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29th March 2024
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Central Bank issues stark warning on foreclosures

The Central Bank of Cyprus has issued a stark warning to banks to change their attitudes towards borrowers in efforts to prevent the seizure and subsequent sale of primary residences.

A simple warning on loan restructuring

Loan restructuring is meant to preserve value and rescue good loans that are under temporary stress; they are not a 'trick' to rescue bad businesses that were unable to repay their loans in the time of plenty.

Construction workers strike may spread

Striking construction workers received support from trade unions representing more than three quarters of workers who may call members out on a general strike if their dispute is not settled soon.

Building industry warns of action over new VAT law

The island's Employers and Industrialists Federation has called for the immediate abolition of the new VAT law, warning that failure to do so will lead to the construction industry taking "dynamic measures"

Efforts to combat illegal real estate agents stepped up

Court orders have been issued against a number of unregistered estate agents in Cyprus, some of whom appear to be British, to stop them from practising until a final adjudication of their cases has been made.

HM Government replies to Lord Jones

“Those contemplating buying property in Cyprus must proceed with caution and seek qualified legal advice from a source that is independent from anyone else involved in the transaction.”

Ban Cyprus property companies and close their UK offices

Lord Jones of Cheltenham has called on the British government to close the UK offices of Cypriot companies selling property and to ban the promotion of Cyprus property at overseas property exhibitions.

FCO raises warning level

Buying a Greek Cypriot owned property in the Turkish occupied areas without the owner's consent is a criminal offence, carrying a maximum prison sentence of 7 years and any attempt to undertake such a transaction could result in a prison sentence of up to 5 years.

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