Latest Headlines

Reports written by Elias Hazou

Primary residences protection scheme falls flat

The government backed primary residences protection bill designed to protect an estimated 200 crisis-stricken homeowners against foreclosure has failed MPs heard on Monday.

Vote imposing VAT on land sales postponed

A vote by the Cyprus government on a bill to impose 19 percent VAT on land sales (building and development plots) has been postponed until September; the draft bill will be sent to the EC.

Imposing VAT on land sales

Cyprus is facing hefty fines from the European Commission if it does not impose VAT on land sales, but the imposition of VAT will have knock-on effects on the property market and the banks.

MPs seek sewerage rate reduction

Sewerage rates in Cyprus, which are based on a property’s value as determined by the Land Registry need to be revised following the property revaluation exercise carried out in 2013 to prevent astronomic rises.

New repossessed property regulations

New regulations allowing the banks to rent and maintain repossessed properties on their books and allow them to complete unfinished properties are being discussed by the house finance committee.

Nicosia protest against foreclosures

A protest outside the presidential palace in Nicosia against foreclosures of primary residences and business premises passed without incident on Thursday with the demonstrators dispersing by around 6pm.

Property tax reform discussions continue

Discussions on major reforms of the Cyprus property tax system continued today with Finance Minister Harris Georgiades urging MPs to pass legislation before parliament’s summer recess.

Swiss francs loan landmark decision

The Cyprus Competition and Consumer Protection Service has ruled that a Swiss francs loan agreement between Alpha Bank Cyprus and two UK residents breaches the unfair terms in consumer contracts law.

Loan sale bill passed by whisker

The bill administrating the sale of loans was has been passed by the Cyprus parliament by the narrowest of majorities although it remains to be seen whether it meets with the approval of the troika.

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.

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