World, As Seen from the most beautiful islands: Ireland and Cyprus

Cypriot Disy leader is the wealthiest, but also the most indebted, declarations reveal


New property declarations of Cyprus politicians become available. In general it revealed that there is no real wealth behind the politics and most of them are of moderate income. But the assets radically differ from MP to MP.

By law, newly elected deputies must file their declarations within three months of taking office. The last parliamentary elections were held at the end of May. As with previous filings by MPs, what stands out again is the lack of a standardised format. Some individuals filled out certain fields, while others did not.

Disy leader Averof Neophytou appears to be the wealthiest among party leaders, while head of the Greens Charalambos Theopemptou has the most in liquid assets, with €166,000 in bank deposits.

Cypriot Disy leader is the wealthiest, but also the most indebted, declarations reveal

Disy’s Neophytou declared €35,612 in deposits with three banks. But he owns a number of plots – mostly in Paphos – including one worth €3.56 million, and another valued at €693,000. All but one of his immovable properties were acquired by inheritance. But he is also loaded up in debt – including €617,000 with Alpha Bank, €115,000 with Bank of Cyprus, and €111,000 with Hellenic Bank.

Before listing his debts, Neophytou typed the following on his form: “None of the loans below are non-performing, and no discount on my liabilities has been made by any of the banks.” His annual income for 2020 came to €155,000.

Akel chief Stefanos Stefanou declared €20,000 in savings. As co-debtor with his spouse, he owed €27,000 to Hellenic Bank regarding the purchase of a primary residence.

Meanwhile, Diko leader Nicolas Papadopoulos owns a host of real estate, mostly offices, as well as four residential property units, one worth €478,000. He has two housing loans with Hellenic Bank – one for €329,000, the other for €82,000.

Of the party leaders, Edek’s Marinos Sizopoulos has the briefest filing. He lists no immovable properties or debts. Likewise the field under ‘vehicles or vessels’ is empty. The MP has €80,000 in savings with Hellenic Bank.

The Greens’ Theopemptou declares a total of €166,000 in deposits with two banks, owns a flat in Larnaca he purchased in 1989 and valued at €18,900 (quoted at 2016 prices), and drives a second-hand Toyota Auris he bought for €10,500. He is a guarantor on a loan worth €40,000.

Marios Garoyian, head of the Dipa party, has savings of €78,000. He owns a number of plots in Larnaca and Limassol districts. He owns a home in Strovolos, Nicosia worth €380,000 for which he is paying off the mortgage. Garoyian also has another housing loan with Bank of Cyprus, on which the balance is currently €582,000. He list no car.

Written by: Harry Adams

Harry Adams is a political expert who has been working for various publications under pseudonyms for 11 years. He loves sarcasm and a rigid presentation of the material without decorations.

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