Expat Cyprus News
Latest 10 news items tagged Cyprus
26 Nov at 6 PM 2013
Living, working or retiring abroad is the end of the rainbow for many disgruntled Brits these days, with many planning to chase their dream as far as is necessary.
The expat experience is seldom what was expected in the months of planning and getting ready to leave. It can be emotionally and financially rewarding with careful planning but many are forced to return to the UK after losing everything.
The Foreign and Commonwealth office consider that success or failure depends on adequate planning and, although it’s often not that...
14 Nov at 6 PM 2013
As if the frozen pensions scandal wasn’t enough, the controversy over the payment of winter fuel allowances for expat pensioners has ignited again.
Since they began, winter fuel allowances have been paid to pensioners in the UK, in the EU and in several other world countries. As part of the new Pensions Bill, it now seems that those retirees living in countries deemed to have a higher winter temperature than most of Britain are to lose the benefit.
The method by which temperatures in European countries have been calculated has...
1 Nov at 6 PM 2013
Expats living in financially-troubled Cyprus
may be relieved to hear that the process of undoing the currency controls imposed last spring in order to prevent the collapse of its banking system may soon be complete.
Whilst presenting the government’s budget statement for 2014, the Cypriot
finance minister Harris Giorgiades had warned that the year to come would be extremely difficult for residents of the popular holiday island. Some months in, a number of the imposed currency controls have been scrapped, and all the measures...
17 Oct at 6 PM 2013
Property investment agents in the UK and all over the European states whose economies are in freefall along with their house prices are pushing cheap properties with pre-financial crash enthusiasm.
Greece is a good example of romantic sales pitches for its ‘sun, sea, land and imperishable charm’, as stated by a real estate investment company just last week. The company points out there’s a new tourism boom in the country, and notes the Greek government’s recent climb onto the ‘buy an expensive house and get a free residency...
23 Aug at 6 PM 2013
A new EU law quietly passed on 1 August may lead the way to a Cyprus
-style grab of expat funds in Eurozone bank accounts.
The new law, apparently sneaked through whilst most EU citizens were on holiday, is intended to deal with the inevitability of bank failures in Eurozone countries. Many expect it to spread to non-Eurozone EU member states, with the result that no depositors will have protection from a similar percentage grab to that which recently decimated Cyprus
According to the International Business...
19 Aug at 6 PM 2013
Thousands of expats in Cyprus
who purchased residential property or second homes on the island with mortgages hedged against the Swiss franc are faced with losing everything.
Between 20,000 and 30,000 homes valued at millions of pounds are involved in the scandal, which broke when island banks demanded that the full amount due on the mortgage loans be repaid. Expat owners of the properties were encouraged at the time of purchase to hedge the risk with Swiss franc loans, but the collapse of the euro against the rising Swiss currency now...
31 Jul at 6 PM 2013
Expats heading for a life in the sun in Europe and expecting to make use of their tablets and smart phones are in for a shock, according to a European Commission report.
The EC survey reported that three out of every four EU residents are unable to access 4G/LTE mobile connections, with those living in rural areas having less chance than those in towns and cities. The sad situation compares badly with that in the USA, where 90 per cent of the population has 4G access.
According to EC vice-president Neelie Kroes, even she can only...
30 Jul at 6 PM 2013
Hundreds of British expats with homes on Cyprus
are risking the success of their mis-selling claims due to incorrect advice being given by Cypriot
Most of the mis-selling claims against Cypriot
banks, property developers and sales agents involve off-plan purchases or mis-sold mortgages, with the majority of those affected taking collective action through the British courts. However, with thousands more homeowners undecided as to how to proceed, local advisors are pushing the alternative of the Cypriot
16 Jul at 6 PM 2013
Spurred on by 70 per cent falls in Spanish property prices, UK citizens are now active again in the overseas property market, although caution is the watchword.
Banks are attempting to unload repossessed holiday villas and retirement homes, with Britons even being offered Spanish mortgages to help snap up the bargains. Bargain-hunting isn’t just taking place in Spain, with the recent financial crash in Cyprus
producing tempting offers as residents flee the possibility of another savings grab.
The slow but steady growth of...
1 Jul at 6 PM 2013
The news that UK Chancellor George Osborne has cancelled winter fuel payments for pensioners living in Europe is sparking angry protests from expats in the seven EU member states affected.
Osborne’s introduction of a blanket temperature test beginning in 2015 for retirees in Greece, France, Spain, Malta, Italy, Portugal, Cyprus
and Gibraltar takes no account of exactly where in the affected countries expats are living. For example, those living in Normandy, the northern Italian states or on the Alpine slopes will lose the payment in...