Following recent reports and the public debate that has begun on money laundering, let us recall what applies on our island.
This time the subject of discussion is not multinationals, but “our own” small Cypriot businesses and self-employed individuals.
According to the latest data presented by the Department of Statistics, approximately €4 billion circulates in Cyprus’s shadow economy. To put it in plain terms, under-the-table money amounting to 24% of the country’s GDP flows back and forth on our island.
A large percentage of this money usually comes from minor home repairs or services for which no receipts are issued.
Ultimately, we have under-the-table money in Cyprus not only from billionaires but also from plumbers, electricians, plasterers and builders…
Ζάκκος
