legislative developments international business

Cyprus Business Now

The Cyprus Borrowers Association (Syprodat) recently celebrated the ratification of two bills that offer substantial support to vulnerable borrowers, protecting primary residences and professional premises valued up to €350,000 and €750,000 respectively. The legislation also enhances the role of the Financial Commissioner, allowing for outofcourt dispute settlements and providing a mediation appeal process for terminated loans, further safeguarding borrowers.