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Government hunts property fraudsters in Switzerland

Undeclared deposits held by Cypriots in Switzerland relating to a property fraud scheme and the stock exchange scandal are being targeted by the government as part of its crack down on tax evaders.

THE GOVERNMENT is determined to bring Cypriot tax evaders to justice, particularly those holding bank accounts in Switzerland, according to state broadcaster CyBC.

It has been reported that President Christofias raised the issue with the Swiss president, Eveline Widmer-Schlumpf, during her recent visit to Cyprus.

The government is in negotiations with Switzerland and is seeking a British legal model agreement that will protect the anonymity of the clients; a method that secured Britain €4 billion from tax evaders.

Nicosia has already established an agreement with the Swiss government which brings in €100 million in taxes from accounts held by their Cypriot clients.

According to certain reports, the undeclared deposits of Cypriots in Switzerland concern illegal transfers during the 1999-2000 stock exchange scandal and a more recent property fraud scheme.

Readers' comments

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  • andyp says:

    I will second that Steve.

  • steve says:

    Just a smokescreen. Try looking nearer to home, like on your own doorstep. Millions could be clawed back from developers, lawyers and estate agents. It would be cheaper to collect.

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