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By Peter Stevenson MEMBERS of Volunteer Doctors Cyprus have treated around 350 people at their free clinic in Nicosia since it opened three months ago, while two more, one in Paphos and one in Polis are due to open today. Limassol also has a free clinic, which was opened only last month, and plans have been drawn ...
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SOME 10 days ago, foreign minister Ioannis Kasoulides raised expectations by announcing the possibility of a deal with Turkey for the opening of the fenced off area of Famagusta, for the return of its inhabitants. In exchange the Cyprus government would agree to the opening of Tymbou airport to direct flights. ...
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By George Psyllides PRIVATE auditors have expressed doubt the electricity authority (EAC) could be considered a going concern and have asked its board to draft a credible plan to tackle the problem, according to the auditor-general’s 2012 report on the semi-state company. Among other issues, ...
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Cyprus Internet Directory [ Title deeds poses a twin-edged sword ]

Title deeds poses a twin-edged sword

There was a legal inaccuracy in a recent report about A&G's forthcoming liquidation when your reporter wrote that all owners were now unsecured creditors.

Purchasers of real estate from A&G must examine their legal position carefully. Some may be secured and protected from losing their properties, others secured but behind a bank's priority claim and others may be unsecured being most at risk.

Accelerating the conversion at the District Lands Office of contingent property rights (there is no such thing as a title deed in Cypriot law as far as I can tell) is a double-edged sword for the Cypriot government.

On the one hand, registration of ownership represents the taxable event requiring payment of stamp duty/transfer tax. At between three to eight per cent of the contractual consideration, any acceleration would boost significantly and immediately the treasury's coffers and surprise one or two owners into the bargain who had either forgotten about it or never realised it existed.

On the other hand, the banks would demand new security from the developers which may place inordinate and unfavourable pressure on the banking system and the macro-economy.

This is an invidious challenge but nevertheless the time's come for the government to grasp the nettle restoring Cyprus' international reputation which suffers as a result of the registration back log.

No one's suggesting that come the year's end they'll not be in need of the money, courtesy of Cypriot and foreign owner alike.

MA Bruce-Smith,
London



(Source: Cyprus Mail)
Copyright © Cyprus Mail 2008 Please contact Cyprus Mail for the copyright terms of this article.



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