The controversial Citizenship-by-Investment (CBI) scheme is "definitively and irrevocably terminated", Interior Minister Nicos Nouris assured MPs on Monday, but...
The European Commission has approved a €6.3 million Cypriot incentive scheme towards airlines affected by the coronavirus outbreak, supporting tourism and possibly the overseas property market.
The European Commission has asked Nicosia whether it would investigate "possible misconduct" in the scandal involving the granting of Cypriot citizenship of 26 high-risk individuals.
The European Commission asked Cyprus to fully comply with EU rules designed to protect consumers from unfair contract terms on 25 July, giving Cyprus two months to reply to the arguments raised.
The EC and the ECB have renewed their call on Cyprus to "swiftly address the long-overdue reform of the title deeds issuance and transfer system" at the completion of their 6th PPS mission.
During his visit Cyprus, the Prime Minister of Malta Joseph Muscat said that level of scrutiny regarding European citizenship schemes needs to be upped and that, generally speaking, Malta's system was in order.
Cyprus has been told that all EU citizenship schemes need to have full transparency and Brussels has deployed experts to ensure these schemes prevent tax evasion, money laundering and security threats
The European Commission has effectively given the green light to the contentious Limni bay development project by closing infringements proceedings against Cyprus on Thursday.
Cyprus is to undergo a money laundering assessment from a Council of Europe committee comprising a group of experts from Moneyval following negative reports in the international media.
Representatives of the troika of international lenders plus the European Stability Mechanism (ESM), the IMF, EC and the ECB , will be in Cyprus later this month for the third post-programme surveillance.
At the current rate of Title Deed issuance it would take approximately ten years to address the backlog according to the spring 2017 issue of the European Commission's Post-Programme Surveillance Report on Cyprus.
There is still considerable work to be done on what the EC refers to as "the currently dysfunctional Title Deeds issuance and transfer system" in its post-programme surveillance report on Cyprus.
Efforts to restructure non-performing loans have not yet shown tangible results although financial institutions have stepped up their debt restructuring efforts according to a European Commission report.
The unacceptable delays in issuing property Title Deeds by the Cypriot authorities is in the spotlight once again with MEP Vicky Ford requesting an update on progress from the European Commission.
Cyprus is in trouble with the European Commission and has been warned to cancel the building permits for the two golf courses in the Limni area or face the possible consequences.
