Offshore bank account in Cyprus

Cyprus is an EU member, therefore anyone selecting offshore banking in Cyprus is selecting a reputable and well regulated jurisdiction. Cyprus is also one of the least taxed nations in the world and has the lowest tax rates out of the 25 EU member states, making it an incredibly attractive offshore centre.

Cyprus is not considered the perfect location for everyone, as it has signed up to meet the exacting requirements of the EU Savings Tax Directive. However, Cyprus offshore is still very appealing, having over 17,000 offshore companies - or IBCs as they are referred to in Cyprus.

The Cyprus banking and legal structures are based on the British model; they are well regulated and highly regarded. Cyprus is a nation well aware of the importance of its banking business and it therefore does not make opening an account difficult.

The privacy and security of accounts is highly respected and the interest payable on certain accounts is extremely attractive, with some offering up to 100% tax free options depending on the residency of the account holder. There is an added attraction for pensioners who decide to relocate to Cyprus as they only ever pay a maximum of 5% income tax.  Expatriates resident in Cyprus do not pay any tax on income derived outside of Cyprus.

The more popular banks in Cyprus include:

• Hellenic Bank Ltd
• The SCF Group International
• The Bank of Cyprus Group
• The Cyprus Popular Bank Ltd

When applying for an account in Cyprus you will need the following from all signatories to the account:

• Completed application form.
• Provide proof of residential address such as a utility bill or bank statement which shows the address.
• Provide a certified picture ID i.e. a copy of your passport.

Once the account is approved a minimum initial deposit must be deposited to activate the account.

To open a bank account in Cyprus, call or email us today.