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Legal Matters

New repossession law hits brick wall

Legal hurdles to the new repossession law, which was introduced earlier this year, have arisen after local courts put the brakes on the supposedly faster process for banks to reduce non-performing loans (NPLs).

Cyprus consumer protection decisions

The Cyprus Consumer Protection Service has recently issued decisions against Alpha Bank Cyprus (former Emporiki Bank) and two property development companies Geormaride Ltd and VM Development Ltd.

Cyprus property value change notification

The owners of property in Cyprus must be notified by the Land Registry personally if there is any significant change in the value of their property the island’s Supreme Court has ruled.

Cyprus property rent reforms

It should soon be easier for landlords to recover their properties in Cyprus from tenants who fail to pay the rent if the bill submitted to parliament by the DISY parliamentary group is approved.

Management committees fall foul of law

A number of management committees, which manage and administer jointly-owned buildings in Cyprus, have recently found their bank accounts frozen due to a law introduced in 2017.

Lawyers’ price-fixing challenge success

The complaint by ‘Fairness in Fees’ to the European Commission challenging price-fixing by the Cyprus Bar Association (CBA) has been successful; their minimum fee regulations will soon be consigned to the bin.

A letter to UK Nationals living in Cyprus

British High Commissioner Stephen Lillie has written an open letter to UK nationals living in Cyprus with the latest on negotiations regarding the UK’s departure from the European Union.

Discussion on old mortgages bill postponed

Discussions on the bill seeking to exempt pre-2014 mortgages from the foreclosure laws have been postponed by the house finance committee while it waits for the bills related to the issue of non-performing loans (NPLs).

Online rented property regulation

Suggestions to regulate property in Cyprus that is offered for rent online through organisations such as AirBnB have been put to the House by MPs Averoff Neophytou and Elias Myrianthous.

Bill to exempt old mortgages from foreclosure

Officials from the government and the Cyprus Central Bank have warned that a bill seeking to exempt pre-2014 mortgages from the foreclosure laws would wreak havoc on banks’ balance sheets.

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