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All reports tagged with: "finance"
Steps to speed Cyprus Title Deeds issue flop
In a leaked confidential letter to President Christofias, the Cyprus Finance Minister has admitted that steps taken to accelerate the issue of Title Deeds have not added a single Euro to the state’s coffers.
Is property in Cyprus overpriced?
In the wake of Cyprus’ remarkable real estate boom many people believe that property on the Island is overpriced. Here is a simple test to see if they are correct.
Bank of Cyprus loan for Limassol marina
An agreement has been reached between the Bank of Cyprus and Limassol Marina Limited for a loan for the construction of the new marina which should open in 2012.
E-Clear collapse linked to Cyprus development company
Investigators have learnt of a possible link between that collapse of the credit card company E-Clear and a property development company in Cyprus.
Cost of owning a home in Cyprus could rise
The cost of owning a home in Cyprus could increase as a consequence of the package of measures announced yesterday by Interior Minister Charilaos Stavrakis and this may have the effect of further depressing the Island’s already beleaguered overseas property market.
Property taxes to raise 80 – 100 million Euros next year
Charilaos Stavrakis, the Cyprus Finance Minister has presented a package of measures which include raising 80 to 100 million Euros from taxes on property next year as part of the Government’s overall plans to get the Cyprus economy back on track.
Tax revenues slump, deficit increases
According to reports, Cyprus tax revenues slumped during January – November 2009 and the fiscal deficit increased to more than 3% of the island’s Gross Domestic Product, which means total losses during the period exceed €500 million.
Property sales to non-Cypriots improve slightly
Compared to previous months, the number of non-Cypriots buying property in November improved slightly. But as December is normally the quietest month for property sales, it seems unlikely that the total number of properties sold to foreigners will exceed 1,900 this year.
Non-performing bank loan restructuring
Reports suggest that the Cyprus banks are restructuring unpaid loans to avoid them having to be classified as ‘non-performing’ as required under the Basel II Accord.
Fall in tax revenue attributed to Cyprus property market collapse
The drop in Cyprus tax revenue collections is entirely attributable to the collapse of the property market and it raises concerns that if foreign demand fails to recover, the government will lose a significant source of revenue permanently.
Cyprus property tax receipts plummet
Figures released by the Cyprus Inland Revenue Department reveal that tax receipts resulting from the sale and acquisition of property during the first eight months of 2009 have plummeted by more than €200 million compared to he same period in 2008.
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