searched for overseas destinations to buy property.

MEP questions permits for real estate investments

Timothy Kirkhope, MEP for Yorkshire and the Humber, has raised a question in the European Parliament concerning the issue of residence permits to third country nationals investing in real estate.

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