Swiss francs loans
Protection of Swiss francs Borrowers
Many Borrowers in Cyprus made their Loan Agreements in Swiss francs because at the time of the Loan Agreements, borrowing in Swiss francs was cheaper than borrowing in Euro. However, in the years followed the currency exchange changed, something which lead to the increase of the monthly installments and the interest rates. Local currency devalued accordingly. Following the ruling of the European Court of Justice made on the 21/01/2013 (Case – 26/13 Kásler Árpád, Káslerné Rábai Hajnalka v OTP Jelzálogbank Zrt.), the Banks in Cyprus are proceeding with the restructuring of such Loan Agreements, since possible Court proceedings may find national Courts to follow the said ECJ ruling and declare such terms in the Loan Agreements unfair, arguing whether the banks misled Borrowers by not making clear in the Loan Agreements that the variable rate may increase if the Swiss francs appreciated.
Documents & Info
Law Archive
- Succession Law, Wills, Administration of Estate and Inheritance Tax
08 March 2023 - Cyprus Investment Funds: UCITS and AIF’s
25 May 2015 - Treaty for the avoidance of double taxation between Cyprus and Lithuania
02 October 2014 - Treaty for the avoidance of double taxation between Cyprus and Norway
01 October 2014 - Α Tycoon in Bank of Cyprus
29 July 2014 - Single Tax Authority in Cyprus
13 May 2014 - Russia & Cyprus Double Tax Treaty
05 April 2014 - Swiss francs loans
09 January 2014