Opening a bank account in Cyprus
The choice as a country to which you can entrust your funds by opening an account in Cyprus is clear. This republic offers many benefits to its depositors. Namely: significant tax benefits, cooperation with influential partners around the world, high-quality services in the banking sector, and the choice in opening any account. Moreover, the Economic Citizenship Development Program supports bank deposits. It implies the issuance of the country's citizenship when opening a deposit for a period of 3 years in the amount of 5 million euros or more. https://www.advancedconsulting.cy/ provides a complete guide about opening a bank account in Cyprus.
Benefits of Cyprus offshore bank account
Clients trust Cyprus banks. They are reliable and stable. We would also like to note the following advantages:
• Favorable conditions for depositors and convenience of the very banking system of Cyprus.
• Guaranteed security of the storage of funds.
• Individual approach to each client.
• Individuals who apply to a Cypriot bank can rely on loyalty from the institution.
• Remote account management (Internet, fax), providing a comfortable connection with a Cypriot bank.
• Continuous development of new technologies in the financial sector, which improve the quality of banking institutions.
• Opening an account is possible in any currency.
• The fastest possible production of cards for debit and credit. In this case, the presence of the client is not required.
• Reasonable cost of banking services.
• Absolute confidentiality.
How to open bank account in Cyprus
It will generally take 3-4 days to open a bank account in Cyprus, as it takes time to verify the submitted documentation. Many banks in Cyprus allow remote account opening. The client's signature is only required to activate the account. Cash flow management is carried out using a mobile application that is installed on the client's smartphone. You can use the program only after signing a special form that allows remote transactions. This document contains the address of permanent residence, the employing company's location, and the contact details of the account holder. Many banks in Cyprus do not have minimum balance requirements for the account. An individual can open several types of accounts in Cyprus. The current account does not imply the accrual of interest on the cash balance. The money in the current account is available to the counterparty at any time.
Account opening procedure
To open a bank account in Cyprus, all company beneficiaries and signatories to the account will need to provide the following documents (all documents must be in English):
• a notarized copy of your foreign passport;
• Proof of residential address (for example, a utility bill dated no later than three months from the date of payment);
• proof of legality of income (for example, income statement or tax return);
• a letter of recommendation from any bank with an account or a company in the European Union.
It is a basic list of required documents. Any Cypriot bank at its discretion can request additional.
Conclusion
A few years ago, opening a bank account in Cyprus practically did not cause any difficulties. In the eyes of foreign citizens, it has won the status of one of the most understandable and popular low-tax zones. However, in recent years the situation has changed. Under pressure from the EU, the Central Bank of Cyprus banned banks from opening accounts for so-called shell companies - companies that do not have offices and do not conduct real business at their place of registration. https://www.advancedconsulting.cy/opening-bank-accounts/bank-account-in-cyprus/ gives more information about all the issues concerning bank accounts in Cyprus.
The only exceptions are companies doing a particular business in Cyprus or another country. Such businesses include:
• ownership of shares in other companies whose beneficial owners can be identified;
• activity as a holding - ownership of tangible and intangible assets in Cyprus or other countries, including real estate, ships, and aircraft, financial instruments, etc .;
• business related to asset management, foreign exchange transactions, securities trading, etc .;
• acting as a treasury company for a group of companies.
At the same time, Cypriot companies are strictly prohibited from opening accounts for companies that do not maintain accounting records, and those that are residents of countries included in the OECD, EU, or FATF blacklists are not tax residents of any state at all.
