Be aware of The Bank of Cyprus

Discussion in 'Offshore Bank Accounts & EMI Accounts' started by libertycity, Jun 14, 2018.

  1. libertycity

    libertycity Member

    Hello guys,

    I know the bank of Cyprus is popular,but not very good...
    Here are some bad things that I had with them:
    First they will review each transaction and your business contracts,you need to have enough business proof and take much time to prepare with their forms to keep your account living,the worse thing is they will charge of it without any notification.Usually at least 500EUR.

    When you want to close your bank account,it was 200EUR fees last year.
    But now the fee is 1% of all your transactions amount and the worse thing is they will add some undisclosed fees like reviewing fees that is not very clear and not disclosed on their website or any fees sheets.

    It is painful to deal with them,waste time and many hidden fees that you will be surprised hehe.
    I am thankful to your guys on this forum and want to share my experiences with your guys.
    Consider my experiences when you want to deal with them,good luck.
    Nyep likes this.
  2. MrTony

    MrTony Trusted Member Business Angel

    From the beginning of June Cyprus banks begun to close up accounts and don't open new accounts for offshore and shell companies (as LP, LLP from UK).
    The same process as to Latvian banks.
  3. Admin

    Admin Forum Moderator The Forum Cleaner

    What offshore companies did they not open accounts for ?
  4. Banker89

    Banker89 Building Trust Entrepreneur

    Ones which cannot prove they have economic substance, like real transactions, employees etc
  5. libertycity

    libertycity Member

    Hey man,I did not get this notification,where you see this message?is this offical?
  6. MrTony

    MrTony Trusted Member Business Angel

    Banker89 wrote all + classic offshore jurisdictions.

    Are you joking, I hope or you think Head of authority makes press conference by this issue? Just google news and compare with news about Latvia.
  7. Admin

    Admin Forum Moderator The Forum Cleaner

    Well, I don't understand where this propaganda is coming from! No problems at all with BoC, not problems at all with RBS - what's your problem actually!

    Do you have anything that can backup your claims ?
    Samuel Newman likes this.
  8. Samuel Newman

    Samuel Newman Offshore Desk expert Mentor Group Business Angel

    It looks like news about it could be found in Russian:)
    because, I've heared about it a lot of times this month from Russian clients only
  9. Jon Goldberg

    Jon Goldberg New Member

    Thats true, after US officials were in CY in May they told all locals how to run business properly if you want to stay in business,
    its simple our way or Latvian way, Russian clients were the first easiest target, news about Cyprus could be found mainly in Russian
    thats true, if CY officials will come out to public with all the details what will happen next it would be bank run, everybody understands that
    and the consequences to CY economy so they want to maintain a low profile, it probably wont affect those who have nothing to hide, legit
    business , no nominees, direct ownerships, accounts taxes are done/paid etc.
    Banker89 likes this.
  10. Admin

    Admin Forum Moderator The Forum Cleaner

    second that. I must admit I don't know if they have blocked Russia or the USA but so far I have not heard about anything like that. Maybe they do it depending on who apply for an account with them.
  11. negon

    negon hannibal the cannibal Mentor Group Business Angel

    I call BS this is not true. Know several people that have opened accounts there for offshore corps. Seems that a single guy which got declined is generalizing the situation there!
  12. MrTony

    MrTony Trusted Member Business Angel

    I have written not about the problem of the first guy from this thread. This is his personal problem and single situation. Just about the situation with offshores companies and LP, which will try to open new accounts.
    Jon Goldberg wrote absolutely right. At the moment big attention to Russian money (majority Cyprus companies).