Cyprus-Forum.com

[supporttheunderdog]

EFT?

Electronic Funds Transfer....

[CBBB]

If it was Laiki bank, they have a problem that they have not been told yet who of their staff are authorised to carry out certain transactions, it is apparently causing havoc in all their branches!

CBBB, can you settle this please?

Are EFTs allowed to buy property? If so do they need special approval?

And if they need special approval, who is the approving authority?

Or are large EFTs permitted for business only?

Just want info from a reliable and honest source.

Also my source earlier insinuates that large EFTs need approval except for business that have a larger limit.

What's an EFT??

But non EU citizens can buy a single residential property to live in.

Or buy 4017m2 land to build a property

They need permission fro the council of ministers (this is formality and is normally given AFTER a sale is made). Your lawyer will make this appliccation

You don't need permission from the Council of Ministers any more.

Electronic Funds Transfer

[B25]

If it was Laiki bank, they have a problem that they have not been told yet who of their staff are authorised to carry out certain transactions, it is apparently causing havoc in all their branches!

CBBB, can you settle this please?

Are EFTs allowed to buy property? If so do they need special approval?

And if they need special approval, who is the approving authority?

Or are large EFTs permitted for business only?

Just want info from a reliable and honest source.

Also my source earlier insinuates that large EFTs need approval except for business that have a larger limit.

What's an EFT??

But non EU citizens can buy a single residential property to live in.

Or buy 4017m2 land to build a property

They need permission fro the council of ministers (this is formality and is normally given AFTER a sale is made). Your lawyer will make this appliccation

You don't need permission from the Council of Ministers any more.

Electronic Funds Transfer

For non EU you do

In fact, I go further the law had been changed to allow such foreigners to purchase a second home, but check this, it had to be an adjoining property either to the side or above. What assholes do we have that dream up these pathetic schemes, is there any wonder the country is on its knees?

[CBBB]

If it was Laiki bank, they have a problem that they have not been told yet who of their staff are authorised to carry out certain transactions, it is apparently causing havoc in all their branches!

CBBB, can you settle this please?

Are EFTs allowed to buy property? If so do they need special approval?

And if they need special approval, who is the approving authority?

Or are large EFTs permitted for business only?

Just want info from a reliable and honest source.

Also my source earlier insinuates that large EFTs need approval except for business that have a larger limit.

What's an EFT??

But non EU citizens can buy a single residential property to live in.

Or buy 4017m2 land to build a property

They need permission fro the council of ministers (this is formality and is normally given AFTER a sale is made). Your lawyer will make this appliccation

You don't need permission from the Council of Ministers any more.

Electronic Funds Transfer

For non EU you do

In fact, I go further the law had been changed to allow such foreigners to purchase a second home, but check this, it had to be an adjoining property either to the side or above. What assholes do we have that dream up these pathetic schemes, is there any wonder the country is on its knees?

Something for the uncivil-servants to delay!

[GreekIslandGirl]

I was referring to what you wrote, not to what they may or may not have done - you said "the bank refused to give them the money". That would imply they hadn't asked for an electronic transfer to be carried out.

Don't be ridiculous....

Re Grump, according to the link I posted there are no restrictions if you are paying money to the Government, but the document is dated today. Perhaps your friends should try again.

I'm sure they will...

We've noticed though that the published restrictions and reality are not quite the same!

Perhaps the problem is with your understanding?

Right, onward - so we have established transfers can occur for private purchases within the RoC! So property buying should trundle along unhindered - and it's looking more attractive as an investment than leaving large sums of money in ANY bank!

And yes, perhaps there should be restrictions imposed on how many properties non-EU nationals may purchase because the island is small.

But, doubtless, Cyprus will become the number one property hotspot in the EU - if only simply because most southerly regions* of a country command better prices than northerly parts for maximum sun and likewise Cyprus is most southerly in the EU.

*(in the northern hemisphere)

[Paphitis]

I agree that property will become more attractive than large deposits in Banks for the few that have large deposits, and within the next year or so it will be a buyers market as turnover will be subdued bringing prices down for sure.

The negative is a declining Banking sector unable to provide loans to new homebuyers bringing the market down even more, reducing GDP, investment and resulting in the loss of thousands of jobs.

The situation at the moment is abysmal.

A property recovery is at least 2 years away INMHO.

[CBBB]

I was referring to what you wrote, not to what they may or may not have done - you said "the bank refused to give them the money". That would imply they hadn't asked for an electronic transfer to be carried out.

Don't be ridiculous....

Re Grump, according to the link I posted there are no restrictions if you are paying money to the Government, but the document is dated today. Perhaps your friends should try again.

I'm sure they will...

We've noticed though that the published restrictions and reality are not quite the same!

Perhaps the problem is with your understanding?

Right, onward - so we have established transfers can occur for private purchases within the RoC! So property buying should trundle along unhindered - and it's looking more attractive as an investment than leaving large sums of money in ANY bank!

And yes, perhaps there should be restrictions imposed on how many properties non-EU nationals may purchase because the island is small.

But, doubtless, Cyprus will become the number one property hotspot in the EU - if only simply because most southerly regions* of a country command better prices than northerly parts for maximum sun and likewise Cyprus is most southerly in the EU.

*(in the northern hemisphere)

What parts of the EU are in the Southern hemisphere?

[Paphitis]

The British/French Territories of Antarctica and the French Colonies of Africa, and South Pacific silly!

[CBBB]

The British/French Territories of Antarctica and the French Colonies of Africa, and South Pacific silly!

Nah. I don't think they count as EU territory.

[Paphitis]

The British/French Territories of Antarctica and the French Colonies of Africa, and South Pacific silly!

Nah. I don't think they count as EU territory.

Might see what the Beeb has to say about that one!