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Archive for 2015

Inheritance in the EU

Citizens of both EU and non-EU countries who are resident in Cyprus may choose which EU country’s courts will have jurisdiction to deal with the inheritance and which law the courts will apply.

NPLs remain obstinately high

Latest figures from the Cyprus Central Bank reveal that non-performing loans (NPLs) continue to remain high despite the implementation of the foreclosures and insolvency laws three months ago.

Swiss Franc loan solution sought

The Cyprus Central Bank is going to investigate the impact on the banks in the event that they convert loans denominated in Swiss Francs, which amount to €1 billion, into Euro.

Further progress anticipated

The latest MoU between Cyprus and the troika of its international lenders will result in further progress being made to resolve the many issues faced by those who plan to buy or who have bought property in Cyprus.

A thousand trapped buyers apply for deeds

During the nine days since the ‘hidden mortgage’ law came into force around 1,000 ‘trapped buyers’ who have paid for their property but cannot get their Title Deeds have submitted applications.

IPT payment deadline & discount

Earlier today Cyprus MPs voted to extend the Immovable Property Tax (IPT) payment deadline until the end of December; discounts offered for payments made by end November.

Call for higher IPT discounts

Opposition political parties DIKO and DISY called for a bigger discount on Immovable Property Tax (IPT) on Monday arguing that the state stands to collect more revenue than required.

IMF review could release €125 million

The Cyprus News Agency (CNA) has reported that the Executive Board of the International Monetary Fund (IMF) will discuss the eighth review of Cyprus’ economic adjustment program on 23 September.

Immovable Property Tax discount

The Cyprus cabinet has approved a bill to provide a discount on Immovable Property Tax for early-bird payers and extend the deadline for paying the property tax by two months until 30 November.

August property sales weaken

Reversing the positive trend of recent months, the number of property sales in Cyprus during August fell compared with the number sold in August 2014 according to the Department of Lands & Surveys.

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