Information in this section is updated frequently.
According to former Times and Sunday Times Editor, Harold Evans, a news story…
… is about necessary information and unusual events
… should be based on observable facts
… should be an unbiased account
… should be free from the reporter’s opinion
Evans, Harold ‘’ Editing and Design: Volume 1’’ (1972)
– 26th May 2014
Primary residence protection up to €350.000
The Cabinet has approved primary residence protection legislation designed safeguard the homes of low-income families and small and medium sized enterprises facing economic hardship.
The bill, which will be referred to a plenary session of Parliament, will protect those who have borrowed up to €350,000 to purchase their main residence and small and medium sized enterprises (SMEs) that have used their primary residence as collateral to secure a mortgage.
The bill, if approved by Parliament, will extend the functions of Finance Commissioner Pavlos Ioannou to include the management of mediation procedures for restructuring mortgages, in line with the Central Bank Directive, where a primary residence has been used as collateral and the borrower is unable to maintain repayments.
The government’s original draft bill was put on hold following an acrimonious debate between government and opposition parties in Parliament last month.
At that time Finance Minister Haris Georgiades said that the Government was in favour of protecting primary residences under a comprehensive scheme that would benefit low-income families facing economic problems. However, the legislation proposed by the opposition parties would result in benefitting people who, although in a position to service their loans, would take advantage of the situation by holding back from doing so.
– May 2014
Russians Continue To See Cyprus Property As Good Investment.
Interest is still high for Russians who like to escape to Cypriot sun, some statistics have show that threre are more investors also from other parts of Europe are a little more cautious since the economic downturn, Russian money is still being spent on Cyprus property.
Cyprus offers passport to big foreign investors.
Cyprus will relax requirements for citizenship, including for bank depositors who lost large amounts of money in the deal with the EU and IMF, in an effort to keep foreigners interested in investing in the island state, the country’s president said.
Cyprus was forced to wind down one major bank and impose considerable losses on large depositors in a second bank in return for €10bn in aid from the International Monetary Fund and the European Union in a move that was devastating to both Cypriots and foreign investors. Eurozone finance ministers approved the aid.
In prepared remarks to Russian businessmen in the port city of Limassol, President Nicos Anastasiades said his cabinet would this week approve the relaxation of restrictions on foreigners seeking citizenship of Cyprus, an EU member since 2004.
Non-resident investors who held deposits prior to March 15, when the plan to impose losses on savers was first formulated, and who lost at least €3m would be eligible to apply for Cypriot citizenship, he said.
Cyprus’s existing “citizenship by investment” programme – similar to that of many countries – would be revised to reduce the amount of investment required to be eligible for the programme from the previous €10m euros.
“These decisions will be deployed in a fast-track manner,” Anastasiades said. Other measures were also under consideration, he said, including offering tax incentives for existing or new companies doing business in Cyprus.
The Telegraph Newspaper
Cyprus (EU) Passport / Citizenship.
With the purchase of properties of €5 million or more, non-EU citizens are eligible to apply for a Cyprus (EU) Passport / Citizenship.
New, reduced Citizenship Scheme through Collective Investments: €2,5 million for investors that can prove participation in collective investment projects, accompanied with purchase of a property of at least €500.000 each. In cases where the investors buy a property worth at least €2.5, the requirement for the purchase of a property of €500.000 is waived, given that the property purchased is used as a permanent residence.
Gain the freedom to live, travel, invest, work, study (with lower fees) and buy property anywhere in the EU. Benefit from the legal rights and privileges of a natural born EU citizen, such as: health, education, vote in European elections, etc. Once the Cyprus (EU) Passport / Citizenship is obtained, eligibility is then passed onto the applicants’ children and their descendants.