Cyprus Property News magazine for overseas buyers & real estate investors

Friday 3rd July 2020

Property Scams

Chinese targeted by property scammers

Scammers in Paphos claiming to be middlemen of major developers have taken money from a Chinese woman who subsequently discovered that the land she had paid for did not belong to the seller.

Chinese buyers scammed

Several dozen Chinese families buying property Cyprus have reported being scammed by unlicensed real estate agents who take advantage of foreign buyers according to Marinos Kynegirou.

Fraudsters target property sellers

People selling property in Cyprus are being targeted by fraudsters claiming to be from a company called 'Prime Consortium' who are trying to obtain their bank account details in return for a 10 per cent deposit.

False Immovable Property Tax declarations

There is evidence that a property developer has made false Immovable Property Tax declarations to the authorities, which has resulted in his customers receiving IPT notices from the Inland Revenue.

Refunding developers’ Immovable Property Tax

Over the past few of weeks we have received literally dozens of emails from people who have received unreasonable demands for Immovable Property Tax (IPT) from their developers.

More arrests in property scam

Communist party AKEL has become embroiled in a property scam following the arrest of two members of its politburo alleged to have been involved the sale of Turkish Cypriot owned land.

Property scam leaves families with no home

A number of families who bought land in Fasoula and paid for properties to be built have been left with no homes as the contractor and property development companies have closed.

Russians warned against buying property

A pamphlet in Russian entitled "?????????, ????!" (Beware of Cyprus!) is being handed out at the Sheremetyevo International Airport in Moscow warning Russians not to buy property on the island.

It is like getting blood from a stone

Seven months after selling their house in Cyprus, a British couple finally received the proceeds of the sale from their Paralimni-based lawyer after they engaged another lawyer to collect their money from him.

Cypriot developers find new ways to extort money

Nefarious property developers continue to exploit their customers by thinking up new ways of extorting money from them and using the threat of withholding Title Deeds to elicit payment.

TOP STORIES

Commission approves Cyprus’ airlines incentive scheme

The European Commission has approved a €6.3 million Cypriot incentive scheme towards airlines affected by the coronavirus outbreak, supporting tourism and possibly the overseas property market.

Cyprus property sales recovering

Property sales in Cyprus showed signs of making a recovery in June following the Government's easing of lockdown measures and its decision to subsidise housing loans.

Cyprus tightens grip on ‘golden passport’ scheme

Cyprus has not processed any passport applications of a foreign investor since January, pending the approval of tougher criteria regulating the Citizenship for Investment Scheme.

Guide to residency in Cyprus

This guide to residency in Cyprus for UK nationals has been issued by the British High Commission in Nicosia to explain the importance of obtaining or updating their residency status.