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Archive for March, 2014

Cyprus economy & real estate forecast 2014-2015

Although Leaf Research predicts that the downturn in the Cyprus real estate market is likely to continue, some positive prospects for the island’s economy and its real estate market are starting to appear.

Cyprus scraps maximum daily cash withdrawal limits

The Finance Ministry has issued a decree scrapping the daily cash withdrawal limits from bank accounts one year after Cyprus imposed capital controls to prevent economic meltdown.

Changes to citizenship for sale scheme

Earlier today the Council of Ministers announced changes to the criteria by which the citizenship for sale scheme is granted to investors following a statement on the subject issued by the Interior Minister last week.

Cyprus home construction nose-dives

Cyprus home construction plummeted in January, the Cyprus Statistical Service reported yesterday, with the number of permits authorised for new homes down 60 per cent compared with January last year.

Shepherd jailed for building hut

Why can a shepherd be jailed for building a hut when a wealthy businessman can add an extra floor to his house or a developer build without having first secured the necessary permits without being sent to prison?

Non-performing loans continue to mount

Latest information released by the Cyprus Central Bank shows that non-performing loans continue to mount with property developers having amassed billions of debts that they are unable to repay.

Bank of Cyprus reviews restructuring plans

In an exclusive interview with Reuters, Bank of Cyprus CEO John Hourican said that the bank is reviewing its restructuring plans that could result in a “bad bank” for its troubled assets.

Taxman may raid bank accounts

The Cyprus government is considering allowing the taxman to raid bank accounts to recover unpaid debts in a move very similar to the changes announced in the recent UK budget.

Plans for luxury leisure project in Yeroskipou

A billionaire property developer from Hungary, who is currently resident in Cyprus, has been described as the brains behind a scheme to build a luxury leisure project at Yeroskipou.

Moody’s raises Cyprus credit rating outlook

Moody’s ratings agency has raised its credit rating outlook for Cyprus to positive from negative, while confirming the island’s Caa3 credit rating, citing a stronger than expected performance in 2013.

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