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Legal Matters

ECJ ruling protects consumers with Swiss franc loans

Consumers who received a loan in a foreign currency from a bank are protected from exchange rate fluctuations by a ruling of the European Court of Justice according to lawyer Pavlos Angelides.

Swimming pools law changes

A new law that will make a distinction between private and public swimming pools has been proposed by the Interior Ministry and a draft is currently being scrutinised by the Legal Service.

Statute of Limitations Law extension

The transition period for the Statute of Limitations Law that Cyprus introduced in 2012 was extended until 31 December 2014 may be extended by a further 6 months or possibly 12 months.

Financial dispute mediation

Authorities will start accepting applications for the appointment of mediators in financial disputes from Friday, the agency tasked with the resolution of those disputes said on Tuesday.

Swiss Franc loans conference

A 4-day conference to tackle the problem of mis-sold Swiss Franc loans to purchase off-plan properties in Cyprus is to be held in Nicosia and Paphos between 2nd and 5th December.

Immovable Property Tax payment and collections

Around 76,800 people have paid their Immovable Property Tax this year according to official statistics, but the majority of those who have paid their tax appear to be the owners of modest properties.

Lawsuits filed against banks

SYMEA, a trade union established earlier this year intends to block the repossession of mortgaged properties by taking local banking institutions to court according to its president Andreas Alambritis.

Banks forced to compensate forex borrowers

On Friday the Hungarian parliament passed a law forcing banks to compensate borrowers for “unfair” conditions in mainly forex loans in the years leading up to the financial crisis.

Sweeping powers for taxman

Sweeping new powers for the taxman could further impede the ability of a property buyer to secure the Title Deeds to the property they’ve purchased if the tax debtor fails to settle his tax bill.

Land Registry defies court judgement

The Famagusta Land Registry office may find itself in contempt of court after refusing to implement a court order for Specific Performance instructing it to transfer a property to its rightful owners.

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