The Republic of Cyprus is one of the third largest islands in the Mediterranean Sea that has marked itself as a benchmark of offshore destination.
In earlier times, offshoring was considered an illegal or unethical activity. However, with time, the offshore business segment has turned out to be profitable for nations favouring the concept as it helped the countries enhance their GDP to a great extent.
Be it company incorporation or even opening a bank account, the offshore destinations turn out to be a game-changer. Globally, today, more than 30+ offshore jurisdictions welcome business investors, entrepreneurs, and MNCs to come forward and invest.
Here's a link to the most popular offshore destinations widely chosen by business minds. Of course, banking plays a significant role in boosting the economy among offshoring activities.
If you are a business professional looking to safeguard your wealth and assets, you can count on Cyprus for the same. This guide highlights the core benefits of opening an offshore bank account in Cyprus.
Offshore Bank Account in Cyprus
Opening a Cyprus offshore company is one of the possible moves that can be done to deal with offshore business. However, if an investor is looking forward to safeguarding the assets, opening an offshore bank account in Cyprus is necessary.
By opening an offshore bank account in Cyprus, one can avail of the following benefits:
- Exposure to Financial Services
Most business investors find it beneficial when dealing with foreign investments—as they get exposure to the available financial services.
The bank of Cyprus offers a wide array of financial services to foreign investors like debit or credit card facilities, internet banking, loan facilities etc.
- Higher Scope of Profit
Offshoring brings a higher scope of profit as compared to national investments. Therefore, Cyprus is a perfect destination that holds perfect ground for having a company or investment account. In addition, the non-residents can earn significant tax benefits on all foreign-sourced income.
- Complete Remote Assistance
Another leverage that the investors can get by opening an offshore bank account in Cyprus is remote assistance. While you sit at your destination, your business entity can be incorporated in Cyprus, and funds get transferred easily in a hassle-free manner.
- High-End Security
Holding an offshore bank account in Cyprus gives the account holder a complete sense of high-end security regarding personal and financial transactions. As per the rules, the public records remain undisclosed. Any breach in the contract would result in legal steps.
- Maintain the Anonymity
Yes, you heard it right! Cyprus offers the flexibility to open an anonymous offshore bank account. In addition, tools like debit and credit cards can be easily held and hold up to 5000 Euros per month.
- Low Minimum Deposit
Another critical trigger that provokes investors to open a bank account in Cyprus is the low minimum deposit. Thus, it marks a sense of relief for most business owners, making it easy to incorporate a business entity in Cyprus.
- No Double Taxation
Cyprus has signed Double Taxation Treaties (DTAs) with more than 25 countries, meaning no import and export taxes. A few countries in the list covers the U.S, U.K, Norway, France, Germany, etc.
So, now you know the benefits of opening an offshore bank account in Cyprus, what's stopping you? It is also recommended to open a bank account at the time of incorporation. The core tasks get completed initially, building a better scenario for handling your finances at ease.
Business Setup Worldwide is one of the top business consultants in UAE who has been helping business investors to incorporate business. Our team consists of well-versed business experts with the core business proceedings in different corners of the world.
From setting up a business to opening a bank account, our advisors are well-versed with the entire proceedings. So if you plan to open a bank account in Cyprus, then get in touch with our advisors today-we'd be glad to assist!
1. After incorporating an offshore business in Cyprus, do we need to appoint an auditor?
Yes, appointing an auditor is a must after incorporating a company in Cyprus.
2. Can we use a Cyprus offshore company for wealth management?
Yes, a Cyprus offshore company can be used for wealth management shareholders.
3. Can I trade in multi-currencies?
Yes, you can trade using multi-currencies after setting up a company in Cyprus.