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Cyprus At The Heart Of An International Money Laundering Investigation

by THEFUTURE.TEAM

January 28, 2025

An extensive investigation into a transnational money laundering and trafficking network with ties to Cyprus is ongoing, according to Police Spokesperson Kyriaki Lambrianidou. Speaking to the Cyprus News Agency, she confirmed that Spanish authorities are continuing their inquiries following the dismantling of a sophisticated criminal organisation operating across Cyprus and other European nations.

The investigation, led by Europol in cooperation with the Cyprus Police and several European counterparts, has revealed that the network’s masterminds were based in Cyprus. The leaders, two Ukrainian brothers with Cypriot citizenship obtained through the Cyprus Investment Programme, are accused of orchestrating the laundering of vast sums of money derived from illicit activities.

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One of the brothers has been arrested abroad under a European arrest warrant, while the second remains at large, Lambrianidou disclosed.

A Multi-National Crackdown

The Europol-led operation, which involved law enforcement agencies from Cyprus, Croatia, France, Germany, Slovenia, and Spain, as well as EUROJUST, resulted in the arrests of over 20 individuals. During the coordinated raids, authorities froze cryptocurrencies worth tens of millions of euros and seized millions in cash, luxury cars, and other high-value items.

The network allegedly employed Cyprus as a transit hub, funnelling substantial sums of money through third-country nationals who transferred these funds from various European countries to Cyprus. A total of 13 search warrants were executed on Cypriot properties, predominantly in Limassol, uncovering significant assets.

In Limassol alone, over €650,000 in cash, numerous valuables, electronic devices, mobile phones, and financial documents were confiscated. The operation also froze more than €25 million in cryptocurrencies, highlighting the increasing use of digital currencies in modern financial crimes.

Luxury Assets Targeted

Authorities have zeroed in on the network’s extensive assets. In addition to seizing over €650,000 in cash, six high-end vehicles worth more than €650,000 were confiscated. Meanwhile, an order was issued to seize 14 apartments valued at over €7 million.

The scope of the crackdown extended beyond Cyprus. In Spain, France, and Slovenia, 90 properties were searched, resulting in 23 arrests. Officials seized €8.2 million in cash, froze €29.5 million in cryptocurrencies, confiscated 36 luxury vehicles, and recovered jewellery and other valuables worth hundreds of thousands of euros.

Unveiling The Network’s Operations

The criminal group’s operations appear meticulously organised. According to the Cyprus Police, the network exploited a structured system of third-country nationals to transfer large sums of money from across Europe into Cyprus. From there, these funds were reportedly laundered and used to acquire luxury assets, including real estate and vehicles.

This case underscores the ongoing challenges authorities face in combating money laundering and financial crimes in an increasingly digital world. The freezing of over €29.5 million in cryptocurrencies highlights the sophistication of the group’s methods and the growing intersection of financial crime and blockchain technology.

Cyprus’s Role Under Scrutiny

The investigation has placed Cyprus in the spotlight as a key location within the network’s operations. The discovery that the alleged leaders have naturalised Cypriots through the controversial investment programme has reignited debates around the scheme, which was scrapped amid concerns of abuse and corruption.

As authorities intensify their efforts to bring all suspects to justice, the case serves as a stark reminder of the complexities involved in tackling transnational crime. The seizure of millions in cash, cryptocurrencies, and luxury assets signals a significant blow to the network, but investigators know the fight is far from over.

The ongoing collaboration between Europol, EUROJUST, and multiple national police forces demonstrates the necessity of international cooperation in addressing crimes that transcend borders. With one suspect still evading arrest and investigations ongoing, the global community will watch closely as authorities continue to unravel the full extent of this intricate laundering operation.

The Future Forbes Realty Global Properties

Cyprus Permit Delays Can Add €61,000 To The Cost Of A New Home

by THEFUTURE.TEAM

August 25, 2026

Housing affordability in Cyprus is being affected not only by property prices, construction costs and interest rates, but also by delays in securing planning and building permits. For developers, years of waiting can add millions of euros to project costs and tens of thousands of euros to the price of an individual home.

Property Prices And Rents Continue To Rise

House prices in Cyprus rose 3.4% year on year in the first quarter of 2026, according to Eurostat, leaving prices about 50% above their 2015 level. Rents have also continued to increase, with the Cyprus Statistical Service reporting annual growth accelerating from 2.5% in January to 4.5% in April.

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Strong demand and limited supply are adding pressure to both markets. Delays earlier in the development cycle can further restrict the number of homes reaching the market.

Four-Year Delay Adds €6.3 Million To Project Costs

A recent analysis by Yiannis Misirlis, chairman of the Cyprus Land and Building Developers Association, illustrates the financial impact. The example involves a 125-apartment project with €7 million allocated to land and an estimated €25 million for construction, bringing the initial cost to €32 million.

If permits are secured within six months, the average sale price would be about €307,000 per apartment. A four-year permitting delay, however, would add about €1.7 million in financing costs tied to the land, €800,000 in additional overheads and €3.8 million from construction cost inflation.

Combined, those costs would add about €6.3 million to the project without increasing the developer’s profit. The average apartment price would rise to about €368,000, adding roughly €61,000 to each unit.

Delays Also Affect Rental Supply

Higher development costs can affect renters as well as buyers. When projects are delayed, fewer homes enter the market over a given period, limiting supply while demand continues to grow.

Build-to-rent projects face the same pressures from land costs, financing, overheads and construction inflation. Developers may ultimately pass some of those additional costs through to rents.

Government Moves To Increase Housing Supply

Reducing permitting times would not require weaker planning controls or construction standards. More predictable approval timelines would instead allow developers and investors to plan projects with greater certainty and reduce the costs associated with prolonged delays.

The Ministry of Interior has introduced planning incentives and additional building coefficients that are expected to support the construction of more than 2,500 homes over the next two years. The measures are intended to increase housing supply in a market where demand remains strong.

Permitting Delays Have A Direct Financial Cost

For developers, longer approval periods increase financing and overhead costs while exposing projects to higher construction prices. Those costs can ultimately affect sale prices, rents and the number of homes that reach the market.

Cyprus’ housing affordability challenge therefore extends beyond land and construction costs. The time required to move a project from planning to construction can also determine how much buyers and renters eventually pay.