Cash flows to Cyprus increase, amid money laundering fears
– €90 million out of €101.6 million declared in cash transactions have no prosecutions before court.
– Most cash declarations at airport customs offices are for the purchase of real estate.
– In the beginning of 2023, 25% of entities were designated as high risk for money laundering, terrorist funding, and tax avoidance.
– There is currently no limit on the amount of cash someone can use to purchase something in Cyprus, as long as purchases over €10,000 are declared to the tax commissioner.