Following their meeting earlier today, the Cyprus Finance and Interior Ministers have confirmed the government plans for its proposed reappraisal of the Island's property tax system.
The Interior and Finance Ministers of Cyprus are meeting today to discuss the technical issues involved in implementing the recently announced proposals for reassessing the Island’s property tax rates.
The Land and Building Developers Association has called on the Cyprus government to outsource eleven of the twelve procedures currently needed to issue a Title Deed to the private sector.
Just how much damage to the economy, the image of Cyprus and people’s lives will have been caused before the Government shoulders its responsibilities and resolves the Title Deeds issue once and for all?
The government of Cyprus has been urged to cut property taxes by the Land and Building Developers Association to help breath some life into the island’s beleaguered real estate market.
Earlier today, the Cyprus Sunday Mail published an article by Antonis Loizou FRICS in which he outlined the content of the bills that have been drafted by the Cyprus government to alleviate the Title Deed issue problem faced by many property buyers.
The UK Government has said that it will not close down the UK offices of Cypriot companies selling property unless it receives evidence of illegal behaviour.
According to a statement issued to OPP the Cyprus government has not stated that the measures that are being studied will not concern those who have already bought houses or other buildings. But precisely how the new measures will help is unclear.
Whether or not you agree with Lord Jones’ calls for the UK Government to take positive steps to protect British citizens buying property in Cyprus and put pressure on the Cyprus government to clear up the mess, he certainly seems to have ruffled a few feathers!
Cypriot property companies have described calls by Lord Jones of Cheltenham for their UK offices to be closed and for their presence at exhibitions to banned as "extreme".
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.
The Cyprus Government was 'economical with the truth' when it assured the UK Government that it intended to introduce a Bill to address the Title Deed issue affecting thousands of Brits who have invested in property on the island.
Seeking to end speculation surrounding the Cyprus Government's promise to resolve the Title Deed problems encountered by thousands of British citizens who have bought property on the island, Lord Jones of Cheltenham has tabled a further written question in the UK House of Lords seeking a progress report on the matter.
The main reason in most cases is that currently land owned by developers can be mortgaged again and again, leaving those who bought properties without their Title Deeds for anything up to 20 years. The average waiting time, even for Cypriot buyers is 12 years.
The Cyprus government could face the wrath of the European Parliament if it fails to protect the rights of those who have bought property on the island.
The Cyprus Government coffers are in dire trouble as a result of the crash in property sales which has caused Capital Gains Tax receipts to plummet by more than 83%.
Property buyers are getting increasingly worried and angry at the lack of progress being made by the Cyprus Government to resolve the ‘Title Deeds-cum-fraud mess'.
