Authorities in Cyprus have frozen or confiscated large amounts of assets over the past 18 months, in an attempt to combat organised crime.
Massive real estate holdings have been blocked by court orders pending case outcomes, with seized items including a hotel, a house, vehicles worth €1.1 million, ancient artifacts and a religious icon, according to information obtained by Phileleftheros.
Assets have been frozen both in Cyprus and abroad following evidence that property was either alienated by criminals or attempts were made to transfer it out of Cyprus to conceal it. One notable case involved the freezing of an enormous sum in cryptocurrencies from various scams targeting Cypriots who were deceived into investing.
Police data shows that from 1 January 2024 to 16 May 2025, authorities working with the Unit for Combating Money Laundering (MOKAS) have frozen or confiscated funds amounting to €1.2 million. Most of these sums relate to various cases and financial frauds where investigations or convictions have linked them to criminal activity.
Additionally, real estate properties (houses, apartments, hotels and plots) worth €8.9 million and jewelry or valuables worth nearly €1 million have been frozen or confiscated.
Vehicles valued at €1.1 million have been seized during the same period and will be confiscated. Notably, authorities have also frozen or confiscated cryptocurrencies worth €25 million, primarily held outside Cyprus.
Ancient artifacts and a religious icon have been detained under court order, pending investigation into whether they constitute proceeds from criminal activities.
International cooperation has led to the freezing of £1.8 million and €896,000 in overseas bank accounts related to cases under investigation.
Drug trafficking remains one of the most prevalent organized crimes due to its enormous profits despite significant risks. Police have seized or confiscated approximately half a million euros related to drug offenses over the past 18 months.
In one specific case, police have frozen a hotel and a residence in Paphos, along with €640,000, as part of an ongoing investigation.
A special unit established last year under the direction of Justice and Public Order Minister Marios Hartsiotis independently investigates unexplained wealth acquisition.
The unit can request justification for luxury possessions even without an active case against an individual and collaborates with Tax Authorities to verify whether detected assets have been properly declared.
