Benefits Of Opening An Offshore Bank Account In Cyprus

Ever since the early 1950s, the popularity of offshore business has only been increasing, and today, it has reached far and wide in every part of the world. But with the increasing initiatives of countries against money laundering and illegal financing, opening an offshore bank account has become complicated. But it is still very possible to open an offshore account legally and reap all the benefits an offshore jurisdiction has to offer.

One of the excellent offshore jurisdictions in the Middle East is the country of Cyprus. The country offers excellent financial services to foreign investors. The country allows any individual or corporation to set up a bank account, whether they be resident or non-resident, with no minimum start-up deposit. This facility enables even small businesses to start up with the least capital. An offshore bank account formation is an added cream if you are planning to start an offshore business in Cyprus.

Banking In The Country Of Cyprus

The banking system in Cyprus allows you to open several kinds of accounts, whether it be a personal account, corporate account, partnership account, or opening an offshore bank account. It is totally up to the investor's choice to choose the bank they want to work with.

The banking sector constitutes a major portion of the economy in the country. There are over 40 local Cypriot and international banks operating in the country. All these banks come under the authorization of the Central Bank of Cyprus, and their activities are also being supervised by it.

Almost every bank offers similar services, but the main difference between these banks lies in the fees and other banking charges associated with different transactions. 

Benefits Of Opening An Offshore Account In Cyprus

  1. A wide array of financial services: Banks in Cyprus offer a wide array of financial services to foreign investors like debit or credit card facilities, internet banking, loan facilities, etc.
  2. Enhanced protection of personal information: Having your bank account in Cyprus provides you excellent protection of your personal and financial transaction information. The information is not disclosed to the public records and is kept highly confidential. Trying to breach this law without security will result in criminalization.
  3. Remote opening of account: Opening an offshore account could be so simple that you could do it from the comfort of your home without having to physically present in the bank provided you already have the necessary documents to do so.
  4. Fast process of opening: It takes just about four working days to complete an offshore account opening in Cyprus.
  5. Bank fees are low in Cyprus
  6. No minimum deposit to open your first offshore account
  7. No Double taxation: the country has signed double taxation treaties with over 25 countries, including the U.S, UK, Sweden, Norway, France, Germany, and others.
  8. Anonymous credit/debit cards: it is possible to anonymously open an account in Cyprus and own debit or credit cards. These cards can hold up to 5000 Euros per month.
  9. The benefit of online banking is also provided by banks of Cyprus so you can quickly and conveniently make all your international transactions or access your account anytime you like.

Documentation Required For Opening An Offshore Account In Cyprus

  • Permanent Address Verification; utility bill which is no more than three months old
  • A certified copy of the certificate of incorporation
  • A certified copy of the memorandum and articles of association
  • Copies of beneficial owners' passports
  • A bank reference letter for the beneficial owners

Our advisors at Business setup worldwide can help you guide in choosing your best suited offshore jurisdiction according to your needs. For more information, feel free to contact us anytime.

Categories: