Towers and passports help towards NPLs reduction

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Towers and passports help towards NPLs reduction
 © In-Cyprus 2019
Town planning and tax incentives provided to developers along with the purchase of luxury residences and tower apartments by foreigners so as to get the Cypriot passport seem to help out the island’s business world.

Central Bank data shows that the granting of citizenship to investors – mainly Russians and Chinese – for the purchase of luxury properties mainly in high-rises has led to the reduction of non-performing loans. However, part of the reduction of NPLs is also due to the transfer of red loans from the collapsed Cyprus Co-op Bank to KEDIPES.

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This article was automatically added to our system 23-4-2019

Towers and passports help towards NPLs reduction


The contents of this article including any associated images are © In-Cyprus 2019
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Article Tags: towers, passports, towards, reduction,