Cyprus - bank accounts for offshore companies labelled as "shell companies", any option now?

[OFC1]

The bank is asking us if we are a "shell company" based on the memo sent from the Cyprus Central Bank to all local banks where they instruct them to close all bank accounts of companies which do not have real physical presence in Cyprus. Is this the end of offshore in Cyprus for online companies without physical presence (they say lawyers and nominee directors do not count)? Are there any banks in Cyprus now which do not close accounts of legitimate shell companies?

 

[negon]

Well, you need an agent that is able to help you with particular problem. So far I have seens accounts got shut down, I have also seen Cyprus corps losing their accounts. However, I have seen many offshore corps. as well as Cyprus corps that keept their accounts because the agent was able to help.

I don't know the long term on all of this but it's not the end and it won't be.

 

[OFC1]

As I see it, it might well be the end of offshore in Cyprus since no account = no business.

 

[negon]

As I see it, it might well be the end of offshore in Cyprus since no account = no business.

So it's good that each individual is looking at it at a different point of view! Finally each business or person has their own requirements or can use a business setup in a different way than another. If this was the end, OH MY I believe there wasn't anything left in this world any longer.