| Whether you’re a Cypriot or an ex-pat your | | | | recently in the Cyprus Press and questions have been |
| property in Cyprus might be at risk in this recession - | | | | tabled in the UK House of Lords. |
| even if you’ve paid for it in full! | | | | |
| Why? Because many thousands of Cyprus residents | | | | The petition reads: |
| don’t yet have their title deeds. | | | | We the undersigned petition the Prime Minister to exert |
| So, what’s the problem? Many property | | | | pressure on the Government of Cyprus to protect |
| developers don’t start the process of getting title | | | | property rights in Cyprus in compliance with Article 17 |
| deeds issued because they can still use the land | | | | of the EU Charter of Fundamental Rights |
| they’ve been paid for as security for loans. In the | | | | Cyprus is mis-described as having a property |
| current economic situation, if they went bust, the bank | | | | registration and ownership system based on the British |
| they borrowed from has legal title to the land – and | | | | Legal System. In fact it’s based on archaic Turkish |
| all of the property standing on it. So, if you owned a | | | | law which allows the removal property ownership |
| property, you might find yourself having to pay off the | | | | rights from both Cyrus and foreign nationals. |
| developer’s loan – if you could afford it – in | | | | It works like this: The developer builds a property, sells |
| order to get back into your own house. | | | | it, is paid in full and releases the property without |
| To try to get the problem solved there’s a petition | | | | providing final title deeds. They are only issued by the |
| on the No. 10 e-petitions website asking the Prime | | | | local authority if the developer applies for completion |
| Minister, Gordon Brown, to get the Cyprus | | | | and has met all of the planning requirements for the |
| Government to solve the problem. | | | | project. Until they are issued the developer can use |
| If you want to sign it go to: | | | | the land as collateral for further loans! |
| There has been a lot of publicity about this issue | | | | |