Cyprus’ foreclosure regime
The Supreme Court of Cyprus rules on the constitutionality of amendments to foreclosure legislation.
In July 2019, the House of Representatives of Cyprus passed the following laws (the “amending laws”) in relation to the foreclosure regime in Cyprus:
- The Suspension of Foreclosure of Immovable Property Proceedings (Temporary Provisions) Law of 2019; and
- The Transfer and Mortgage of Immovable Property (Amending) (No.2) Law of 2019.
The amending laws were not immediately put in force, but were referred by the President to the Supreme Court of Cyprus to rule on their constitutionality.
On 3 June 2020, the Supreme Court held that the laws were in line with the Constitution. Following this, the amending laws were published in the Official Gazette of the Republic of Cyprus and came into force on 12 June 2020.
Download the article to find out more information, including the Key provisions of the amending laws.
Foreclosure process overview & 2020 updates
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