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Troika hears construction sector concerns

The troika has returned to Cyprus for its fourth review of the island’s economic adjustment programme and has spoken with the Federation of Building Contractors about the critical issues affecting the construction sector.

Capital controls eased further

Before the capital controls involving money transfers abroad are scrapped, enabling those who have sold their homes to repatriate the proceeds more easily, domestic controls will be fully eased first.

Delinquent loans remain an issue for troika

Although the troika’s third assessment of the Cyprus economic adjustment programme is expected to be positive, delinquent loans remain a permanent danger looming over the banks.

Money off your Immovable Property Tax bill (updated)

Update – 18 October. At yesterday’s Plenary session of Parliament, the majority of Cypriot MPs agreed to extend the 10 per cent discount period to those who pay their IPT by 5th November 2013.

Restrictive measures road map unveiled

The restrictive measures on the movement of capital that Cyprus introduced in March could remain in place for a year or two and will only be removed gradually to safeguard financial stability.

Home buyers may pay IPT before getting Title Deeds

A Cypriot MP has tabled a bill for discussion at the House Finance Committee requiring property buyers to pay Immovable Property Tax even though they do not have the Title Deeds to the property they have purchased.

Race to revalue half a million properties

The race is on to complete the revaluation of some 500,000 properties island-wide by the end of June 2014 to meet one of the bailout conditions agreed with Cyprus’ international lenders last month.

Property tax bill approved by parliament

A majority of Cypriot MPs have approved an amended bill to increase the rate of Immovable Property Tax, which is part of the preliminary agreement between Cyprus and its international lenders.

Big losers may apply for citizenship

President Nicos Anastasiades has announced that the Cyprus “Citizenship by Investment” programme will be revised to reduce the required minimum investment amount for acquiring Cypriot citizenship to €3 million.

Property tax legislation has utmost priority

A bill on Immovable Property Tax, a prerequisite for the payment of the first instalment of the Cyprus bailout, is being drafted and will be placed before parliament as soon as possible.

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