Can I open Business bank account in Cyprus?

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Remy

Active Member
Which banks are still working to open a bank account for a Cyprus limited really involved in buying product from EU countries and exporting in non-EU countries.

Is in Cyprus, as in some others EU countries, a special process in order not to pay VAT on goods bought in EU which will be really exported outside from EU ? The point is for this kind of company working only for export, the credit of VAT to be refunded is always a painful and long process with cash permanently to be refunded and not available.
 

James Spader

Forum Moderator
Staff member
As mentioned on this forum a few times before. The problem is not to find a bank but to get the account. Most if not all banks will only open an account in Cyprus for you if you are going to establish a real business there which include a office, staff, real director etc.

For small businesses it may be too much but for people which I know are around here it may not be that much compared to what benefit they get.
 

RAZ

New member
Hello Moderator - I have just come across this website today and have been browsing its history. Many of the topics were started four years ago and the EU, OECD and the FATF have made it a very different environment today. In looking at your more recent comments your explanation of current circumstances regarding bank accounts for non resident companies in Cyprus rings true and seems commonplace now. I have personal experience of trying to open accounts in Singapore without success.

I am using a Marshall Islands IBC (Secrecy of funders of IP and lower short term costs to time of IP creation) to fund R&D creation of intellectual property which will take years to develop and so the company will not be managing IP income for a long time. The company will be licensing the technology in the future and will establish a presence in the bank account location when the time comes. What jurisdiction do you think would look favorably on establishing a bank account? Given it is a company that will have no transactions bar a few payments and evidence of business transactions will only be a contract with a preeminent US university. I am not a US tax resident.
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
Hi!

I contacted the guys at SBSB FinTech Lawyers. They helped me close a similar issue quickly.

Hope you realize your replying to a post that is over 2 years old :confused:.

Welcome to the forum however.
 

I'mRobot

Offshore Agent
Mentor Group Gold
That is cool I'm sure some of the Cyprus firms around here are able to help solving issues like that.
 

CyprusLawyer101

Mentor Group Gold

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