Scammers in Paphos claiming to be middlemen of major developers have taken money from a Chinese woman who subsequently discovered that the land she had paid for did not belong to the seller.
Several dozen Chinese families buying property Cyprus have reported being scammed by unlicensed real estate agents who take advantage of foreign buyers according to Marinos Kynegirou.
People selling property in Cyprus are being targeted by fraudsters claiming to be from a company called ‘Prime Consortium’ who are trying to obtain their bank account details in return for a 10 per cent deposit.
There is evidence that a property developer has made false Immovable Property Tax declarations to the authorities, which has resulted in his customers receiving IPT notices from the Inland Revenue.
Over the past few of weeks we have received literally dozens of emails from people who have received unreasonable demands for Immovable Property Tax (IPT) from their developers.
Communist party AKEL has become embroiled in a property scam following the arrest of two members of its politburo alleged to have been involved the sale of Turkish Cypriot owned land.
A number of families who bought land in Fasoula and paid for properties to be built have been left with no homes as the contractor and property development companies have closed.
If the professional advisors had foreseen the pitfalls of Swiss Franc mortgages and did not tell the borrowers or worse still if they planned it this way, then we would have a scam of scandalous proportions.
A pamphlet in Russian entitled “Осторожно, Кипр!” (Beware of Cyprus!) is being handed out at the Sheremetyevo International Airport in Moscow warning Russians not to buy property on the island.
Seven months after selling their house in Cyprus, a British couple finally received the proceeds of the sale from their Paralimni-based lawyer after they engaged another lawyer to collect their money from him.