Why Mike Armstrong is Really Quite Clever!

I was chatting to Mike in the Night Jar - where else...it really is my home from home.

Anyway, he was telling me that he and Fraser and Beyler (prominent estate agency here in TRNC who happen to have the pleasure of employing him) have come up with a well smart idea (well I think it’s really dead clever anyway) and to facilitate the idea they are “in talks” with none other than...leading insurers Lloyds (yes, “of London") - dum dum duuuuuum - big stuff…

So anyway, here it is, the reason why Mike Armstrong is really quite clever.  Indemnity Insurance.

It’s what every expatriate wants who buys property or land here in North Cyprus.
And at the same time since the Annan plan came so close, it is considered very low risk from the insurers’ point of view.

It’s like this...And I’ll try to do this non-politically and simply...the majority of property bought and sold here holds a “TRNC Absolute Possession Document” title deed.  This means that the majority of land being bought and sold probably originally belonged to Greek Cypriots.  Following the war in 1974 land in North Cyprus was given to Turkish Cypriot settlers in exchange for the land they fled in the South.  The land they fled in the South was given to the Greek settlers who fled the North.

That really is over simplifying an incredibly sensitive issue but I do not want to inadvertently cause offence to either side.

So, as the (can I do those speech marks again?  ) “Cyprus Problem” is still not resolved and the land dispute remains a contentious issue between Greek and Turkish Cypriots, British expatriates who are relocating to Cyprus are aware that one day when a settlement is finally reached they could be presented with a bill from a Greek Cypriot for the land they now reside on.  Basically the insurance would cover this potential bill.  OR if things went far against the Annan plan type guidelines - which is generally not expected to happen - and British settlers were forced to vacate their homes, the insurance would reimburse them for their original outlay on the house.

All very simple, all very neat and all very clever.

So, watch this space and I’ll keep you updated on developments!