My grandparents want to gift me the funds to invest in Cyprus’s golden visa program. They just sold a few real estate properties to liquidate the funds, and will then transfer the cash to me. We are planning to transfer the funds in early 2018 and hope to do this right so my application is successful. Any advice is much appreciated.
Answers
Kindly note that a confirmation letter from your bank will prove the funds were gifted to you will be acceptable for your Cyprus golden visa application. The funds should be transferred to your personal account abroad.
This is clearly a bank issue, whether or not the bank will be able to clear the money transferred. Based on the Cyprus Banking Regulations, you will have to prove your relationship to your grandparents and the due diligence and KYC will need to be completed by you and your parents. For example, you will need to provide us with the following: (1) a copy of your and your grandparent's, (2) a utility bill from you and your grandparents, (3) employment certificate, (4) corporate documents from the company of which you are a shareholder and financial reports from that same company (if applicable), (5) source of income for your grandparents (6) a statement showing your grandparents gave you this money and transferred it in Cyprus and (7) birth certificates for yourself and your parents to prove the relation to your grandparents. Please note that it is at the bank's discretion to request further documents in order to clear funds.
You would need to show the familial relationship between you and your grandparents (i.e. birth certificates) and the source of the funds (sale of real estate and a deed of gift). These should suffice for Cyprus CBI purposes.
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