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Reports written by Stelios Orphanides

Citizenship schemes pose major corruption risk

Citizenship and residence-by-investment schemes, commonly referred to as ‘Golden Visa’ programmes, are vulnerable to abuse and undermine the fight against corruption in the European Union.

Cyprus passport sales revealed

Following questions raised by Giorgos Perdikis concerning the transparency of the citizenship by investment aka passport for cash scheme the Cyprus News Agency reported the figures on Monday.

Hellenic bank violated consumer rights

The Cyprus Consumer Protection Service has ruled that the Hellenic Bank violated consumer rights with abusive clauses in mortgage contracts and imposed charges for early debt repayments.

Limassol rents spike as market booms

A property market boom in Limassol has driven up rents as demand for housing has outstripped supply as more companies have moved to the area seeking accommodation for their staff.

Non-performing loans stand at €21.9bn

Non-performing loans (NPLs) in the Cypriot banking system currently stand at €21.9 billion, or 44 per cent of total loans and 120 per cent of economic output according to the governor of the Central Bank.

John Hourican “annoyed and impatient”

Bank of Cyprus CEO John Hourican said he is annoyed and impatient by borrowers seeing a rising property market and wanting to hold on and negotiate more time to repay their loans.

Land values also recovering

As home prices enter recovery, so do land values, particularly in Limassol which has already attracted property developers from other coastal areas such as Paphos and Famagusta.

Ten years to reduce NPLs

The Cyprus Central bank expects it will take up to 10 years for non-performing loans (NPLs) to drop to manageable levels at the current rate of economic growth, Chrystalla Georghadji told reporters on Friday.

BOC intends to sell restructured loans

The Bank of Cyprus intends to sell about €20 million worth of restructured non-performing loans of developers and construction companies to a small Cypriot bank according to reports.

Non-performing loans at 47 per cent

Non-performing loans in the Cypriot banking system stood at 47% of total loans at the end of December 2016; a fall of €3.7 billion in two years to €23.7 billion according to data released by the Central Bank of Cyprus.

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