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Debt relief and foreclosures

While the Cyprus Insolvency Service has received four applications since the scheme came into force, it seems likely that the Bank of Cyprus will be the first lender to foreclose on property offered as loan collateral.

Insolvency service ‘inundated’

The newly established Insolvency Service, which was set up by the Cyprus government as part of the insolvency framework agreed with the troika, has been inundated with requests for information.

Aristo acquittal appealed

An appeal against the court decision to clear Theodoros Aristodemou, the founder of Aristo Developers and former chairman of the Bank of Cyprus, has been filed at the Supreme Court by the state.

Aphrodite Hills sold

The Bank of Cyprus has finalised the sale of its share in the Aphrodite Hills Limited at Kouklia, in which it acquired a 75 per cent shareholding in 2014 as part of its management of large exposures.

Immovable Property Tax 1980 values

The Cyprus government has decided that 2015’s Immovable Property Tax will be calculated on 1980 values and that the charges levied by municipalities and communities will remain the same as last year.

Building extensions amnesty slammed

Opposition parties have slammed the new measures to legalise formerly illegal building extensions announced by the cabinet yesterday claiming that they give favourable treatment to property developers.

Illegal building extensions amnesty

The Cyprus government is to introduce new measures to legalise formerly illegal building extensions by allowing people to add 20 per cent of their building’s co-efficient until the end of 2020.

Title Deed regulations approved (updated)

The Cabinet has approved the Title Deed regulations needed to implement the ‘hidden mortgages’ law to protect home buyers in Cyprus who were duped into buying property that developers has previously mortgaged to the bank.

Reduced property transfer fees (update)

The law reducing the Cyprus Property Transfer Fees for transfers that take place before 31 December 2016 has been published and will be particularly welcomed by those waiting for their deeds.

Aristo innocent

Theodoros Aristodemou, the founder of Aristo developers and former chairman of the Bank of Cyprus and three others have been found innocent of all charges relating to the alleged illegal division land at Skali.

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