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Home > Offshore Company > Offshore Bank Account > Bank in Cyprus

Our company offers introduction services for opening corporate bank accounts in Cyprus.

About the Bank

This bank is the largest bank in Cyprus. It offers a full range of banking and financial services to both domestic and international customers.

The bank was established in 1899. It offers services through its branches in Cyprus, Australia, Greece, Channel Islands, Russia and Ukraine. The bank also has representative offices in Canada, Russia, South Africa, Ukraine and Romania.

Currently the bank has over 36 billion EUR in assets.

Banking Secrecy and Tax Treaties

Cyprus authorities has no direct access to bank information. Court order is required to get such access.

Cyprus has double tax treaties with 45 countries including Canada, UK, US and most EU countries. Such wide net of treaties creates valuable opportunities for international tax planning.

As a member of European Union Cyprus exchanges information with other EU countries in accordance with the EU Savings Tax Directive. All Cyprus banks must report to the Cyprus tax authorities interest earned by individuals, who are residents of other EU countries. That information is passed to the tax authorities of those countries.

EU Savings Tax Directive is not applicable to the interest paid to legal entities, such as corporations, limited liability companies, trusts and foundations. Thus no information about legal entities is passed to the tax authorities.

Required Corporate Documents

Our company prepares all required corporate documents in accordance with the bank requirements.

Required Personal Documents

The bank requires the following personal documents from each Beneficial Owner, Director and Signatory:

• A certified copy of the valid passport (pages containing photo, signature and personal details)

• Bank reference letter issued less than 6 months ago

• Proof of residential address (original utility bill with individual’s name and residential address).

Specimen Signature Card signed by the signatories must also be certified. The certification must be done by a bank's branch, representative office or any Greek Consulate.

Personal Visit

Personal visit is not required for processing of the application.

When the application is pre-approved, directors and signatories are required to visit one of the bank's representative offices located in Canada (Toronto), Russia (Moscow, St. Petersburg, Yekaterinburg), South Africa (Johannesburg), Ukraine (Kiev) and Romania (Bucharest) for an interview. Alternatively, they may visit the bank's head office in Cyprus (Nicosia).

The listed above required personal documents may be certified by a bank officer during the interview.

Initial Deposit

No initial deposit is required.

Minimum Balance

No minimum balance is required.

Online Banking

The bank offers advanced online banking including:

• Access to account balances and account transactions

• Transfer money between accounts in the same bank

• International wire transfer payments.

Clients have access to their accounts 24/7.

Debit and Credit Cards

The bank offers debit cards Visa, MasterCard and American Express to international business companies. As a result, clients have the following advantages:

• 24/7 access to funds in any place of the world

• worldwide acceptance for any online or in store purchases

• worldwide cash withdraw.

There are no credit limit and security deposit for debit cards. As soon as a client has a positive balance on his corporate account, he may use the card.

Credit cards are not available.

Time Required

The bank usually opens a corporate account in one week after receiving completed application forms, corporate and personal documents and verification of clients personal documents and business information.

Currencies

The bank opens accounts in USD, EUR, GBP and CAD.

Bank Fees

Bank Account Fees:

• Maintenance fee payable quarterly: EUR 4

• International wire transfer fee

  • Inward payments:

    • for amounts received from EU country: up to €50,000 no change; for amounts over €50,000 the fee is €25;

    • For amounts received from outside of EU: 0.1%, Minimum €8.50 / Maximum €25 + €8.50 Processing Fee

  • Outward payments:

    • payment within EU - 0.15%, Minimum €5 / Maximum €10

    • payment outside of EU - 0.1%, Minimum €8.50 / Maximum €425 + €8.50 Swift charges + €8.50 Processing fees

• Fee for the issue of a bank draft: 0,15%, Minimum €5, maximum €10

• Cheque book: €10

• Internet banking: free of charge

• Bank's fee for opening a current account: free of charge.

Debit Card Fees:

• Issue fee: free of charge

• Annual fee: EUR 35

• Cash withdrawal: 2 %, min EUR 3.

Feedback of Our Clients

Our company introduces its clients to the bank and constantly monitors clients experience with the bank's services.

The bank's new client acceptance rate is around 85%. About 15% of applications are declined due to inability clients to provide required personal documents and references or nature and current condition of clients businesses.

Our clients, who use this bank have extremely high level of satisfaction with the bank's services.

Our company highly recommends this bank.