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Larnaca marina and port progressing

The process of preselecting the successful bidder for the construction of the new Larnaca marina and port should be completed by the end of this week according to the Minister for Communications and Works.

Aphrodite Hills sold

The Bank of Cyprus has finalised the sale of its share in the Aphrodite Hills Limited at Kouklia, in which it acquired a 75 per cent shareholding in 2014 as part of its management of large exposures.

Cyprus agreement impossible

The Troika of Cyprus’ international lenders has announced that it was not possible to reach an agreement on the review of the Cyprus programme due to the suspension of the foreclosure framework.

No Property Transfer Fees reduction this year

Cyprus Interior Minister Socrates Hasikos has said that there will be no reduction in Property Transfer Fees this year but it will be considered as part of a wider reform of property taxation next year.

Immovable Property Tax Announcement

The Cyprus Inland Revenue Department has issued the following announcement regarding the payment of Immovable Property Tax for 2014 and offers a discount of 15% if the IPT is fully paid by 31 October 2014.

Title Deeds issuance completed by year end

The Land Registry should complete its revaluation of all properties by June 2014 and the Finance Minister expects it to complete the issuance of Title Deeds as agreed with the troika by the end of the year.

Moody’s raises Cyprus credit rating outlook

Moody’s ratings agency has raised its credit rating outlook for Cyprus to positive from negative, while confirming the island’s Caa3 credit rating, citing a stronger than expected performance in 2013.

Bank restrictions to be lifted (updated)

Update 25 October – Presenting the 2014 budget to parliament on Monday, Finance Minister Harris Georgiades said that restrictions on bank transactions that were imposed earlier this year will be gradually lifted by spring.

Get a breakdown of your Immovable Property Tax bill

Following complaints from owners of multiple properties that they were not being issued with detailed statements of how their IPT has been calculated, the Cyprus Inland Revenue has acted to resolve the problem.

Cyprus bids for EU bank bailout

Cyprus has become the fifth Eurozone country that has turned to Brussels for emergency funding. It is seeking a lifeline for its banks and its budget, hours after Spain submitted a formal request to bail out its banks.

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