ACCORDING to the Department of Lands and Surveys some 262,300 individuals who registered their properties with fake identification documents own properties with a 1980 value of €1.66 billion.
Out of those 262,300 individuals, 36,500 own property whose 1980 value exceeds €12,500 and should therefore be paying Immovable Property Tax.
The Tax Department and the Department of Lands has managed to track down approximately 10,000 tax dodgers, but the Tax Department is reported to be struggling to track down the remaining 36,500.
In addition to significant losses in state revenue, local authorities are losing out as property owners who cannot be identified also avoid paying local property taxes and sewerage charges.
Author: Nigel Howarth, news.cyprus-property-buyers.com