Opening a bank account in Cyprus is not only safe, but also advantageous. Due to the assistance and support of the government, financial institutions provide an opportunity to reduce tax burden and eliminate risks of the impact of turning points of the economy. Entrepreneurs in Europe, North Africa and the Middle East are actively working with financial institutions of the island country.
Benefits of opening a bank account in Cyprus
You can open a bank account in Cyprus remotely, without visiting the island country. The Central Bank controls the operation of all financial institutions in the country.
The interest and attractiveness of foreign accounts for Russians are as follows:
high-quality remote maintenance, saving time;
the ability to make payments in various currencies (EUR, USD, GBP);
package of additional services — payments abroad, Internet banking, lending.
It is not necessary to deposit money directly to the new current account. It is worth considering that banks of Cyprus are subject to European laws which guarantee stability and reliability.
How to open a bank account in Cyprus?
Bank accounts in Cyprus for individuals
It is not complicated for an individual to open a bank account in Cyprus.
The package of documents for a financial institution is the following:
a completed application form;
passports, including foreign ones;
recommendation from the bank;
documents confirming the place of residence (utility bills for up to 90 days).
Bank accounts in Cyprus for legal entities
Financial institutions require from the applying companies the following:
charter (articles of association or memorandum);
address and certificate of incorporation;
lists of directors, shareholders;
reviews about the organization (if the company started its operation at least 6 months ago);
resolution (decision) and notarized power of attorney to act on behalf of the company.
In which bank should a Russian citizen open a bank account in Cyprus?
Opening a bank account in Cyprus for a Russian citizen without going abroad is easy with Protey Consulting Group. The whole process, from the preparation of documents to opening a bank account, will take from 2 weeks to a month. The cost of the service is starting from 450 euros. If a Russian individual independently addresses a financial institution, the same process will take 2-3 months.
Recommended banks with good reputation:
Bank of Cyprus;
Expobank Cyprus Branch.
Why choose Protey Consulting Group?
Protey Consulting Group offers legal and other corporate services. A certified and licensed representative works with offshore jurisdictions, maintains international tax accounting, accounting, assists in obtaining a second citizenship, conducts audits, opens bank accounts in Cyprus and other countries.
International certificates and diplomas (CPA, CIA, ILEC, ACCA, CFA and other) confirm the knowledge of specialists in international law. Extensive experience, including legal practice, allows for an individual approach to customers, taking into account their requirements and wishes.
The key to success in cooperation with a company is to bring any case to the expected result in compliance with international regulations and business standards. Protey Consulting Group is a reliable partner of individuals and legal entities.
An offshore bank account in Cyprus allows the transfer of funds by non-residents of the country. Such banking services of the island country are popular because of reliability, confidentiality, and the absence of inspections by regulatory authorities.