Uncovering of Money Laundering and Real Estate Fraud in Austria and Cyprus

PeopleOther ♦ Published: November 16, 2023; 15:04 ♦ (Vindobona)

New leaks have uncovered a complex network of opaque asset transfers centered around Russian oligarchs and Austrian real estate. According to the investigative project "Cyprus Confidential", Austrian real estate is particularly popular with wealthy Russians. Around 40 Cypriot companies own real estate in Vienna, often penthouses in expensive locations.

The financial service providers can be found in Limassol, the second largest city in Cyprus and popular with tax evaders. / Picture: © Wikimedia Commons / Leonid Mamchenkov/ CC BY 2.0 (https://creativecommons.org/licenses/by/2.0/deed.en)

The advantages of these company structures are discretion and tax benefits. Elena Scherschneva, an expert in money laundering and compliance, points out that estate agents, notaries, and banks often act in isolation in these transactions, which means that the overall picture is lost, as reported by ORF.

One prominent…