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How your banks/brokers (personal accounts) reacted after you changed residence to Cyprus

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deepspeculator

New member
I'm planning to change my personal residence to Cyprus soon - don't know yet if I will just use their 60-day residence, and travel between couple countries during rest of the year, or if I will just live in Cyprus (and spend there over half of the year).

However, by threads here, I see that some EMIs and banks treat Cyprus companies not so well (close their accounts or not allow to open new accounts). Of course, this is for services for companies, maybe they treat private people who moved to Cyprus better.

So, I just wanted to ask you: If you were foreigner who moved to Cyprus (and opened company there), did you have any problems with your personal bank accounts or stock brokers opened in other countries? For example, did they closed your accounts after you moved to Cyprus?

In particular, these are accounts I would like to not have closed:
- personal bank accounts: Swiss bank account (in normal Swiss bank owned by canton, not some internet bank), Australian bank account (in normal major bank)
- stock brokers: Interactive Brokers, Saxo
- emi: personal transferwise

Some experience, to show that this is not entirely imaginary issue:
I've changed my personal fiscal residence in the past, to Romania currently. And then, one of stock brokers (Degiro) forced me to close account with them. This didn't have that much impact, but it would suck to lose accounts in stable banks / brokers I have, and be for example forced to use some local Cyprus institutions.
 

paleto

Mentor Group Gold
Probably Degiro closed your account because they don’t offer their platform to romanian tax residents.
 

JackAlabama

Entrepreneur
I'm planning to change my personal residence to Cyprus soon - don't know yet if I will just use their 60-day residence, and travel between couple countries during rest of the year, or if I will just live in Cyprus (and spend there over half of the year).

However, by threads here, I see that some EMIs and banks treat Cyprus companies not so well (close their accounts or not allow to open new accounts). Of course, this is for services for companies, maybe they treat private people who moved to Cyprus better.

So, I just wanted to ask you: If you were foreigner who moved to Cyprus (and opened company there), did you have any problems with your personal bank accounts or stock brokers opened in other countries? For example, did they closed your accounts after you moved to Cyprus?

In particular, these are accounts I would like to not have closed:
- personal bank accounts: Swiss bank account (in normal Swiss bank owned by canton, not some internet bank), Australian bank account (in normal major bank)
- stock brokers: Interactive Brokers, Saxo
- emi: personal transferwise

Some experience, to show that this is not entirely imaginary issue:
I've changed my personal fiscal residence in the past, to Romania currently. And then, one of stock brokers (Degiro) forced me to close account with them. This didn't have that much impact, but it would suck to lose accounts in stable banks / brokers I have, and be for example forced to use some local Cyprus institutions.
Are you Swiss or have a strong connection to Switzerland or can impress these banks with making high fees for them by buying their "outstanding and the-hottest-thing-since-sliced-bread" wealth management?
If not and you move out of there they will make your life difficult if you want to keep these accounts.
 
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deepspeculator

New member
Are you Swiss or have a strong connection to Switzerland or can impress these banks with making high fees for them by buying their "outstanding and the-hottest-thing-since-sliced-bread" wealth management?
If not and you move out of there they will make your life difficult if you want to keep these accounts.
Neither, and I never was Swiss resident. I just hold there a bit of cash.
 
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