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Archive for 2012

Calls to change property tax provisions

MPs have urged the government to look again at the bill to increase Immovable Property Tax following warnings that the tax hike will drive the island’s economy deeper into recession.

Cyprus bailout terms call for title deed delay reduction

Will a reduction in the backlog of Title Deeds to less than 2,000 of cases pending for more than one year, as required by Cyprus’ bailout terms, resolve the Title Deed problem once and for all?

Kill the chicken, eat the eggs, pretend it didn’t happen

Little has been done to resolve the problems that precipitated the crisis in the property sector; many are resisting the need for change and seem intent on making the same mistakes again as if the crisis never happened.

Developers unhappy with property tax changes

The Land and Building Developers Association has warned that the new property tax regime agreed as part of the island’s bailout conditions will threaten prospects for the sector’s recovery.

Tax refunds on escrow account interest sought

HMRC have been asked for a review the application of the rules and tax refunds for the thousands of people who have received tax demands for interest earned on escrow accounts in Cyprus.

Construction sector investment retreats

The reduction of investment in the island’s construction sector continued in September increasing the uncertainty about its outlook as there are no prospects of a recovery in the foreseeable future.

Problems will continue after property tax shakeup

Significant changes to the way Immovable Property Tax is to be calculated are contained in the island’s bailout conditions bringing to an end the use of 1980 values but leaving some problems unsolved.

Cyprus draft bailout conditions leaked

The draft MoU between the government and the Troika is in the public domain. We summarise the specific points in the Memorandum of Understanding relating to the housing market and immovable property regulation & taxation.

Armou families dealt another blow

The Cyprus Electricity Authority (EAC) has confirmed that it will cut the power to the homes of those living on the stricken development at Armou in Paphos following an order instructing the families to leave.

Families ordered to leave unsafe homes

Families living on the stricken development at Armou, whose homes are continuing to slip down the hillside, have been advised that their properties are unfit for habitation and have been instructed to leave.

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