Cyprus Property News magazine for overseas buyers & real estate investors

Thursday 9th July 2020

Angelos Anastasiou

Title Deed fiasco haunts IPT collection

Neither the Inland Revenue Department nor the Land Registry, responsible for issuing Title Deeds, has a mechanism to apportion blame for the non-issuance of Title Deeds, so IPT notices will only be sent to property owners.

Aristodimou favours full investigation

Theodoros Aristodimou, founder and managing director of Aristo Developers, favours a full investigation into allegations of irregularities in the demarcation of 177 plots in the Skali area.

Property tax bills hit obstacles

Concerns have been raised over the process by which property valuations have been assessed with the Land Registry providing "unconvincing explanations" on how these have been calculated.

Property Transfer Fees reduction

A temporary fifty percent reduction in Property Transfer Fees is being considered by the Cypriot government in an effort to help clear the backlog of around 28,000 Title Deed applications.

Immovable Property Tax reductions

Owners of property in Cyprus valued below €200,000 will be exempted from paying Immovable Property Tax under a bill approved by the Council of Ministers yesterday according to a government spokesman.

Distressed borrowers threaten to revolt

As banks are taking defaulting borrowers to court rather than exhausting options under the Cyprus Central Bank's directive on loan restructuring, distressed borrowers are threatening to freeze loan payments.

Bank of Cyprus furious over leaked debtors list

The publication of an internal report by the Corporate Banking Division of the Bank of Cyprus dated 14th June 2013 listing details of the bank's largest debtors has infuriated the bank.

Troika hears construction sector concerns

The troika has returned to Cyprus for its fourth review of the island's economic adjustment programme and has spoken with the Federation of Building Contractors about the critical issues affecting the construction sector.

Taxman may raid bank accounts

The Cyprus government is considering allowing the taxman to raid bank accounts to recover unpaid debts in a move very similar to the changes announced in the recent UK budget.

Property valuations could cause storm of appeals

The Cyprus Association of Valuers has warned that significant discrepancies between property valuations carried out by the Land Registry, commercial banks and private appraisers could result in legal tangles.

Land registry’s hands tied on foreclosures

Property foreclosures have already begun but the land registry's deputy director was unable to confirm whether they relate to primary residences as precisely what constitutes a primary residence is unclear.

Primary residence protection bill by end-March

A bill designed to protect families' primary residences and premises of small businesses with a turnover up to 2 million Euros and employing up to 10 staff from seizure should be ready by end of this month.

Six thousand foreclosure requests filed at land registry

Six thousand foreclosure requests filed by banks at land registry offices across Cyprus remain pending and are not expected to proceed soon due to the land registry offices heavy workload.

Special unit for tax dodgers

In the wake of yesterday's report about the thirty two property development companies that have yet to settle their large Immovable Property Tax bills, the government is planning a special unit to deal with tax dodgers.

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Corrupt lawyers continue to plunder estates

Corrupt lawyersin Cyprus continue to plunder the estates of their deceased clients by calculating their fees for administering estates on the Cyprus Bar Association's 'Minimum Fee Regulations', which were abolished in 2018

Cyprus house price index up 2.5 per cent

The Cyprus house price index rose by an average of 2.5 per cent in the first quarter of 2020 compared to the previous quarter according to official figures from the Cyprus Statistical Service (CYSTAT)

MPs commit to expedite citizenship bills

MPs have committed to expediting the bills and regulations aimed at improving the transparency of the citizenship-by-investment programme, so that the items can be voted on before the House breaks for the summer recess.

Decision soon on Pissouri homes devastated by landslide

The government said Monday it will soon have in hand the recommendations of experts concerning the landslide in the area of Pissouri, which has seriously damaged dozens of properties throughout the years.