According to an official from the Inland Revenue Department only a small number of property developers had settled their outstanding Immovable Property Tax (IPT) obligations.
One of the suspects in the Aristo fraud case has admitted forging a Land Registry document but claimed that he was under instructions by his superiors and that this was standard practice.
A decision on how to proceed in a case involving allegations that Aristo, in cahoots with persons inside the Paphos municipality, milked extra real estate from dodgy paperwork will be held today.
The controversial foreclosures bill, a pre-condition of Cyprus receiving the next tranche of its bailout from the Troika, was passed by 47 votes at an extraordinary session of Parliament earlier today.
Sparks are expected to fly in the House on Monday when MPs will discuss a draft bill designed to protect primary residences from foreclosure, which MPs want to send to the plenum on Thursday.
Applications by third country nationals for residency permits over the last two years have resulted property sales valued at around €270 million with another €27 million deposited in local banks.
Due Diligence
Due diligence is absolutely essential before committing to buy a property.
