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Open a bank account in offshore Cyprus

Banks of Cyprus: how to open an account

2019-12-25
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Many entrepreneurs are looking for foreign banks to open an account with a company in order to conduct non-cash financial transactions and save capital. It is quite difficult for a legal entity to open an account in Cyprus you need to collect a large number of documents, fill out various bank forms. To accelerate this process and please contact our IT-OFFSHORE specialists.

Collecting documents to open an account

Before opening an offshore account in Cyprus or a personal account, a number of documents are required. Individuals are required to submit to the bank an identification document, proof of domicile, recommendations from financial institutions and proof of solvency.

If an account is opened for a company, the following documents will be required:

  • Passports of all company members;
  • Founding documents for the organization;
  • Proof of residence;
  • Recommendations from the financial institution;
  • Application for opening an account on the Bank form;
  • Confirmation of creditworthiness. 

Obligatory condition of banking organizations of the jurisdiction is the personal arrival of the beneficiary to meet with a representative of the bank. Given that Cyprus is a member of the European Union, banks seek to support European requirements for account opening and use. This makes it more difficult to buy an account in Cyprus.

Most banks require detailed information about the movement of funds in the account and the availability of supporting documents for transactions.

The benefits of opening an account with a bank in Cyprus

Banks in Cyprus are reliable; they provide good conditions for their customers. If the conditions are met, a commercial account can be opened in a short period of time. Financial institutions of the jurisdiction do not have requirements on a minimum balance and the amount of down payment.

An account can be opened within 30 days on average. Most financial institutions guarantee bank secrecy; requirements to clients are not complicated. The terms and conditions for opening commercial accounts are reasonable.

Where to open an account

One of the financial institutions where you can open an account for a company is Bank of Cyprus Group. The institution is one of the largest banks in the jurisdiction. The bank has representative offices in various countries, including Russia. In total, there are more than 100 branches of this bank in Cyprus. The advantages of this bank are that the tariffs for services are relatively low, accounts are opened relatively quickly, and services are provided in a quality way. There is an opportunity to open personal and corporate accounts in all major currencies, and there are services for issuing credit.

Hellenic Bank was founded in the mid-70s. The bank is considered universal and provides a full range of financial services and various banking products. The advantages of working with this bank are that it is stable and works in accordance with European legislation. There is Russian-speaking staff, advantageous tariffs are offered.

USB Bank PLC provides services to private and corporate clients in Cyprus. This financial institution is considered reliable and has many good references. The institution was founded in 1925.

Eurobank Cyprus is an independent legal entity which was registered in 2007. The institution offers asset management services, data privacy, and high-quality service. Tariffs are acceptable. It is possible to open a corporate account in all major currencies. There is Russian speaking staff.

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