Michael Voudouri pled guilty to the £10.3 million "carousel" tax fraud in October 2012 at the High Court but failed to turn up to be sentenced two months later.
Voudouri, of Bridge of Allan, Stirlingshire, was arrested on the Turkish-controlled northern part of the island in January after a police raid on the property in Famagusta.
Glasgow lawyer Aamer Anwar met him yesterday in Nicosia Prison and has been formally instructed to represent him. He said: "Mr Voudouri pled guilty to a 'tax fraud' of £10.3 million in October 2012 at the High Court. He was initially charged with laundering £48.3 million and was due to be sentenced in November 2012 but failed to attend at the High Court in Glasgow.
"Mr Voudouri has asked me to state that if he is released from custody then he intends to return to Scotland voluntarily to fight his case and has appointed a new legal team to do so.
"Mr Voudouri has raised serious allegations of corruption and criminality which he wishes investigated, however, as proceedings are still live it would be inappropriate for me to comment further."
A further court hearing is due later this month in Nicosia to decide the outcome of his case in Northern Cyprus.
Last year he appeared on the UK Government's top 10 most wanted list of tax dodgers.