The Republic of Cyprus with its low taxes, free-market economy, and entrepreneurship promoting system, is an attractive destination for many. Keeping in line with its corporate-friendly reputation the bank accounts in Cyprus are inaccessible to the government and can be accessed only with a court order which isn’t easy to come by. However, Cyprus banks have to share tax details of their clients with other EU members conforming to the mandatory EU and OECD regulations. 55 double tax treaties, zero capitals gains tax, no taxes on interests are just some of the huge advantages of choosing Cyprus as the next investment destination and to get an offshore bank account in the island country.
Just like incorporating a company in Cyprus opening a bank account has been made acutely straightforward and simple. In almost all cases required documentation is minimal and there’s no ask for an initial deposit or minimum balance to be maintained in the account. Cyprus boasts a modernized banking industry which deals in most big currencies and offers all modern facilities like credit and debit cards.
Documents needed
• Passport of the account holder (Owner/s, director/s, Shareholder/s in case of a company)
• Utility bills to prove residence.
• Reference letter from the present bank.
• In case of a corporation the certificate of incorporation and other relevant documents.
• One might have to provide details about turnover for corporate accounts.
• An application explaining requirement for the account in only a few cases.
Special features
• Many banks require the applicant to be physically present at least once for signing the documents. However, some banks offer courier services or applications through embassies where the applicants don’t have to be present in the country at all.
• Fastest banks make the accounts available in as early as two weeks.
• There are facilities for anonymous credit cards.
• Total costs of opening a bank account in Cyprus are significantly lower as compared to elsewhere in EU.
• There are also provisions for nominees to run the account for protection of the owner’s privacy.
We can help
Simon Zenios Co provides assistance every step of the way in incorporating your company including handling all aspects of opening your bank account. We provide experienced personnel to prepare an incorporation strategy for you based on your distinct needs. Our services are cost-efficient and we try our best to benefit the client as much as possible, for instance saving on attestation of documents by applying to banks which don’t ask for the same. The client can kick back and relax while we deal with all the due diligence and bring the most favorable deals with our partner banks. We are always available for any queries you might have about any part of the incorporation of companies, immigration, or other such legal matters. Contact us here.
It is also essential to mention that since the economic crisis of 2013 the banking industry though weakened has significantly gained its strength back. While some individuals still would prefer to store their personal wealth abroad, the benefits of having a corporate bank account in Cyprus far outweigh the risks.
One thing to keep in mind is that Cypriot society is distinct from many other European ones in the pace of life. ‘Siga-siga’ meaning slowly-slowly is one of the most popular mottos and people actually live by it. So, one should prepare themselves for a more relaxed pace in all day to day transactions including banking. This may be hard to adjust to at first for people used to express and rushed services but is fairly adaptable with the passage of time.
