It will take a long time from what appears to be the investigation of the Department of Taxation to determine whether audit and law firms and / or land development companies, which were actively involved in the Cyprus Investment Program, are related to tax evasion or other related irregularities in burden on the public. A process that started in December 2020, with the encouragement of the Parliament, and has to go a long way to “dust” all the cases of providers who offered services to thousands of foreign investors who applied and received naturalization.
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According to information from “F”, the officials in the Tax Department have to deal with about 240 audit and legal offices and about 50 land development companies, which are involved in real estate transactions for the purpose of obtaining a Cypriot passport. So far, the survey has targeted about 80 service providers, ie 1/3 of the offices, and audited tax and VAT returns. According to sources familiar with the matter, nothing shocking has been found so far, but the essential issue is how far the investigation will go. The Department of Taxation expects information from the government on the required scope of the investigation of the offices that mediated, for a fee, the naturalizations. Once it is clear how deeply the officers will search the sanctuaries of the companies involved, it will be judged and how long the investigation will last. For the time being, the … optimistic scenario predicts that the research on service providers will require from one to 2 years, while it is not excluded that it will take more, if cases of possible loss of income tax or other debts, several millions, are identified.
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