The EU says that passport-for-sale schemes by Malta, Cyprus, and Bulgaria pose risks of infiltration of non-EU organised crime groups in the economy, money laundering, corruption and tax evasion.
The European Union is seeking to avoid housing bubbles with a set of common rules for mortgage lending in efforts to avoid property bubbles that have resulted from reckless lending.
In its latest update, the Cyprus Property Action Group (CPAG) says that as a result of the persistent lobbying of the European Union and MEPs that changes will come about to resolve the problems in the island's property industry.
During his review of the Cyprus presidency of the European Union, Sir Graham Watson MEP called for a reform of the island's land laws and the establishment of a banking ombudsman.
