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Memorandum of Understanding January 2016

A revised Memorandum of Understanding (MoU) between Cyprus and its troika of international lenders – European Central Bank (ECB), the European Commission (EC), and the International Monetary Fund (IMF) – has been published.

Further progress anticipated

The latest MoU between Cyprus and the troika of its international lenders will result in further progress being made to resolve the many issues faced by those who plan to buy or who have bought property in Cyprus.

Troika tightens screws on Cyprus property

The troika of Cyprus international lenders will not release the seventh tranche of the bailout loan until Cyprus property buyers who have paid in full have their title deeds transferred within 6 months.

Ministers approve insolvency bills

The Council of Ministers has approved two of the five bills relating to the insolvency framework, but they will almost certainly be contested by opposition parties when they are discussed.

Positive developments on hidden mortgages

The updated Memorandum of Understanding (MoU), which includes some positive developments for those deceived into buying property built on mortgaged land, has been published courtesy of Stockwatch.

Building permits & certificate issuance progress

The Cyprus Interior Ministry has recently published the statistics relating to the issuance of planning permits, building and division permits and certificates as required under section 5.3 of the MoU.

How many properties without Title Deeds?

Although a figure of 130,000 has often been quoted for the number of properties waiting to be issued with Title Deeds, this was based on statistics published by the Department of Lands and Surveys in 2008.

Troika back-tracks on Title Deed backlog

The Troika has dashed the hopes of those waiting for Title Deeds to be issued for the reported backlog of 130,000 ‘deed-less’ properties as it has changed the scope and definition of ‘the backlog’.

MEP questions compliance with MoU (update)

UPDATE 10/12/2013 – MEP Daniel Hannan has raised a question in the European Parliament asking the Commission what action it is taking to ensure that Cyprus complies with the requirements of the MoU as agreed with the troika.

The troika’s title deeds demands

The MoU agreed between the troika and the government of Cyprus requires that the backlog of Title Deeds waiting to be issued for more than one year is reduced to less than 2,000 by quarter 4 of 2014.

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