Updated
GL-S-05
Glossary · Cyprus PR
Source of funds for Cyprus PR - where the money comes from and how to prove it
Proof of where the €300,000 came from and how your wealth was built
01 / In 30 seconds
The short answer
- What it is
- Proof of where the €300,000 came from and how your wealth was built
- Requirement
- The money is transferred to Cyprus from abroad from the account of the applicant, the spouse or their company
- Who checks
- The Cyprus bank, the transaction lawyer and the Migration Department
- How to prove it
- Statements, asset sale contracts, dividends, inheritance
02 / In plain words
What Source of funds for Cyprus PR means
Source of funds (and source of wealth) answers two questions: where the investment money came from and how you built your wealth. For Cyprus PR three parties check it: the Cyprus bank, the transaction lawyer and the Migration Department.
The criteria require proof that the €300,000 was transferred to Cyprus from abroad from the account of the applicant and/or spouse, or of a company they solely own. A Cyprus bank loan does not qualify for this amount. Every payment must be linked to the contract: transfers, SWIFT confirmations, bank letters on incoming payments.
Source of funds and income are different things. Income of €50,000 a year is proven with a tax return, while the source of the €300,000 is shown by statements of the account abroad, contracts for selling a business or property, dividends or inheritance. A Cyprus bank reviews these documents for 2-6 weeks.
A simple example
A client sold his business and keeps the money in his personal account abroad. We gather the sale contract, 6 months of statements and a bank letter. The Cyprus bank reviews them in 3 weeks, and then the money goes to the developer.
When you will be asked about the source of funds
- First consultation: where the money is and in whose name
- Client checks: sanctions, PEP, source
- Opening a Cyprus bank account
- Paying under the contract
- Filing the PR application
03 / What it covers
What the check covers
Where the money is
- Personal account abroad
- Spouse's account
- Company you solely own
How it was earned
- Salary and business
- Sale of assets
- Dividends, inheritance
Documents
- 6 months of statements
- Asset sale contracts
- SWIFT confirmations
Red flags
- Money via third parties
- Complex company chains
- Cash with no history
04 / How it works
How the source check works
Questions
At the consultation we ask where the money is, whose account it is in and how it was earned.
Documents
We gather statements, asset sale contracts and dividend letters.
Bank check
The Cyprus bank reviews the source for 2-6 weeks.
Transfer
The money goes from your personal account abroad to the seller's account in Cyprus.
Proof
We link every payment to the contract for the Migration Department.
05 / Key facts
What matters
01Whose account
Yours, your spouse's or your company's
Only the personal account of the applicant or spouse, or of a company they solely own, qualifies. Transfers from relatives or partners will not count.
02From where
From abroad
The money must reach Cyprus from abroad. A Cyprus bank loan does not qualify for the €300,000.
03Timing
2-6 weeks
That is the usual length of a Cyprus bank's source of funds check. We prepare the documents in the first 1-2 days of work.
04Income
Separate
The source of the €300,000 and annual income of €50,000 are two different requirements, each with its own documents.
Common mistakes
Sending money through a friend or partner
A transfer from someone else's account will not prove the investment. First move the money to your own account abroad.
Starting the transfer without statements
The bank will hold the payment until it checks. Prepare 6 months of statements and asset documents in advance.
Confusing source of funds with income
A tax return proves income, not the origin of the €300,000. You need both sets of documents.
06 / Expert advice
How to prepare in advance
Collect 6 months of statements for your account abroad and documents showing where the money came from: a flat or business sale contract, a dividend letter, inheritance papers. Keep the money in an account in your or your spouse's name.
What we do for you. We check the source of funds in advance, prepare documents for the bank and the Migration Department, and build a money route with no unnecessary links.
Klara RihterBanking compliance and source of funds specialist
07 / Questions
Frequently asked questions
Proof of where the €300,000 came from and how your wealth was built.
The personal account of the applicant or spouse abroad, or the account of a company they solely own.
Not directly: the money must come from your or your spouse's account. We work out with the lawyer how to move your parents' funds into your name properly before any transfer.
Usually 2-6 weeks.
6 months of statements, asset sale contracts, dividend or inheritance documents and transfer confirmations.
Not for the €300,000: that amount must come from abroad.
Cyprus PR glossary
- Cyprus PR programme →
- Cyprus PR
- ARC (Cyprus alien registration)
- Form MIP2
- Cyprus residence card
- Cyprus PR criteria
- Cyprus Migration Department
- Dependent students 18-25
- Cyprus PR monitoring
- Cyprus Department of Lands and Surveys
- Title deed in Cyprus
- DLS search certificate
- Encumbrance in Cyprus
- Separate title deed in Cyprus
- Developer mortgage in Cyprus
- Reservation agreement in Cyprus
- Sale contract in Cyprus
- Contract deposit in Cyprus
- Specific performance law
- Direct title issue to the buyer
- Cyprus transfer fees
- Foreign buyer permit (Cap. 109)
- Planning permit
- Building permit
- Certificate of final approval
- Division permit
- First sale from a developer
- Resale property in Cyprus
- 18-month new building rule
- Commercial property for Cyprus PR
- Short-term rental licence
- VAT on Cyprus property
- Reduced 5% VAT on housing
- Cyprus tax identification code
- Cyprus stamp duty
- Cyprus capital gains tax
- Special defence contribution
- Cyprus non-dom status
- GESY health contribution
- Cyprus tax residency
- Cyprus income tax
- Investment in a Cyprus company
- Investment in a Cyprus fund
- Cyprus PR government fees
- Family members in Cyprus PR
- Apostille for Cyprus
- Certifying officer in Cyprus
- Citizen Service Centre (KEP)
- Sworn translator in Cyprus
- Police clearance for Cyprus
- Plan A health insurance
- Power of attorney for Cyprus
- Income affidavit
- Non-employment declaration
- Medical tests for Cyprus PR
- Cyprus citizenship by residence
- All terms →
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