Former Cyprus minister could face prosecution over allegedly undeclared €2.4 million in assets
A former minister allegedly omitted foreign bank holdings and an Athens apartment from asset declarations, prompting scrutiny of parliament’s handling of the case.
Nicosia, Cyprus. A former minister in President Nikos Christodoulides’ government could face criminal prosecution after allegedly failing to declare €2.4 million in assets in declarations submitted to parliament in 2023 and 2026, according to Politis.
Assets identified after departure from office
The case concerns approximately €2 million held in foreign bank accounts and the purchase of an apartment in Athens, which were allegedly omitted from the former minister’s asset declarations, known as pothen esches.
According to the report, the tax commissioner identified the undeclared assets during an examination conducted after the minister left office, under legislation introduced in late 2024.
Under the revised legislation, submitting a false asset declaration is a criminal offence punishable by a fine of up to €5,000, imprisonment of up to one year, or both.
Parliamentary review procedure
The tax commissioner first informed parliament’s special committee responsible for asset declarations of the findings in a confidential letter dated July 23, 2026.
A formal report detailing the findings is being prepared for submission to the committee, which must follow the procedure prescribed by law before deciding whether to refer the matter to the attorney-general.
The former minister will first have an opportunity to respond to the findings, either in person or in writing.
The committee will then prepare its own report setting out the facts, the tax commissioner’s findings and the former minister’s position, before deciding whether to forward the case to the attorney-general.
Opposition questions handling of case
The findings have raised questions within parliament, with opposition MPs asking why the case was not immediately referred to the attorney-general.
According to Politis, opposition MPs criticised the committee’s decision to seek advice from a law firm rather than immediately refer the case. That advice reportedly recommended following the procedure prescribed by law.
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