As part of the Cyprus Central Bank regulations for all money which is received into a Cyprus Bank {either for the purchase of a Cyprus Property, investment or company registration fees}, there are several documents and procedures which must be performed and received in order to determine if the funds are from a reputable source.

The {MINIMUM} documents which will be requested from a Cyprus Bank are as follows:

  • Passport of sender
  • Proof of address of the sender
  • CV/business card of the sender
  • Proof of source of funds {inheritance / savings etc}
  • Bank Statements

The Cyprus bank will perform their due diligence and determine if the funds are from a reputable source or not.

If the funds are cleared they will become available in the account of the receiver. If not they will be returned to the sender.

As a purchaser of property in Cyprus, your Cyprus Lawyer will request these documents and these will be sent to the Cyprus Bank for investigation. If you do not provide your Cyprus lawyer with these documents, you will not be able to proceed with the purchase of your Cyprus Property.

If the bank needs further information to support the funds which you are sending for the purchase of your Cyprus Property, they will liaise with your Cyprus Lawyer, who will in turn contact you to request this information.

The above article was written by G KOUZALIS LLC.

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