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Archive for August, 2014

Positive developments on hidden mortgages

The updated Memorandum of Understanding (MoU), which includes some positive developments for those deceived into buying property built on mortgaged land, has been published courtesy of Stockwatch.

Immovable Property Tax headaches

The Inland Revenue Department has announced that it will start sending out Immovable Property Tax notices at the end of this month, but provisions in the law are causing staff severe headaches.

Land Registry secrecy and mistrust

While the Land Registry refuses to disclose methodologies it employs to value properties it merely reinforces the atmosphere of suspicion and mistrust that pervades the Cyprus property market.

Lawsuits filed against banks

SYMEA, a trade union established earlier this year intends to block the repossession of mortgaged properties by taking local banking institutions to court according to its president Andreas Alambritis.

Grim outlook for Paradise Hills buyers

The outlook looks bleak for buyers on the unfinished Paradise Hills estate at Marathounda in Paphos as the development company, MDB properties, is in provisional liquidation despite their appeals to the Bank of Cyprus.

The property circus show

Why do Cypriots believe that their property should not be seized if they fail to honour their loan repayments and why would any responsible government even give 10 seconds’ thought to such lunacy?

Expatriates could pay more tax

Expatriates who rent out their houses in Britain supplement their income abroad could find themselves paying more tax on their rental income under proposals prepared by George Osborne.

Foreclosure bill bunfight continues

The debate in the Cyprus parliament on the controversial foreclosure bill continues with opposition parties refusing to support the bill in its present form and calling for a series of amendments.

Clarity over property values essential

Land Registry officials have been allowed to arbitrarily determine property values for far too long to boost tax revenue for the state oblivious to the distortions caused to the property market.

Clampdown on bank profiteering

A bill aimed at preventing banks profiteering by increasing their profit margins arbitrarily is being prepared by the Ministry of Finance following a recommendation by the Cyprus Central Bank.

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