The asset declarations of current and former MPs will be placed under the scrutiny of the Tax Commissioner, under new legislation that strengthens the framework for transparency and oversight of officials’ financial positions. The Tax Commissioner is granted expanded investigative powers, including access to records and the lifting of banking secrecy.
A letter was sent to current and former MPs by the House administration, informing them of their obligation to submit their asset declarations by 4/10/2026.
The declaration will be submitted under the new legislation passed by Parliament, according to which former MPs must submit to the Special Parliamentary Committee not only a statement of assets and liabilities, but also a statement of income and expenses, as well as a reconciliation statement of their personal and professional assets, both within and outside the Republic. The reconciliation statement must explain changes in their net worth during their time in office.
These declarations, which also include the assets of spouses, partners and minor children, will be submitted electronically and examined by the Tax Department.
The new legislation, which applies not only to MPs but also to the President of the Republic, ministers, deputy ministers and MEPs, grants the Tax Commissioner the authority to audit asset declarations and inform the Special Parliamentary Committee of any observations and conclusions. Additionally, the Commissioner may carry out further targeted investigations into specific individuals, aiming to identify possible cases of tax evasion, illicit enrichment and corruption.
Obligations
The Deputy Secretary-General of Parliament, Andreas Christodoulou, informed current and former MPs in a letter dated 4/6/2026 of the following:
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Each MP must submit a statement of assets and liabilities within four months of taking office.
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Former MPs must, within four months of leaving office, submit an updated statement of assets and liabilities, a statement of income and expenses for the period between the previous and current declaration, as well as a reconciliation statement for the same period.
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The obligation to resubmit a statement of assets and liabilities applies every five years.
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Once submitted and audited by the Tax Commissioner, the declarations will be published on the Parliament’s website and removed five years after leaving office, unless an investigation is ongoing.
What will be declared
New MPs must submit their asset and liability statements by 4/10/2026.
Re-elected and former MPs must, within the same deadline, submit statements of assets and liabilities, income and expenses, and reconciliation statements.
These must be submitted electronically to the Special Parliamentary Committee (pothen.esches@parliament.cy).
Lifting of banking secrecy
After confirming submission of the declarations, the Special Committee must forward them within 30 days to the Tax Commissioner for verification of their accuracy.
During the audit, the Commissioner may request clarifications, access records from any ministry or public service and require the submission of relevant documentation.
The audit must be completed within three months, with findings submitted to the Committee.
Under the law, an investigation may begin only if a sworn written complaint with specific evidence is submitted or if false or misleading information is identified.
During investigations, the Commissioner may lift banking, financial or tax confidentiality, informing the person concerned in writing.
Findings and criminal proceedings
Upon completion, the Tax Commissioner prepares a report submitted to the Special Committee. The individual concerned has the right to be heard before the final report is issued.
The Committee’s report records the facts, findings and the position of the individual, and is forwarded to the relevant authorities depending on the office concerned.
If unjustified changes in assets are identified, the official may face provisions under anti-money laundering law. The findings will be forwarded to the Attorney General for criminal investigation.
Any person obstructing the work of the Committee or the Tax Commissioner commits an offence and, upon conviction, faces a fine of up to €5,000 or imprisonment of up to one year, or both.
