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Archive for April, 2013

Big losers may apply for citizenship

President Nicos Anastasiades has announced that the Cyprus “Citizenship by Investment” programme will be revised to reduce the required minimum investment amount for acquiring Cypriot citizenship to €3 million.

British rescue proposed in property mis-selling

London-based law firm Maxwell Alves is lobbying politicians and government agencies to resolve claims between clients and property developers in Cyprus without resorting to litigation.

Property tax legislation has utmost priority

A bill on Immovable Property Tax, a prerequisite for the payment of the first instalment of the Cyprus bailout, is being drafted and will be placed before parliament as soon as possible.

Construction in Cyprus continues decline

Figures released by the Cyprus Statistical Service (CySTAT) earlier today show that investments in the island’s construction sector are continuing to decline as the economic downturn continues

Property sales collapse as crisis deepens

Property sales in Cyprus plummeted in March as the financial crisis deepened as a consequence of the decisions taken by the Eurogroup to impose savage bailout conditions on the island.

Chinese investor sues state over haircut

A victim of the Bank of Cyprus haircut, a Chinese investor who transferred 15 million Euro to Cyprus has sued the state according to a report in the current edition of the Cyprus Weekly.

Alpha Bank Cyprus visited by bailiffs

Bailiffs served warning letters on Alpha Bank Cyprus Ltd on behalf of a law firm representing nearly 400 British nationals who purchased property on the island with loans from the Bank denominated in Swiss Francs.

Revised Cyprus EU bailout terms leaked

Update 4th April 2013 – The revised Memorandum of Understanding between Cyprus and the EU has been leaked to the press and appeared exclusively in today’s edition of the Greek language newspaper Phileleftheros.

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