Cyprus Property News magazine for overseas buyers & real estate investors

Sunday, May 31, 2020
Home News Government hunts property fraudsters in Switzerland

Government hunts property fraudsters in Switzerland

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.


  1. 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.

Comments are closed.

Most Popular

Property sales collapse hits all markets

The historic collapse of 80 per cent in property sales in April hit the local and overseas market segments according to statistics from the Department of Lands & Surveys.

Historic collapse of property sales

Property sales in Cyprus have collapsed as a result of the coronavirus pandemic to a level only seen once before when the events of March 2013 made Cyprus a household name around the world.

Building permits maintaining strong growth

The number of building permits authorised in Cyprus during February 2020 provided for the construction of 680 new homes; an increase of 18 per cent compared to February 2019 according to official figures.

Cyprus passport programme under fire again

The Cyprus citizenship by investment programme, which enables well-heeled foreigners to obtain an EU passport for investments of at least €2 million, has come under fire again from the European Union.