Title Deeds - Source of Purchase Funds

[Varky]

I have just been informed by my lawyer that before issuing the Title Deeds the Land Registry require me to contact my bank to get a confirmation letter that all the funds I used to purchase the property originally came from outside Cyprus. Has anyone else had to jump through this hoop?

[LouiseCastricum]

Yes we did but that was more than 25 years ago and the money we had to pay was sent from outside Cyprus. .

[Anarita John]

We got our deeds just a year ago but we did not have to prove the payments for our villa came from outside Cyprus. We did have to provide evidence of each stage payment and had to submit all receipts to Land Registry. One of our receipts was emailed to us and Land Registry would not accept that as a legal receipt and we had to go to the bank and get evidence of the payment. We then had to go through the same process with A certain bank to prove that we had paid for our villa in full, even though they were the developers bank.

Thank goodness we kept a careful record of all our transactions.

[Kili01]

Yes, these days banks are very keen to have proof of where funds come from. It’s all to do with trying to prevent money laundering.I’ve had recent experience of this when I bought a property here in Cyprus a few months ago. Proof was needed from both banks, here and in the UK- it was an extra hurdle to clear.
You’ll have to comply.
Dee

[Varky]

Kili01,

I never thought that I wouldn't have to comply. I just wanted to know if others had had the same request.

As far as money laundering is concerned, as I have provided details of payments from a bank here in Cyprus via a mortgage, I would have thought that would have been good enough for that.

But they are requesting proof that the money to pay off the mortgage came from abroad. I suppose next I will have to prove that originally the bank in UK, from where I sent the money, received the money legally.

[Cheshire Lad]

Had a similar experience when opening a second bank account recently. Same question.
We were asked to make a declaration ( written on the application form, that the funds came from the sale of our UK property.

We weren’t asked for any further proof but we do have the completion statement provided by the Solicitor evidencing the sale and the confirmation that the surplus monies were transferred to the bank. The letter also confirms the transfer of 5he title deeds from us to Them

CL

[manxie]

It reminds me the old saying locks are only made to keep honest people out

[WHL]

This isnt anything new, thirty years ago, when I bought our house, the tax office called me in and wanted to know where the funds came from, I didn't have a problem, because we transferred the money from our UK Bank, but then while they where at it, they wanted to see receipts for furniture/ cars etc etc, no problem because my wife, keeps every receipt from year dot.

[J B]

I have just been informed by my lawyer that before issuing the Title Deeds the Land Registry require me to contact my bank to get a confirmation letter that all the funds I used to purchase the property originally came from outside Cyprus. Has anyone else had to jump through this hoop?

We have our deeds but just wonder ...
Our house was built by ICE Developers (now bankrupt) and all funds came through the now defunct Laiki bank.

It would have been interesting proving all that!!

[WHL]

A sensible lady, your wife, WHL. And we do the same. You just never know when you might need proof of something, not least for insurers. And even more so after the UK leaves the EU, if you decide to return to the UK with your personal possessions.

Good to know, I could ask her for the Electricity bill for say january 1999, and she will produce it with in five minutes, quote from the tax guy, ..ive neveer seen any thing like this.. when we showed up with everything he asked for

[josef k]

I bought a resale around a year ago and didn't have to prove the source of funds to the land registry, in fact I wasn't even asked where the money came from. I got the deeds 6 weeks after the sale, so they are obviously happy.

Perhaps this is something new.