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4th December 2021
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Cyprus major tax debtors list

PROPERTY developers, hoteliers and large football clubs are among the major income tax debtors, according to the list given by the Finance Minister to parliament on Monday.

The list is published by StockWatch for public interest purposes. Finance Minister, Haris Georgiades also called upon “public interest purposes” for giving the list to parliament, in order to exercise fiscal control.

The list includes fifty legal and natural persons.

The debts start at €1.5 million and rise to €14.7 million.

Organisation Tax Owed
1. R.X. Processing € 14,747,554
2. Mediterranean Holiday Res LTD € 9,750,222
3. Omonia Football Club € 7,034,885
4. N. K. Shacolas-Holdings LTD € 6,855,827
5. APOEL Football club LTD € 6,151,892
6. Firmworth Finance and Investments LTD € 6,088,894
7. C.N.H. Ependysis Axias LTD € 5,888,806
8. Miltiades Neophytou C. E. & Developers € 5,753,877
9. Chacholis Developers LTD € 5,904,677
10. K. Athienitis Con. Devel. Public Ltd € 4,217,999
11. A.C.L.N. LTD € 3,994,818
12. Tauler Consultants LTD € 3,939,268
13. Giovani Developers LTD € 3,650,016
14. Renos Hadjioannou Farm LTD € 3,600,533
15. Kofinou Abbatoir € 3,196,216
16. Anorthosis Football Club € 3,146,394
17. Olveron Investments LTD € 2,876,969
18. Suphire Securities and Fin. Serv. LTD € 2,587,647
19. Michalis D. Zavos Investments LTD € 2,546,936
20. C.T. Tobacco LTD € 2,505,596
21. Kleanthis Savva Developers LTD € 2,457,988
22. Anorthosis Ammochostos Football Club € 2,456,042
23. Paphos Mediterran Hotels LTD € 2,398,537
24. Oikonomou Georgios € 2,386,926
25. CYEMS CO LTD € 2,351,329
26. Cyproperties Constructions LTD € 2,293,585
27. AEL Football Club € 2,290,948
28. Lagos Vaggelis € 2,230,708
29. Makrides Zacharias € 2,222,618
30. Marzen Holdings Company LTD € 2,217,942
31. Sigma?Severis & Athienitis Secu. LTD € 2,182,032
32. Chacholis Development Operations LTD € 2,177,463
33. UNISYS World Trade Inc. € 2,152,279
34. Zaquato LTD € 2,120,367
35. Venus Rock Estates LTD € 2,068,281
36. Global Value PLC € 1,937,586
37. Transport Investments Holdings LTD € 1,929,109
38. Omikron Bookmakers LTD € 1,928,299
39. Panos Eliades LTD € 1,922,292
40. A. & E. Transport LTD € 1,910,685
41. Aristo Developments € 1,835,170
42. Starcloud Management LTD € 1,786,978
43. Alexandros Demetriou & Sons LTD € 1,755,027
44. Pafilia Property Developers LTD € 1,747,434
45. W Investments LTD € 1,740,771
46. M.K. Digital World (Cyprus) LTD € 1,735,549
47. D. Zavos Group Land & BLDG Develop. € 1,609,619
48. Gregoris Yiasemi & Sons Develop. LTD € 1,583,283
49. Christoforos Karayiannas & Son LTD € 1,518,283
50. Charalambou Filippos € 1,488,784



  1. Panos Eliades Ltd owing 1,922,292. Really? And here was me thinking they were insolvency practitioners.

  2. Thanks Nigel for presenting this list in much more readable version than that in C.M.

    Reading the above comments makes you wonder if there are still more, undisclosed debts hiding under those listed.

    • @Deanna on 2015/02/10 at 3:44 pm – Thanks for your comments. As the list only shows the top 50 tax debtors there are probably many more.

      Have you read the article in today’s Cyprus Mail? Pressure to mount on those with IPT arrears:

      “No one will be spared from paying the full amount due on immovable property tax (IPT) as well as any penalties for delayed payment, interior minister Socrates Hasikos said on Monday.

      ‘Rest assured that all debtors, large and small, who owe tax will pay, and with the penalties provided by law,’ Hasikos told reporters.”

  3. Dolphin Capital Investors, the parent company of Aristo Developers Ltd is registered in BVI, with it’s shares listed on the UK AIM currently at a 66% discount to NAV, it is ‘focused on generating strong capital growth’.

    As well as Cyprus, it’s large scale developments are in Greece, Turkey and Croatia.

    Despite acknowledging current problems with a major lender and the authorities here in Cyprus, it is in negotiations to secure YET MORE senior bank loans to finance it’s great aspirations. That is according to the latest information on AIM.

    Further it is claimed that a debt for equity swap is to be concluded in respect of it’s subsidiary Aristo Developers Ltd, presumably this would involve BoC, as the major lender. Others might wonder what value such shares could have.

    The same document confirms the failure of negotiations to sell the ‘Venus Rock’, AKA Secret Valley and Ha Potami, development to China Glory Investment Group, citing nevertheless an expected sale through competitive tender in the future.

    Dr Pangloss might be impressed.

  4. Venus Rock Estates Ltd was a subsidiary of Aristo Developers and which the latter had been trying to sell for quite a while since the original sale to Chinese investors fell through. The contact address for enquiries is still Aristo Developers. If this entity still belongs to Aristo that takes them into the top ten of tax defaulters, to add to their non-performing, unsecured loans from Bank of Cyprus (BOC), which, if John Hourican is to be believed, are going to be called in by BOC, plus their unpaid IPT. If Venus Rock Estates doesn’t belong to Aristo now, how could a sale go through with tax owing?

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