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Cyprus building permits bureaucracy

The World Bank ‘Doing Business’ report for Cyprus highlights the mind-boggling level of bureaucracy in dealing with building permits involving several government and local authority departments.

Paphos residents fear landslide

Residents and businesses in the Mousallas area of Paphos are concerned that their properties could be damaged by a landslide as huge rocks are moving down the hillside above them.

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.

More efforts needed to reduce NPLs

Cyprus needs to put more efforts into reducing the non-performing loans (NPLs) of the Cyprus banks, which “remain at extremely high levels” said the Chair of the ECB’s Supervisory Board.

IMF: Reinstate Immovable Property Tax

The International Monetary Fund (IMF) has called on Cyprus to consider reinstating the Immovable Property Tax, which was withdrawn this year, and raising transfer duty to increase revenues.

Paphos marina decision expected soon

The Pafilia Group should hear by the end of the month whether it has met the required criteria to build the Paphos marina, which has been stalled by bureaucracy and legal battles for more than a decade.

Some relief for blighted Paradise Hills

Home buyers on the blighted Paradise Hills estate at Marathounda in Paphos may receive assistance from the authorities to prevent a repetition of last winter’s heavy flooding caused by a rainwater drainage pipe.

Primary residences protection scheme falls flat

The government backed primary residences protection bill designed to protect an estimated 200 crisis-stricken homeowners against foreclosure has failed MPs heard on Monday.

Cyprus faces “sizeable downside risks”

Following its mission to Cyprus the International Monetary Fund said that “sizeable downside risks” still exist, citing an extremely high private sector debt and a high proportion of non-performing loans (NPLs).

Planning & building permit overhaul

The time consuming and frustrating bureaucracy involved in obtaining building & planning permits in Cyprus may be overhauled provided the recommendations of Austrian experts are adopted.

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