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Archive for March, 2015

Overseas transfer limit raised to €1 million

The Cypriot authorities have increased the limit on the transfer of deposits/funds outside the Republic to €1,000,000/month/person/credit institution, up from the previous €50,000/month.

Man hands home keys to bank

A man whose home loan repayments shot up from €350/month to €900/month handed the keys of his home to the Bank of Cyprus today accusing the bank of abusing the terms of his loan agreement.

Foreclosure protection for deed-less buyers

Parliament has asked the Cyprus government to exempt from foreclosure buyers who bought property from insolvent developers and who risk losing their homes even though they may have paid for them in full.

Opposition slams insolvency bill

Opposition parties AKEL and EDEK have slammed the final bill in the insolvency framework claiming that it does not offer absolute protection for home owners and others who are unable to repay their loans.

Banking and real estate intertwined

The banking and real estate sectors in Cyprus are intertwined and the restoration of the health of the banking system is a vital necessity for the sustainable recovery of the real estate market.

Optimism over insolvency framework

The last of the five bills comprising the insolvency framework was approved by the Cyprus cabinet on Friday and government spokesman Nicos Christodoulides is optimistic that Parliament will endorse the framework.

Cyprus Bar Association in the dock

The Cyprus Bar Association’s minimum fees for out-of-court work violate the Treaty on the Functioning of the European Union; a formal legal complaint against the Association at the European Commission is planned.

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