Michelle McDines

UK Government Announces All Party Parliamentary Group for British Owners of Cyprus Properties

November 7, 2012 | Blog, Property Investment | No Comments

As someone who has been involved in Cyprus property for some time as an owner and a complex committee member, I’ve experienced all the problems faced by UK (and other nationality) owners. During the Gold Rush of the last decade, marketing companies were quick to tell us that Cyprus was just like the UK but with better weather. We were told the legal and banking systems were based on the UK and that Cyprus represented a sound investment from every perspective. However, those who bought quickly discovered this not to be the case and the marketeers who’d convinced us to buy had taken their hefty commissions and were no longer interested in helping their ‘valued clients’.

There have been several different action groups looking at the various issues but for many buyers and investors the cost of getting involved in these groups has proved prohibitive. With property values dropping like stones, mortgages going through the roof thanks to exchange rates and arbitrary rate changes and rentals at an all time low in terms of rates and occupancy, there’s nothing to spare to pay for speculative lawsuits and the like.

So I was delighted to hear that Bill Cash MP has been appointed to co-ordinate an All Party Parliamentary Group to investigate the whole Cyprus Property problem. Here’s Bill’s message, which I strongly urge you to act upon:

Please ask your MP to join the All Party Parliamentary Group for the Defence of the Interests of British Property Owners in Cyprus

As many of you may know, a meeting was held in Parliament on 31st October, at which it was agreed that I would co-ordinate an All Party Parliamentary Group for the Defence of the Interests of British Property Owners in Cyprus.

I am intending to hold the first session for that group as soon as reasonably possible. However, the setting up of the group depends upon your involvement – I am asking you to please contact your MP and urge them strongly to get in touch with me. This will mean that your MP can then join the All Party Parliamentary Group for the Defence of the Interests of British Property Owners in Cyprus.

I have been vigorously pursuing this issue in this country and Cyprus itself and have spoken to a number of government ministers there in my capacity as Chairman of the European Scrutiny Committee during the Cyprus presidency.

I strongly recommend that you or other people you may know who are involved in trying to obtain justice and fairness in relation to their properties in Cyprus to contact their MP and urge them strongly to get in touch with me. This will mean that your MP can then join with me to form the All Party Parliamentary Group for the Defence of the Interests of British Property Owners in Cyprus. It will allow us to set up a fully, effective All Party Group to act as a parliamentary coordination for the defence of your interests.

It is very much in the interest of all those involved to have a parliamentary framework within which to continue to exert pressure on your behalf, irrespective of any legal considerations.

The various individuals and groups cover many different parts of the country with different constituencies and different MPs from all parties who I am sure will want to help but cannot currently do so unless there is a degree of coordination of the kind I am suggesting.

Please circulate this letter so that those involved may ask their MPs to join the group.

Yours ever,

Bill Cash
Member of Parliament, Stone