Offshore Bank Account in Cyprus

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.

Opening accounts in offshore banks of Cyprus is convenient and advantageous for influential individuals and companies. The foreign capital is successfully attracted due to low rates or absence of taxes on bank deposits, quick and simplified registration with the aforementioned small package of documents, protection of assets from seizure, and high confidentiality. Offshore accounts are recognized as the most protected method in times of crisis. Despite the legality of opening offshore companies, in order to combat tax evasion, each country presents a number of requirements for such cash flows.

You should open an account with an offshore bank for several reasons:

• the ability to work with a more stable currency;
• guaranteed reliability;
• unlimited access to your money anywhere at any time;
• minimal or absent interference of regulatory authorities;
• enhanced confidentiality.

Each financial institution has its own list of necessary documentation, which may increase depending on the location and particularities of the bank. Notarized translation of all official documents into the language of the country where the financial institution is located is an important requirement. Usually the full cycle of this service takes no more than 7 weeks. Anonymous account opening is prohibited.

Opening an offshore bank account is not complicated. When choosing a bank, take into consideration the terms of opening, cost of services, list of required documentation, and required minimum balance.

Among the leading banks in Cyprus with an excellent reputation are:

• Hellenic Bank
• Piraeus Bank
• Bank of Cyprus

Protey Consulting Group will help you with the opening a bank account in Cyprus for an offshore company or individual. The cost of this service starts from 450 euros. The timeframe varies from 2 to 4 weeks. Highly qualified specialists provide an individual approach to customers. 10 years of experience, international certificates (CPA, ACCA, CFA and others), in-depth knowledge of our employees will help you to achieve the desired results in a short time without the personal presence of the owner of the capital.