Be aware of The Bank of Cyprus

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.
 

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.
 

libertycity

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

Samuel Newman

Offshore Desk expert
Business Angel
Mentor Group
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 ?
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
 

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.
 

Admin

Forum Moderator
Staff member
There is no problem with BOC for accepting new clients, there are cases like review charges but 1% transaction cost never heard about that.
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.
 

negon

hannibal the cannibal
BANNED MEMBER
Entrepreneur
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!
 

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).
 

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