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NPLs remain problematic says IMF

The high level of non-performing loans (NPLs) remain a problem for the Cyprus banking sector despite the strong growth boosting the island’s economy says the IMF representative in Cyprus.

Citizenship for sale controversy

The Cyprus property market could be hit by a fall in property prices if investors granted a Cypriot passport under the citizenship-for-sale scheme decided to sell their property after three years.

Non-performing loans will take time to resolve

The problem of non-performing loans will take some time to resolve due to the complexity of the problem said the Cyprus Central Bank’s Governor speaking before a parliamentary Committee.

Local authorities obstructing Title Deeds

Local authorities are preventing the Land Registry from issuing Title Deeds to trapped buyers by refusing to issue Certificates of Approval for properties suffering from trivial planning infringements.

Law changes would curb illegal holiday rentals

Massive losses of tax revenue, health and safety issues and illegal holiday rentals could be reduced if the law enabled more homeowners to register their properties with the Cyprus Tourism Organisation.

Hidden mortgage breakthrough

Interior Minister Socratis Hasikos has announced that the government intends to introduce legislation to resolve the ‘hidden mortgage’ problem that leaves thousands of buyers unable to get Title Deeds.

“The problem is huge” says director

No-one knows precisely how many properties that are burdened with a developer’s mortgage have been sold to unsuspecting buyers, but the problem is huge says the Director of the Department of Lands and Surveys.

Numbnuts at Paphos Land Registry

Despite being put under pressure the Government reduce the backlog of Title Deeds, numbnuts at the Paphos Land Registry are refusing to accept current British passports as identification.

Cyprus ‘failed miserably’ on Title Deeds

Interior Minister Socratis Hasikos has admitted that Cyprus has failed miserably over the Title Deed issue and pledged that his ministry will do everything in its power to sort out the matter.

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.

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