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Cyprus cooperative bank investigation

The situation in which the Cyprus Cooperative Bank now finds itself is to be investigated by a committee appointed by attorney general Costas Clerides amid allegations of mismanagement.

Non-performing loan laws inefficient

The legal frameworks introduced by Cyprus aimed at reducing non-performing loans (NPLs) are inefficient according to the European Stability Mechanism (ESM) in its annual report.

Rent scam suspects detained in Limassol

Two suspects in Limassol have been remanded in custody for four days on suspicion of operating a rent scam following complaints from tenants who’d been paying €800/month for the last four months.

Bills rewarding bad borrowers may pass

The bills rewarding bad borrowers by exempting them from paying income tax, capital gains tax, property transfer fees, stamp duty and the special defence contribution are expected to pass.

MPs table bill to tax Airbnb-style rentals

A bill to regulate and tax the income on short-term Airbnb-style property rentals has been tabled by two MPs and should go before the plenum prior to the parliamentary summer recess.

Limassol rent price protest

Around 1,000 Limassolians and others are expected to gather outside the Limassol District Administration Offices in Anexartisias Street to protest against the exorbitant rent prices in the town.

Reward bad borrowers; punish the good

In a move, which if successful, will result in rewarding bad borrowers while punishing the good, the Cyprus parliament is expected to vote on proposals granting tax relief to bank debtors by July.

Speeding up issue of Title Deeds

The Cyprus government is ready discuss ways to reduce the time taken to issue Title Deeds, which has tarnished the reputation of Cyprus as a safe place to buy property by overseas investors.

Four more high rise buildings in Limassol

Pafilia property developers are planning to build four high rise residential towers in Limassol of 43, 38, 31 and 25 storeys next to Limassol Municipal gardens, the tallest of which will reach 173 metres.

Cyprus running out of time to reduce NPLs

Pressure is mounting on the Cyprus banks to reduce non-performing loans (NPLs) and proposals put forward by the Finance Ministry could also fix areas in the law affecting the issue of title deeds from indebted developers.

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