On 02/08/2019, the Parliament has passed the Transfer and Mortgage of Property (Amending) (No. 4) Law of 2019 (the “Amending Law of 2019”) with 27 votes in favour of the proposed amendments and 23 against, however, the President of the Republic of Cyprus has referred the Amending Law of 2019 to the Supreme Court in order for the latter to determine its compatibility with the Constitution of Cyprus.
On 3rd of June 2020, the Supreme Court issued its judgement in Reference no. 2/19, rejecting the above petition and deciding that the Amending Law of 2019 complies with the Constitution and does not violate the articles no. 23, 25, 26, 28, 35 and 179 and articles no. 127 and 130 of the Treaty on the Functioning of the European Union.
In light of the above, we summarize below the main amendments introduced through the Amending Law of 2019:
1. Timeframes
In relation to the prescribed timeframes, the Amending Law of 2019 will essentially extent the deadline:
2. Seventh Ground of Appeal – Article 44C (e)
3. Protective Order issued under the provisions of the Insolvency of Individuals (Personal Repayment Plans and Debt Relief Orders) Law of 2015 and ESTIA scheme
Τhe Law has not yet been published in Government Gazette and we cannot comment on the date of its enforcement, since it has not yet received the assent of the President. A detailed update shall be issued as soon as there is further clarity.
For more information please contact our website microsite on Banking & Finance or contact Ms Georgia Karamalli at This email address is being protected from spambots. You need JavaScript enabled to view it..
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