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Archive for July, 2009

Expats in Cyprus, tax advantages and domicile

Expats have been misled into believing that if buy a property in Cyprus and retire to the island, they will not be liable for UK Inheritance Tax.

Property prices and gross rental yields

Cyprus property investors should expect to pay in the region of €2,004/sq.m for a 120sq.m apartment in Paphos and expect to receive a gross rental yield of 2.83% according to the latest figures published by the Global Property Guide.

Cyprus slips to seventh place

The popularity of Cyprus amongst those searching for overseas property slipped two places last month moving it behind Turkey and Italy in the list of the top 10 overseas property searches on the PropertyAbroad.com website.

Cyprus bank loans, deposits and liquidity

Over the past year, Cyprus banks granted loans valued at more than more than three times the amount they received in deposits according to figures released by the Central Bank of Cyprus.

Cyprus sale achieves €8.8 million

Brave property investors exchanged shares valued at €8.8 million for Cyprus holiday homes. Although somewhat less than the sales target of €50 million, Dolphin MD declared the shares-for-property swap programme a success.

Cyprus developer rejects accusations

The Cyprus property developer Aristo has rejected accusations that it is one of the offenders involved in the Immovable Property Tax scam.

Foreign demand shows no signs of recovery

Although the number of properties being sold in Cyprus has staged a marginal recovery, external demand from non-Cypriot buyers continues to fall.

Lord Jones speaks out on Title Deed saga

In an exclusive interview with the Sunday Mail, British peer Lord Jones of Cheltenham tells of how the powerlessness of those caught in the title deed trap prompted him to act in the House of Lords.

Cyprus property sales stage slight recovery

Figures published by the Land Registry report that the number of properties sold during June fell by 45.7%, taking the first six months decline to 58.3% compared to last year.

Cyprus banks still face liquidity problems

In May, the “liquidity level” in the Cyprus banking system (deposits minus loans) stood at just €1.8 billion against €1.99 billion in April and €8.5 billion a year ago.

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