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Archive for August, 2013

Our position on the issues of Jurisdiction & Time Bar

Barrister-at-Law Christos M. Triantafyllides of the law firm of Triantafyllides & Christoforou provides their position on jurisdiction and time bar for those who have bought property in Cyprus.

A simple warning on loan restructuring

Loan restructuring is meant to preserve value and rescue good loans that are under temporary stress; they are not a ‘trick’ to rescue bad businesses that were unable to repay their loans in the time of plenty.

State to offer property for long-term leasing

Following failed attempts during the AKEL administration to promote the use of government property, the cabinet wants to give private investors incentives to take on long term lease agreements.

Immovable Property Tax debacle continues

No sooner had the Council of Ministers agreed changes to the Immovable Property Tax rates for 2013 when AKEL stepped in demanding that first residences should be exempted from this tax.

Cabinet modifies Immovable Property Tax charges

At a meeting in Troodos yesterday, the cabinet decided that those with properties whose 1980 value is €5,000 or less will be exempt from paying IPT and scrapped the €75 minimum charge.

Immovable Property Tax demands by post

The Inland Revenue Department has started to send out Immovable Property Tax demands by post and all property owners will receive a notice by 15 September a tax official has said.

Family turns to eBay to sell Paphos property

Having had no success using real estate agents to sell their commercial property opposite the entrance to the Tomb of the Kings archaeological site in Paphos, an enterprising family has turned to eBay.

Transfer fee penalty for delays

The government is considering a change in the law that will impose a penalty of a 10 per cent increase in the Property Transfer Fees payable for buyers who delay depositing their contract of sale.

Is Alpha Bank ready to settle all Cyprus property claims

As thousands of British buyers of properties in Cyprus are taking on the banks before their claims are time-barred on 31st December 2013, the Alpha Bank are beginning to settle claims to stem the tide.

July sales boosted by overseas investors

Although the number of properties sold in Cyprus during July fell 13 per cent compared to July last year, they were boosted by an increase in sales to overseas investors in Nicosia, Limassol and Paphos.

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