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Reports written by Angelos Anastasiou

Cyprus 7th in citizenship by investment

Cyprus has emerged as one of the most popular jurisdictions for EU and non-EU nationals in the Citizenship by Investment Index, published by Financial Times group’s Professional Wealth Management.

Optimism in the construction sector

The future of the island’s construction sector is optimistic, but repeating the illegal and short-sighted practices of the past will have extremely negative consequences on everyone.

Loan deal for heat-proofing roofs

A special loan deal for heat-proofing roofs of up to €10,000 at 3 per cent interest is to be offered by the Co-operative Central Bank in collaboration with the employers’ association (OEV).

Building permit regulations to be re-examined

The Interior Minister’s building permit decree designed to curb profiteering in non-residential areas by property developers has been criticised by Parliament; further consultations will be held.

Citizenship for sale controversy

The Cyprus property market could be hit by a fall in property prices if investors granted a Cypriot passport under the citizenship-for-sale scheme decided to sell their property after three years.

Tender process launched for Larnaca marina

The long-awaited Larnaca marina and port project took a step forward in the week with a request for submissions of interest for the construction of the 1,000 berth marina and port facilities.

MPs warn banks over Swiss franc loans

MPs in Cyprus have warned the banks that they might pass punitive legislation if they fail to offer households with Swiss franc loans better terms; many borrowers claim they were misled to the real risk involved.

Primary residences protection scheme

The Cyprus Land Development Corporation has been allocated €2 million to protect primary residences by helping borrowers deemed to be insolvent by the Financial Ombudsman’s office to make repayments on their housing loans.

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.

Three banks ready to ease Swiss franc loan burden

Three banks are ready to ease the burden on Swiss franc borrowers by writing off between 10 and 40 per cent of the loan in certain circumstances providing the borrower can show that they cannot repay.

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