Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

Monthly Archives: October, 2014

Four foreclosure bills unconstitutional

The Cyprus Supreme Court has ruled that four of the six bills voted by parliament on 6th September that limited the effect of the foreclosure bill on low-income groups are unconstitutional.

IPT payment deadline extended

The deadline for paying Immovable Property Tax (IPT) has been extended until 31st December and taxpayers will receive a 15 per cent discount if they pay before 30th November.

Aristo trial postponed

The trial of Theodoros Aristodemou, the founder and MD of Aristo Developers Limited and former Chairman of the Board of Directors of the Bank of Cyprus, and others has been postponed.

Cyprus mortgage scam

A question on the Cyprus mortgage scam has been raised in the European Parliament by Jonathan Arnott MEP, for the North East England region for the United Kingdom Independence Party.

IPT payment extension anticipated

EDEK MP, Nicos Nicolaides, has proposed that the deadline for paying Immovable Property Tax (IPT) is extended until 31st December and that the early payment discount is extended by a month.

Standard & Poor’s raises Cyprus credit rating

Ratings agency Standard & Poor's has raised Cyprus long-term ratings to 'B+' and affirmed the short-term foreign and local currency ratings at 'B' on strong budgetary performance; the outlook is stable.

Title Deeds for development projects

The latest monthly figures on the number of Title Deeds issued for development projects across the island during 2014 published by the Cyprus Department of Lands and Surveys in Nicosia.

Eighty per cent IPT revenue collected

In 2013 the Cyprus government collected €98 million Immovable Property Tax (IPT), approximately 80 per cent of the total according to figures provided to Parliament by the Finance Ministry.

Thirty companies owe €100m in VAT

The Greek language newspaper Politis has published the names of thirty companies who together owe the more than €100 million in VAT most of whom have challenged all or part of the debt.

Cyprus building permits down 14 per cent

The number of building permits issued in Cyprus during July fell 14 per cent compared with the corresponding month of last year, while the number of new homes being built fell 39 per cent.

Non-performing loans €27.90 billion

Non-performing loans (NPLs) in the Cypriot financial system fell from €27.95 billion in July to €27.90 billion in August, approximately 175 per cent of Cyprus GDP according to the Cyprus Central Bank.

Paying Immovable Property Tax 2014

I am grateful to Mr. Christofi at the Tax Department in Nicosia for the following information concerning the payment of Immovable Property Tax by those who have yet to receive their Title Deeds.

Paphos mayor in court today (Update)

Savvas Vergas, the Paphos mayor, is scheduled to appear before the Paphos District Court today in connection with threatening SMS messages sent to a number of people involved in the Aristo case.

No foreclosure law no money

Eurogroup President Jeroen Dijsselbloem told a news conference that putting legislation in place to deal with the high level of non-performing loans (NPLs) is essential for Cyprus to return to financial health.

Encouraging property sales

The number of property sales in Cyprus increased for the seventh consecutive month in September compared to last year with sales up in both the domestic and the overseas markets.

Aristodemou: trial date set (update)

The boss of Aristo Developers, Theodoros Aristodemou, and three of the other four suspects in the alleged Skali land scam were released under terms on Tuesday until their trial on 30 October.

Immovable Property Tax payment and collections

Around 76,800 people have paid their Immovable Property Tax this year according to official statistics, but the majority of those who have paid their tax appear to be the owners of modest properties.

Hasikos admits valuations mistakes

The Cyprus Interior Minister, Socrates Hasikos, has admitted that mistakes were made during the recent property revaluations exercise undertaken as part of the island's bailout agreement.

Possible asset freeze in Aristo case

Police studying the bank accounts of the suspects in the Aristo Developers fraud case may recommend that the financial crimes unit MOKAS requests a court order freezing their assets.

Most Read

Property sales collapse hits all markets

The historic collapse of 80 per cent in property sales in April hit the local and overseas market segments according to statistics from the Department of Lands & Surveys.

Historic collapse of property sales

Property sales in Cyprus have collapsed as a result of the coronavirus pandemic to a level only seen once before when the events of March 2013 made Cyprus a household name around the world.

Building permits maintaining strong growth

The number of building permits authorised in Cyprus during February 2020 provided for the construction of 680 new homes; an increase of 18 per cent compared to February 2019 according to official figures.

Cyprus passport programme under fire again

The Cyprus citizenship by investment programme, which enables well-heeled foreigners to obtain an EU passport for investments of at least €2 million, has come under fire again from the European Union.