Expat Cyprus News

Latest 10 news items tagged Cyprus

10 Jul at 6 PM 2014

British exodus from Spain replaced by Russian incomers

Changes in the Spanish tax regime have sent thousands of British expats scurrying back to the UK, only to be replaced by hordes of emigrating Russians. According to the Spanish National Institute of Statistics, the total number of foreigners resident in Spain dropped by an impressive half a million last year, firmly establishing the returnee trend. The massive reduction isn’t all down to emigration, as almost half a million expats gained Spanish citizenship in 2013. However, it’s obvious to businesses serving the UK expat...
3 Jul at 6 PM 2014

British expats exiting Spain due to overseas assets declaration law

Although life in the UK is undoubtedly harder and more expensive than when they left, 2013’s trickle of Brits leaving Spain has turned into a flood. Since last year’s new law made it compulsory for expats to declare all their overseas assets, the size of the British expat community in Spain has decreased by 23 per cent, with German and French diasporas reducing their communities by 23 and 12 per cent respectively. According to returning Brits, no-one trusts the Spanish tax agency, and many more are simply failing to register and...
1 Jul at 6 PM 2014

Expats in Cyprus win settlement in mortgage misselling scandal

The ongoing scandal concerning mis-sold mortgages on expat homes in Cyprus has affected thousands of property owners on the island, but now looks as if it’s coming to an end. Rather than risk a UK High Court judgment against them, the Cypriot Alpha Bank and a consortium of 20 property developers have settled all claims. The good news came just a day before the court hearing was due to begin, leaving the thousands of expats terrified of losing their homes hoping the nightmare is over. According to lawyers, part of the settlement...
30 Jun at 6 PM 2014

Most expensive and cheapest places to live in Europe

Cost of living considerations are one of the most important aspects of deciding on the perfect place to live outside your home country. Whether you’re moving overseas for work or retirement, balancing the cost of living in your chosen country with your financial status is essential, and doesn’t necessarily rest on average prices experienced whilst on holiday. In spite of the single European market place, everyday costs vary country to country and even between conurbations and rural regions. Most surveys focus on specific wealth...
6 Jun at 6 PM 2014

Overseas retirement havens too expensive for UK expats

Retiring overseas has been the dream of many UK citizens, worked for and saved for over many years, but inflation in favourite destinations is now killing the reality for many. Experts are reporting that buying a property overseas and living the good life in retirement is no longer possible for the average British couple due to rapid rises in the cost of living abroad. Specialist relocation companies are now branding expat life as a luxury rather than an affordable reward for a lifetime’s work. The majority of favourite European...
29 May at 6 PM 2014

UK base rate may rise as early as summer

Following the May meeting of the Bank of England Monetary Policy Committee, it seems possible that the base rate may be allowed to gradually rise, beginning this summer. Although the nine-strong committee voted unanimously to keep the rate at 0.5 per cent, where it’s stood since 2009, members are reported to have felt that an earlier rise than has been previously envisaged might be on the cards. Top UK economists are suggesting that the August or September meetings may see several members voting for a rate hike. Expat savers...
7 May at 6 PM 2014

Expat ins and outs for UK mortgages on overseas property

A place in the sun with complete with dream home is the ambition of many expats, but financing the deal of a lifetime can be fraught with problems. Few of the overseas locations favoured by expats as second home or permanent residence locations offer specific products aimed at foreign house purchases. New EU restrictions on mortgage affordability are ruling many out of the game, and in farther-flung destinations it’s been traditionally impossible for foreigners to get a loan for property purchase. However, as the worldwide credit...
30 Apr at 6 PM 2014

Expat exodus causes further falls in Spanish property prices

With the Spanish economy in chaos and property prices still falling, is this really the best time for expats to leave the country? The UK media is having a field day reporting the end of the expat dream in Spain and the continuing crash in its property prices, but is now the best time to return to the UK or should expats hang on in there and wait for a minor miracle. Retirees with occupational pensions as well as the UK state handout may be able to wait it out, but for those below pensionable age needing to work, it’s another...
14 Apr at 6 PM 2014

Expat homeowners in Cyprus fear repossessions after new law stalls

A new law protecting expat homeowners in Cyprus from banks attempting to claw back bad debts through repossession has stalled in the island’s parliament. Expats on the island, many of whom are retirees, had expected the law to be passed within a few weeks, but are now terrified the delay will allow banks to go ahead with repossession orders. The scandal came about when developers borrowed finance against property, then sold on the homes to expats via mortgages before defaulting on the loans. Resulting confusion over the ownership...
30 Jan at 6 PM 2014

Cypriot government throws lifeline to desperate expat homeowners

Tens of thousands of expat homeowners in Cyprus who are facing the loss of their homes and financial ruin due to fraudulent developers are to be given hope by the government. Cyprus is still struggling with managing its massive bailout, and its economy as yet is showing no signs of recovery. However, after years of ignoring the scandal which threatens to rob expats of their homes and financial security, the government has announced its plan for a rescue scheme. The scandal involved Cypriot banks and a 50-year old law which allowed...