Cyprus Property News for home buyers and real estate investors

Saturday 23rd January 2021
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Staff Reporter

Cyprus to expand mortgage relief scheme

Cyprus is looking into ways of expanding a relief scheme subsidising borrowers with toxic mortgages to cover borrowers who failed to make the first cut, as they were found unviable. Acting government spokesperson Panayiotis Sentonas said on Wednesday that Finance Minister Constantinos Petrides has been tasked by the cabinet to draft a plan for borrowers who were rejected by a state-backed mortgage relief scheme after their loans became toxic. The homeowner rescue scheme, known as ESTIA was introduced by the government to help loan repayments of defaulted borrowers with non-performing loans up until September 30, 2017. The plan was launched in September 2019 in an attempt to reduce Cyprus' bad debt mountain. The scheme only covers vulnerable borrowers whose market value of their...

Swiss Franc loan nullified following ECJ ruling

A legal test case resulted in a Swiss Franc loan being declared null and void by the Warsaw District court on Friday, leaving the banks in Poland open to losses estimated at €10.2 billion.

New criteria for passport scheme

New criteria for those wishing to obtain a Cyprus passport through the much criticised citizenship by investment scheme will come into force next week and will include due diligence checks on applicants.

MPs say no to foreclosures veto

Cyprus MPs have voted to reject President Nicos Anastasiades' veto on changes to the foreclosures legislation designed to freeze repossessions of primary residences until October.

Foreclosures row could end up in Supreme Court

President Anastasiades could refer the bills amending the foreclosures law to the Supreme Court following the Attorney General's advice that they are unconstitutional if opposition MPs reject his veto.

More work needed on Ayia Napa marina

Although progress with the construction of the Ayia Napa marina is moving ahead as planned, it seems that more time may be needed to complete some of the infrastructure needed for the project.

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