A significant repercussion from Cyprus’ 2008 financial crisis was the recent closure of the Co-operative bank; due in part to the strict punishments enforced by the Cypriot authorities, the bank was famously unable to recover financially and filed for bankruptcy. Mr Kyrytopoulos Konstantinos, a Finance Professional from the...
There are opportunities for those living in Cyprus permanently to increase the energy saving of their homes through the “I Save, I Upgrade” scheme, which is co-funded by both the Cyprus Government and European Union for all homeowners on the island after the first scheme garnered so many applications....
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...
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...
The Cyprus Central Bank has recently released their Residential Property Price Index quarterly report that shows the price of residential property on the island, namely houses and apartments have continued to rise on an annual basis during the fourth quarter of 2017. According to the 2017 figures collected towards...
Cyprus is a popular holiday destination for many countries, so the practice of renting properties on the island through Airbnb has become increasingly popular. More recently, the profit of this type of letting has come under scrutiny from the tax authorities who are looking to address the problem of...
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...
As per the relevant Contract Law in Cyprus, a tenant leasing a premises under a rental agreement or similar has the right to “peaceful enjoyment and unobstructed use of the property” without any interference by the landlord. The matter was dealt with by the Cyprus Supreme Court in a...
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...
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...
