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Property tax bill about-turn

Following representations from hoteliers, property developers and others the government is rethinking its property tax bill which aimed to raise €180 million; €120 million more than suggested by the troika.
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Cyprus draft bailout conditions leaked

The draft MoU between the government and the Troika is in the public domain. We summarise the specific points in the Memorandum of Understanding relating to the housing market and immovable property regulation & taxation.
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Banking system comes under scrutiny

The promotion of foreign currency loans without advising borrowers of the currency risks is one of the topics being investigated by the House Institutions Committee as it scrutinises the functioning of the banking system.
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Contractors left unpaid for government projects

As the government's coffers run dry it has no money left to pay companies that have completed construction projects and who are suffering from cash-flow problems and who may be forced to lay off staff.
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High-ranking officials accused of abusing state housing

A Cypriot MP has said that government housing in Troodos is being "scandalously" abused by high-ranking state officials, while some properties have been sub-let to the private sector at 'outrageously low' rates.
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Moody’s slashes Cyprus government bond ratings

Yesterday Moody's Investors Service downgraded Cyprus' bond ratings three notches further into junk territory and it's ratings on three Cypriot banks citing "profound difficulties" in the island's banking sector.
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Government aide resigns over airport deal allegations

Marios Ieronymides, director of President Christofias' Diplomatic Office, has resigned following allegations in the press of a conflict of interest in his relationship with Chinese investor Far Eastern Phoenix.
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Government approves first ever land swap deal

An unprecedented land swap deal involving the exchange of property between Greek Cypriot and Turkish Cypriot owners of land in the north and south of the island has been approved by the government.
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Banks and government destroying property market

The banks and the government have joined the band of 'crooks' masquerading as property developers and estate agents who seem intent on destroying the Island's once thriving property market and its reputation.
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Government steps in to shore up Popular Bank

The government has agreed to underwrite a 1.8 billion Euro share capital increase by the Island's second largest bank, the Cyprus Popular Bank, to help it recapitalize and meet EU Banking Authority capital requirements.
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Popular bank may need government bailout

The Cyprus government may have to pump up to 2.5 billion Euros into the Popular Bank to cover its losses resulting from the write-down on its holdings of Greek Government bonds according to newspaper reports.
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Corruption in Cyprus at all levels says former minister

Cyprus' former finance minister, Charilaos Stavrakis, has said that Cyprus is a small country and one can see that some people who entered politics poor have subsequently become very rich.
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Casino revenues could help fill government coffers

The Finance Ministry has prepared a proposal for licensing a number of high-quality casinos in Cyprus, according to documents presented by the Greek-language newspaper Politis.
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When will the government protect property buyers?

A British buyer asks the Cyprus government when is it going to enforce existing legislation designed to protect the rights of those buying property and take action to pursue the guilty parties?
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Cyprus Government debt reached 67.5% in Q3 2011

Government debt in Cyprus increased to 67.5% of the Island's GDP at the end of the third quarter of 2011 according to a press release issued yesterday by Eurostat, the Statistical Office of the EU.
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Government to support banks in financial crisis

The Council of Ministers has approved three draft bills designed to shore up the banks that are heavily exposed to Greek government bonds and to establish an independent financial stability fund.
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Construction deal with Qatar on track

The deal between the Cyprus government and the Qatari Diar Real Estate Investment Company to build a luxury hotel, apartments, shops, offices and a leisure complex in Nicosia is on track.
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VAT and other tax reductions on the table

VAT reductions for first-time home buyers and a suspension of transfer fees are being discussed as part of the Cyprus government's austerity measures to bolster the Island's failing economy.
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Government planning amnesty bulletin: part 4

We look at the Immovable Property (Tenure, Registration and Valuation) law in our fourth and final article on the Interior Ministry’s bulletin about the recently approved bills designed to alleviate problems in issuing Title Deeds as a result of planning infringements.
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Government planning amnesty bulletin: part 3

We look at the streets and buildings regulation law in our third article in a series of four on the Interior Ministry’s bulletin about the recently approved bills designed to alleviate problems in issuing Title Deeds resulting from planning infringements.
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