Cyprus Immigration Business: According to reports from Cypriot media, Cyprus banks, Greek banks, and the Cooperative Central Bank have notified lenders and guarantors about an upcoming auction of foreclosed properties involving approximately €160 million. However, all three banks stated that the properties prepared for auction do not include those that serve as the sole residence.
Statistics show that the Cyprus banking sector currently has €26.9 billion in non-performing loans (approximately 127% of the country's GDP), accounting for nearly 46% of total loans. The legislation allowing for the rapid auction of foreclosed properties was only passed by the Cypriot parliament in April of this year, and it is one of the conditions agreed upon with international rescue organizations. According to previous Cypriot laws, the foreclosure auction process could last up to 15 years.
In March 2013, the Cypriot government reached a €10 billion rescue agreement with international rescue organizations, including the Eurogroup and the International Monetary Fund. Under the agreement, Cyprus implemented a series of economic adjustments.