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Online property auctions to combat NPLs

An online auctions platform has been launched designed to increase the sale of mortgaged properties whose owners have defaulted on their loan agreement and before a foreclosure has taken place.

Estia scheme falling flat on its face

The Cyprus non-performing loans scheme, Estia, is probably falling flat on its face; applicants need to complete 30 pages with their family income and property details and include 40 to 50 other documents.

Paphos marina may have cruise ship facilities

The cabinet has given the green light for a study that will look into the possibility of building facilities for cruise ships as part of a proposed Paphos marina at Kissonerga Potima Bay to the north of the town.

Cyprus to strip citizenship of 26 investors

Cyprus is to strip 26 citizenships for people who obtained passports by investing including nine Russians, eight Cambodians, five Chinese, two Kenyans, one Iranian and one Malaysian.

Minister downplays citizenship scheme’s value

The importance of the Cyprus citizenship by investment programme, which was introduced when the Cypriot economy was in deep recession, must not be overestimated says finance minister.

Fugitive businessman holds Cyprus passport

Fugitive businessman Low Taek Jho, who holds a Cypriot passport and citizenship, has been described as a Malaysian conman sought by the authorities of Malaysia, Singapore, and the US.

ESTIA debt relief scheme failing big time

With only 3% of loan defaulters applying for the government’s ESTIA debt relief scheme, economics professor Stavros Zenios from the University of Cyprus, tweeted the scheme is “failing BIG time.”

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.

Income tax statements mandatory for all

Every resident of Cyprus will soon have to submit an annual tax statement regardless of whether their income falls below the tax threshold of €19,500; failure to pay will be a criminal offence.

Cyprus property boom is not a bubble

The Cyprus Finance Ministry says that the boom in the Cyprus property market is not a bubble but acknowledges that the potential large-scale sell-off of properties by the banks could push prices down.

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