cyprus title deeds legislation to go before parliament within a fortnight
News Posted On: 22 March 2010
Five bills aimed at speeding up the process of foreigners obtaining their title deeds on purchased Cyprus properties will be submitted to the council of ministers and parliament within two weeks Stockwatch has reported.
The magazine quoted interior minister Neoclis Silikiotis, who said:
"Before the end of next week, the Attorney General will finalize the elaboration and the week after the five bills will be submitted to the Council of Ministers and then to the Parliament.
"Those draft laws aim to facilitate the issue of Title Deeds. The promotion of this approach in the issue of Title Deeds is carried out so as to have substantial results and not only to strengthen the state revenues," he said.
"Our aim is to facilitate the citizens who had not had Title Deeds for years now and to avoid similar phenomena in the future," he reiterated.
Mr. Silikiotis made the statements within the framework of his meeting with the General Secretary of AKEL, Andros Kyprianou, who was informed on the course of the restructuring plans of the local administration.
Sales of Cyprus property to foreigners plummeted last year, after they had brought a boom in the market by reaching huge numbers in 2008 and the 2 years preceding. Though not the only reason; the massive publicity the failing of the title deeds system received in late 2008, and into 2009 has to receive a portion of the blame.
While the bills have received criticism one thing that no one can deny is that they give off plan buyers clear avenues to follow if they fail to receive their title deeds, and furthermore give them reproach to tackle the developers if they don't come up with their deeds, which is a huge step in the right direction.
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