In order for money to be accepted into Cyprus by banks, the actual source of funds must be provided by way of tax clearances, audited accounts from companies from which the money is coming, and the actual tax returns of the beneficiary of the money.
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What kind of source-of-funds documentation do I need for my Cyprus citizenship application?
I come from a country where banking and funds are not well documented. Many deal in cash or even gold. I have the funds to complete a successful citizenship-by-investment application, but will I face hurdles by not having a lot of documentation backing up the history of my funds? Is there anything I can do to make my application better?
Answers
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Please note that according to the law on the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007-2018 applicable in Cyprus, professionals, including lawyers, auditors, accountants, real estate agents, alternative investment funds, credit institutions and others (service providers), are required to apply a due-diligence procedure so as to get to know their client (KYC). This also includes the verification of source of funds and size of wealth. To complete a successful citizenship-by-investment application, a service provider must be engaged, therefore the said KYC procedure will be required to be fully completed by the service provider before any service can be provided.
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It is difficult to provide a clear and accurate answer to your questions, as it is very general. However, based on previous experience when we will look into the merits of your case and analyze your income, sources and the way your wealth was accumulated, we will be able to know if the source of income is justified. In order to do that, we will need to have a due-diligence procedure in order to be able to assess your case.
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