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Cyprus Business Bank Account

The bank we work with

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 billions EUR in assets.

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Banking privacy & 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 documents

The bank requires the following personal documents from each beneficial owners and authorized signatories:

  • A notarized copy of the valid passport (pages containing photo, signature and personal details)
  • Bank reference letter issued in the last 6 months
  • Proof of residential address (original utility bill with individual’s name and residential address).
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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.

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Minimum balance

No minimum balance is required.

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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.

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.

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Time to open an account

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.

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Currencies

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

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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.
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How to proceed?

If you are interested or want more information regarding the opening of a personal bank account in Belize, please contact Levi WEISZ, Managing Director of Australia-Offshore:

SENIOR COUNSEL, DIRECTOR
Levi WEISZ

Levi is experienced in business structuring for small and medium companies. He holds a Master of International and European Business Law, University Paris Ouest-Nanterre La Défense in France and a Master in International Taxation from the University of New South Wales.

Levi spent 2 years as an assistant general counsel of STARLIMS, a high-tech company listed on NASDAQ and based in Tel Aviv, Israel.

Before coming to Australia, Levi worked in the Tax and Corporate department of Squire Sanders, an international Law firm based in Paris, France.

Tel : + 61 (451) 673 770
Fax : + 61 (291) 227 144
E-mail :
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