Expat Cyprus News

Latest 10 news items tagged Cyprus

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...
26 Dec at 6 PM 2013

Improving Cyprus economy spurs upscale property development

Earlier this year, the Cypriot economy seemed to be heading for the rocks due to its Greek bank liabilities, but is now rebounding in an unexpectedly lively manner. Expats all over Europe were frightened by the expat savings cash grab, fearing their chosen country would be next in line. The island’s economy quickly went from bad to worse with a bailout, austerity measures, soaring unemployment and hardship for nationals and expats alike. However, it seems a good number of expats had kept their nest-eggs in their home...
18 Dec at 6 PM 2013

Cyprus pushes back property misselling deadline for expat victims

Whilst the bulldozers continue demolishing mis-sold expat homes in Spain, those unfortunates in a similar position in Cyprus have been given more time to launch legal proceedings. Thousands of investors and retirees who emigrated to the popular island have now been given by the Cyprus government another 12 months in which to launch lawsuits against banks and corrupt property developers. The deadline will now extend until the end of December 2014. The many Britons who chose Cyprus as their retirement destination as well as investors...
26 Nov at 6 PM 2013

Emigration with a smile

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

Winter fuel payments for expat pensioners in the spotlight again

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

Cyprus restrictions on bank transactions to be lifted by spring 2014

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

Promise of cheap Greek property may have sting in tail

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

Expat funds in EU banks may be risking Cyprus style grab

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 expats’ savings. According to the International Business...
19 Aug at 6 PM 2013

Expat Cyprus Swiss bank mortgagees mount court action

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...