Cyprus Property News magazine for overseas buyers & real estate investors

Monday, June 1, 2020

George Psyllides

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Saudi ‘should not have been granted’ citizenship

The citizenship application of a Saudi businessman whose jet was used by President Nicos Anastasiades should have been rejected as it failed to meet the criteria according to an Auditor General’s report.

Estia applicants hit 50% of eligible borrowers

Applications for the Estia programme, which aims to assist home owners with non-performing mortgages by providing government support, have been submitted by more than 50 percent of those eligible.

First auction of foreclosed properties

The first online auction of foreclosed properties will be held Wednesday morning kicking off at 10:00 and continuing for two hours unless a one-hour extension is granted when 16 properties will go under the hammer.

New scheme to speed building permits by 2022

A new scheme to simplify and speed up building permits should be fully rolled out by 2022 provided that 18 other actions take place, including amendments to the law and ministerial orders.

Cyprus developers defend citizenship scheme

The Cyprus Land and Building Developers Association defended the citizenship scheme saying that it had contributed to the creation of tens of thousands of jobs across many sectors of the economy.

Details of aid for Pissouri landslide victims

The Interior Ministry has released details of the aid that Pissouri landslide victims, who've been forced to leave their homes in the Limnes, Sheromyli, Yiousouphis, Safires, Merika, Kalogeri, Merika, and Roes areas of the village can expect.

Cabinet agrees to help Pissouri landslide victims

The Cabinet has agreed to provide humanitarian assistance to Pissouri residents whose homes have become uninhabitable to the landslide affecting the Limnes, Sheromyli, Yiousouphis, Safires, Merika, Kalogeri, Merika, and Roes areas.

Compromise foreclosures bill passed by MPs

MPs have accepted the presidential veto on changes to the foreclosures law and agreed a compromise proposal to protect vulnerable borrowers enabling them to seek recourse through the financial ombudsman.

Blunt warning on foreclosures law changes

Adjustments to the law on foreclosures could have "significant negative impact" on the Cyprus banking system warns the European Central Bank (ECB) in an email to the Central Bank governor.

Foreclosure changes may have consequences

The Finance Minister has warned that Cyprus may face consequences over changes to the foreclosure legislation passed by parliament on Friday and has urged President Nicos Anastasiades to veto the bills.

Trapped buyers bill changes approved

The revised 'trapped buyers' bill designed to overcome the problems of the current law has been approved unanimously by MPs, but legal services have doubts that constitutional difficulties could not be resolved.

MPs freeze foreclosures despite warnings (update)

Despite MPs being warned that changing the foreclosures legislation would have negative repercussions on the banks and the economy, MPs have voted to change and suspend the legislation.

Affordable housing scheme starts next month

The government's affordable housing scheme for low-income families will kick in next month with Cypriot citizens and other EU nationals residing in Cyprus for the past five years being eligible to apply.

Estia scheme for vulnerable homeowners approved

The cabinet has approved the debt relief scheme (Estia) designed to support and protect vulnerable homeowners; eligible borrowers will apply in September - first payments expected in December.

Possible foreclosures law changes worry banks

Banks have expressed concerns over possible changes to the foreclosures law as they fear appeals could be stuck in the island's slow courts for many years negatively impacting their business.

Solution for trapped buyers edging closer?

Amendments to the law designed to resolve the Title Deed mess by enabling trapped buyers who were duped into buying homes on land their developer had earlier mortgaged to the bank to obtain their Title Deeds are edging closer to a vote my MPs.

Passport-for-sale schemes pose crime risks (Update)

The EU says that passport-for-sale schemes by Malta, Cyprus, and Bulgaria pose risks of infiltration of non-EU organised crime groups in the economy, money laundering, corruption and tax evasion.

Trapped buyers get Christmas present promise

The problems faced by the 70,000 'trapped buyers' who were duped into buying property built on land earlier mortgaged by developers should be resolved by Christmas says Christiana Erotokritou MP.

Sea caves development a ‘litany of irregularities’

A special audit report into the procedures that resulted in the desecration of the sea caves area of Pegeia in Paphos on the west coast of Cyprus has uncovered a litany of irregularities.

Doubts over new moves on Title Deeds

Questions remain over how the gentlemen's agreement enabling 'trapped buyers' to get the Title Deeds to properties they purchased and paid for in good faith will work in practice; the Association of Cyprus Banks has yet to respond.

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