Archive for Tag: Property News

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Cyprus Announces Limit on Passport-by-Investment Scheme

 The Council of Ministers has responded to criticisms and has announced that the island will be limiting the number of naturalisations of investors granted under the citizenship by investment scheme to 700 a year going forward, starting this year. The citizenship-by-investment scheme will also be renamed the “Cypriot Investment...

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Non-performing Loans Initiative Within the Cyprus Property Sector

Following comments from the troika on the particularly high levels of non-performing loans (NPLs) within the property market, the Cyprus government is formulating suggestions to recover the liquidation and foreclosure legislation. Speaking at the Economic Congress in Nicosia, the Cyprus Finance Minister stated that depending on investor interest in...

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Grants Being Offered for Newlyweds on First Land Purchase in Cyprus

The Cyprus Government have recently announced exciting news for couples looking to buy their first property together. A draft bill has been submitted to parliament ultimately exempting the payment of 19% VAT for youths purchasing land for the purpose of building their first home or primary residence together in...

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Business & Shop Owners in Cyprus: Right to Peaceful Enjoyment of Premises

 As per the relevant Contract Law in Cyprus, a business tenant leasing a premises under contract or statute, has the right to “peaceful enjoyment and unobstructed use of the property” without any interference by the landlord, regardless of the type of tenancy agreement or kind of business or store...

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Cyprus Government Look to Amend AIF Legislation to Attract Foreign Investment

The Cyprus House finance committee discussed a bill submitted by the government designed to attract foreign investment into the housing market on the island. There have been recent plans to clarify and streamline regulations regarding AIFs (Alternative Investment Funds) which in turn harbour a more competitive environment. The bill...

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Cyprus Property Law: Why Are Some Homeowners Charged Transfer Fees & Some Aren’t?

Cyprus MPs have released plans to draft a bill aiming to remove bias within the Cyprus courts whereby some purchasers of real estate within the Republic are subject to property transfer fees while others seem to be exempt. The reasoning for the convoluted laws is due to VAT payment,...

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