Cyprus Property News magazine for overseas buyers & real estate investors

Wednesday 5th August 2020

Elias Hazou

Parliament to vote on tougher citizenship rules

The House interior affairs committee has wrapped up discussing new regulations to tighten up the citizenship-by-investment scheme, flagged by the EU as a potential money-laundering risk.

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.

Skyscrapers are not mushrooming says minister

Interior Minister said "Skyscrapers are not mushrooming…Cyprus won't turn into a Manhattan" on Thursday when claims that the citizenship-by-investment programme might lead to fiscal derailment were also rejected.

Discussions completed on Airbnb bill

MPs have completed their discussions on the bill aimed at regulating Airbnb-style short-term property lettings and hope it will go before the plenum of the house before the summer recess.

Limassol land registry operating like a free-for-all

The situation in the Limassol Land Registry is chaotic with complaints of dodgy practices, bogus claims for travel expenses and overtime pay, co-workers covering for each other, etc.

Citizenship linked to president’s family ties

Cypriot citizenship has been granted to a Russian billionaire; a former shareholder in a Russian bank whose premises in Limassol were built by a company co-owned by the president's son-in-law.

Airbnb-style rental law faces major issue

A bill designed to regulate Airbnb-style short-term property rentals is almost ready to be put to the vote, but one issue has to be resolved; the ease with which owners would be able to rent out apartments.

A new property bubble in the making?

Nobel Laureate in Economics Christopher Pissarides believes there's another bubble being created in the Cyprus property sector although George Mouskides refers to the rise in transactions as a "healthy increase".

Almost 2,500 ‘golden visa’ applications

A list contained in a letter that was leaked to the media reveals that between May 2013 and August 2018 2,390 'golden visa' applications were filed on behalf of foreign nationals seeking Cypriot naturalisation.

Agreement close on Airbnb type rentals

Agreement on a bill designed to regulate and tax rental income on Airbnb type rentals is close but a key question remains concerning short-term letss of apartments in residential areas.

Lower VAT on land bought for primary residence

Purchasers of undeveloped land to build an owner-occupied primary dwelling may soon be able to obtain a partial VAT refund if a bill currently being prepared by government is approved.

More time needed on Airbnb bill

The approval of a proposed bill designed to regulate and tax rental income on an estimated 40,000 Airbnb type rentals has been delayed as MPs said they needed more time iron out some issues.

Bill to tax Airbnb rents to go to plenum

A bill designed to regulate and tax the rental income on an estimated 40,000 short term Airbnb style properties in Cyprus should be presented at a plenary session of the Cyprus parliament within the next two weeks.

Larnaca marina development plans stalled

The competition process to develop Larnaca marina and port have been delayed yet again – this time by extensions to the tender document placing a ceiling on the annual tonnage that can be handled by the port.

What the new foreclosure bills mean

The new foreclosure bills passed by the Cyprus parliament expedites foreclosure proceedings, makes it easier for financial institutions to remove bad loans from their balance sheets, and increases the number of borrowers eligible for insolvency schemes.

Cyprus property value change notification

The owners of property in Cyprus must be notified by the Land Registry personally if there is any significant change in the value of their property the island's Supreme Court has ruled.

Bills rewarding bad borrowers may pass

The bills rewarding bad borrowers by exempting them from paying income tax, capital gains tax, property transfer fees, stamp duty and the special defence contribution are expected to pass.

MPs table bill to tax Airbnb-style rentals

A bill to regulate and tax the income on short-term Airbnb-style property rentals has been tabled by two MPs and should go before the plenum prior to the parliamentary summer recess.

Discussion on old mortgages bill postponed

Discussions on the bill seeking to exempt pre-2014 mortgages from the foreclosure laws have been postponed by the house finance committee while it waits for the bills related to the issue of non-performing loans (NPLs).

Most Read

Property sales in Cyprus improving

The number of property sales in Cyprus is improving following the government's decision to introduce an interest rate subsidy for new housing loans granted from 1st March 2020 until 31st December 2020.

Tender awarded for Larnaca port and marina

The tender to develop the Larnaca port and marina has been awarded to Eldeman Holding BV and Alexandrou Corporate Services, comprised of Israeli and Cypriot interests.

you're currently offline