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Archive for Aug, 2018

Bank of Cyprus confirms Apollo NPLs sale

The Bank of Cyprus has announced that it has negotiated the sale of a portfolio of non-performing loans with a contractual balance of €5.7 billion to alternative investment manager Apollo Global Management LLC.

Second letter to UK Nationals living in Cyprus

British High Commissioner Stephen Lillie has written a second open letter to UK nationals living in Cyprus with the latest on negotiations regarding the UK’s departure from the European Union.

Swimming pool owners face court action

The owners of unlicensed communal swimming pools are facing court action following inspections carried out by the Paphos Municipality who insist that pools must be licenced, inspected daily and a lifeguard appointed.

Apollo close to buying Cyprus NPLs

Apollo Global Management LLC is the preferred bidder to buy a non-performing loan (NPL) portfolio being sold by Bank of Cyprus Holdings Plc according to people with knowledge of the matter.

Limni golf resort is now down to EU

Although planning permits for the controversial multi-Euro golf course and resort complex at Limni have been issued, the EU has yet to receive details to ensure they comply with their environmental recommendations.

Final solution for trapped buyers?

The Finance Ministry is seeking a final solution that will enable trapped buyers who were duped into buying property built on land that their property developer had previously mortgaged to the bank to get their Title Deeds.

Green light for Limni Golf Resort

Controversial plans to build a multi-Euro golf course and resort complex at Limni at Polis Chrysochous have been approved after the latest environmental study that found the plans fully met environmental laws and recommendations of the European Commission.

Tougher checks on citizenship bids

The EU says member states need to keep an eye on the number of citizenships they hand out in exchange for investment. Justice Commissioner Vera Jourova has warned that citizenships for sale represent a security threat.

New repossession law hits brick wall

Legal hurdles to the new repossession law, which was introduced earlier this year, have arisen after local courts put the brakes on the supposedly faster process for banks to reduce non-performing loans (NPLs).

Cyprus property sales up 21% in July

The number of property sales in Cyprus continued to rise in July with the number of sales contracts deposited at Land Registry Offices across the Republic up 21 per cent compared with July 2017.

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