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Cyprus Interior Minister Neoclis Sylikiotis has drafted a set of five amending bills in order to resolve the title deeds problem for around 100,000 Cypriot and foreign property owners in Cyprus.

The plans are now being presented to political parties and special groups to inform them and shorten the time taken in the House to discuss the issue and take a vote. “I expect the Council of Ministers to approve the bill in December, and after it is forwarded to the House and it should take no more than 1-2 months to pass.” He said.

If the bill is accepted it will mean having three different types of title deeds. There will be titles which state 'Clean' meaning that no violations have been spotted or 'Incomplete' meaning some violations and 'Limited' suggesting there are serious irregularities, thus blocking a sale until the irregularities are corrected.

The bill will contain various provisions for a town planning amnesty and new legislation in the form of a 'Special execution' order. This will mean a buyer will no longer have to rely on the developer, but can apply directly to the Director of the Land Registry, who will have the right to consider whether to issue the title deed without having to wait for the landowner.

There is also a provision in the bill allowing the government to 'name and shame' developers who offend repeatedly thus hoping to get them to clean up their act.

The Interior Minister said there are up to 100,000 properties with minor or major infringements with their titles that need to be solved and acknowledges that a big proportion of these are foreign property buyers. He said “I sincerely hope that our proposed bills will address the situation and in the process help improve Cyprus’ image abroad among foreign buyers”.

He also acknowledged that correct implementation will also generate millions of Euros in additional revenue for state finances next year.

“I’m not suggesting that the proposed bills are the perfect answer that will solve all problems. But at least with these suggestions, we shall help solve past problems and avoid creating new ones in the simplest way possible for a complicated issue that has been going on for decades,” said Sylikiotis.

It is hoped that if this bill is to become law it will be adopted in a speedy and timely manner.
 

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