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As an citizens of the European Union you can't just open a bank account in another EU country without reporting this to your local authorities, also this is automatically done by the bank.
To avoid this you will need to have an Offshore company outside of the EU incorporated, like Seychelles, Belize or BVI and then have this company to open a business bank account in the EU country for example in Cyprus.
Doing it this way it is even legal not to report your income or the account itself.
Above is what I just got informed by some company, is it true?
yes this is true, it is all about to get the right advice when planning to go offshore. I see many around which open bank accounts as EU citizens and as personal bank accounts for instant in Cyprus or the UK, this is a fatal error since it will be reported to the local authorities.
The safe and legal way is as you already mentioned, setup a company in Belize, Seychelles or BVI and let this company open a business bank account for instant in Cyprus! this will aboid any reporting.
If you need to have a company in the EU for business purposes, then let the offshore company in the Seychelles, Belize or BVI registering a company within the EU and have this EU company to open a business bank account, this would also be a option!
Thank you for your confirmation, looks like I'm on the right track now and just need to figure out how everything is done and the costs ofcourse.
Just so we are on the same page, what you suggest is that I setup a offshore company in the jurisdictions you mentioned and then have this company to register a Cyprus company right?
