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Leptos Group loans restructured

The Bank of Cyprus has announced it has restructured the loans of one its largest debtors, the Leptos Group, in an agreement that involves the extension of loan maturities and a reorganisation of the Group.

Leasing alternative to mortgages

Cypriot MPs have concluded discussions that will enable those wishing to acquire a property to do so under a leasing agreement rather than purchasing it with the aid of a mortgage.

Hammer time for foreclosures

Around 3,000 foreclosures have been pending at Land registries and thirty auctioneers are polishing their hammers to begin auctioning commercial buildings, holiday homes, and land owned by large debtors.

Bank lending criteria to be relaxed

Under a new draft Cyprus Central Bank directive to be discussed between the Central Bank and financial institutions lending criteria will be reformed, including the procedures for financing real estate mortgages.

Cyprus bailout success likely

Cyprus is likely to successfully complete its bailout programme and receive the last tranche of international aid by the end of March, a senior euro zone official said on Wednesday.

Ayia Napa marina construction starting soon

The construction of the marina at Ayia Napa, which is expected to cost around €220 million, is anticipated to start in early April according to an announcement by the mayor Yiannis Karousos.

Big landowners not paid tax bill

It appears that more than 33,000 large landowners who own property valued in excess of half a million Euro at 1980 prices have not paid their Immovable Property Tax according to the daily Phileleftheros.

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.

Corruption in the Land Registry

Various cases of possible corruption at the Land Registry have been uncovered by the Cyprus Auditor General, Odysseas Michaelides, together with tax evasion by lawyers and doctors and under-charging.

€55m Immovable Property Tax collected

Immovable Property Tax (IPT) amounting to €55.5 million had been paid by 193,833 taxpayers (72 per cent of the total number) by mid-November, according to senior tax officer Klelia Papadopoulou.

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