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Archive for May, 2015

Citizenship scheme raises €2 billion

The ‘Citizenship by Investment’ programme for foreigners has boosted the Cyprus economy by €2 billion from property sales and investments in the country according to an audit services report.

Open letter to Socratis Hasikos

I have written an open letter to Interior Minister Socratis Hasikos following his announcement that the government intends to bring in legislation to address the problem of home buyers trapped without Title Deeds.

More homes threatened in Pissouri

More homes in Pissouri are facing the threat of collapse due to land slippage resulting from a decade-long failure of authorities to provide adequate infrastructure to manage ground water.

Property taxes to merge

The Cyprus government has plans to submit a bill to parliament that will integrate Immovable Property Tax and municipal taxes before parliament closes for the summer recess.

Hidden mortgage breakthrough

Interior Minister Socratis Hasikos has announced that the government intends to introduce legislation to resolve the ‘hidden mortgage’ problem that leaves thousands of buyers unable to get Title Deeds.

Bankers against massive foreclosures

The main objective of the recent law of foreclosures is to bring clients to the negotiating table to restructure their loans according to senior bankers speaking at a round table discussion on Tuesday.

Draft loan sales bills leaked

Details of the draft legislation designed to facilitate the sale of bank loans (one of the pre-conditions for Cyprus to receive the next tranche of the bailout loan) has been leaked to the media.

Troika approves bailout programme

The latest review of Cyprus’ bailout programme has been successfully concluded, the EC, ECB and the IMF said in a press release yesterday, paving the way for Cyprus to take part in the ECB’s quantitative easing programme.

Insolvency helpline

Members of the public requiring information about the new insolvency laws may ask a question and leave their number by calling 22 460033; a telephone helpline set up by EVROKO, the European Party.

Foreclosures legislation effective from Friday

The Cyprus parliament has passed the regulations controlling property foreclosures; the law will come into effect tomorrow, smoothing the path for the resumption of bailout loan payments.

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