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Chinese property scam second arrest

A second man has been remanded for three days in connection with the scamming of a Chinese property investor and is suspected of being the partner of the 43-year-old man arrested a week ago.

Chinese property scam arrest

Paphos police have arrested a man on suspicion of scamming Chinese property buyers following a complaint by a Chinese woman who handed over €260,000 to men posing as intermediaries for well-known property developers.

Property Transfer Fees reduction permanent

In an announcement published earlier today the Cyprus Finance Ministry advised that it has lifted the temporary 50 per cent reduction in Property Transfer Fees for transfers that take place by 31st December 2016

Immovable Property Tax payments

In September the Tax Department will start sending Immovable Property Tax notices to some 237 thousand taxpayers who will find their tax bills reduced to 25 per cent of the amount demanded last year.

Luxury homes go under the hammer

More than a hundred properties, including a number of luxury homes, will soon be auctioned off together with a hotel and other properties worth a total of €24.6 million according to the Phileleftheros.

Immovable Property Tax 2016

The Cyprus parliament has agreed that Immovable Property Tax for 2016 will be based on 1980 values but reduced by 75 per cent on the amount paid last year; IPT will be abolished in 2017.

Property tax farce

The Cyprus government has changed its proposal regarding Immovable Property Tax because, according to media reports, municipalities have already started to send out property tax notices.

Banks highly exposed to construction sector

The Cyprus Central Bank reports that banks are highly exposed to the construction sector in its “Household and Non-Financial Corporations Indebtedness Report” published earlier this week.

MEP questions Title Deed costs

Daniel Dalton, MEP for the West Midlands, raised a question in the European Commission relating to the costs of obtaining Title Deeds in cases where developers have failed to complete projects.

Aristo settles Bank of Cyprus debt

Aristo Developers has reached an agreement with the Bank of Cyprus to repay its debts, leaving the company with approximately €443 million of assets and around €110 million of outstanding loans.

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