New Cyprus court for foreclosures
The groundwork for the establishment of a specialized jurisdiction court in Cyprus, which will exclusively handle issues related to primary residence foreclosures, will be laid on Thursday.
During the discussions of the Finance Committee regarding legislative proposals concerning the foreclosure framework, George Pantelis, the director-general of the Ministry of Finance, stated that the government’s proposal for the creation of a specialized jurisdiction court to address foreclosure matters concerning primary residences is expected to receive approval from the Council of Ministers on Thursday.
The ministry had previously announced its intention to introduce a bill that would establish dedicated courts for resolving financial disputes and foreclosure cases.
This decision is part of a comprehensive effort to tackle nonperforming loans, along with other measures such as the “Estia Scheme” and the “Rent-for-Installment Scheme.” Regarding the latter, Pantelis mentioned that the government has already submitted some final responses to the European Commission. “We are currently in the final stages of implementing this plan,” he noted.
