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Archive for December, 2015

Middle Eastern investors eyeing Cyprus

Chestertons reports that Cyprus has carved a niche for itself over the years and is receiving considerable interest from Middle Eastern investors who are looking to establish their second home overseas.

Limitations law amendment (updated)

Amendments to the Statute of Limitations Law have been published in the Cyprus Gazette and will be welcomed by anyone wishing to issue legal proceedings against another party.

Immovable property tax dodgers

Approximately 262,300 individuals have managed to avoid paying Immovable Property Tax after reportedly submitting false identification documents at Land Registry Department offices according to reports.

Green light for Paphos marina

After years of legal wrangling the Paphos marina project has been given the green light following a judgement handed down by the Cyprus Supreme Court on Monday more than 25 years after initial studies were undertaken.

Non-performing loans restructured

Pafilia Property Developers, the D. Zavos Group and Tsokkos Hotels and Resorts have restructured their non-performing loans (NPLs) according to sources inside the Bank of Cyprus.

Top 10 most read articles of 2015

Once again Cyprus Property News attracted more than a million visitors over the past year and here is our list of the Top 10 stories most read new stories and articles by you – our readers.

Central Bank must do more to solve NPL problem

The Central Bank of Cyprus (CBC) must push for a greater volume and quality of loan restructurings in addition to halting the creation of new non-performing exposures, for which it has implemented a framework of objectives.

Immovable Property Tax collected €84.48 million

The Cyprus News Agency reports that the government had collected almost €85 million in Immovable Property Tax by 3rd December, which accounts for approximately 82.25 per cent of the total.

Bank of Cyprus NPLs at tipping point

Nick Smith, who succeeded Euan Hamilton as the head of the Bank of Cyprus’ restructurings and debt recovery department, sees non-performing loans (NPLs) at tipping point as the bank mulls big loans syndication.

Cyprus back at number 10

Cyprus jumped twelve places to number 10 in November’s Top of the Props chart published by TheMoveChannel.com, which records the most searched for overseas destinations to buy property.

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