The first Cypriot (interim) judgement has been awarded by the Nicosia District Court in a case that affects many bona fide borrowers who bought property with a loan denominated in Swiss Francs.
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.
Sascha Morris, who sold off-plan properties to Cyprus property investors, has been convicted of fraud at the Leeds Crown Court following a prosecution by the CPS Specialist Fraud Division.
Former ECHR judge has charged that corruption has crept into the Cyprus justice system casting doubt over certain decisions; the judiciary is lacking knowledge, impartiality, and self-awareness.
The European Commission (EC) has given Cyprus and eight other EU member states two months to implement the regulations of the European Union on mortgages if they want to avoid going to the European Court of Justice.
Massive losses of tax revenue, health and safety issues and illegal holiday rentals could be reduced if the law enabled more homeowners to register their properties with the Cyprus Tourism Organisation.
A number of banks have obtained temporary court orders preventing people who bought property in Cyprus from receiving Title Deeds under the provisions of ‘trapped buyers’ law claiming they knew nothing about the sale.
Further help for trapped buyers is provided by a Ministerial decree enabling Certificates of Approval to be issued for residential properties that fail to comply with the permits issued for their construction.
A formal complaint concerning price-fixing of lawyers’ fees in Cyprus has been submitted to the European Commission on behalf of George Lambis – a Greek Cypriot and the Financial Director of a national charity in the UK.
Alpha Bank Cyprus is trying to prevent the transfer of properties on the Anarita Sunrise 1 development built by the bankrupt developer Yiannis Liasides, who borrowed in the region of €3.7 million that his company failed to repay.