Is Cyprus offshore banking coming to an end?

Educate

Building Trust
Entrepreneur
It seems that USA have been exerting their influence on numerous EU countries and after Latvia Cyprus might be next to restrict bank accounts for offshore corporations especially those with Russian beneficiaries.


Can anyone give more detailed input on this issue?
 

negon

hannibal the cannibal
BANNED MEMBER
Entrepreneur
So far it does not look like it is the case, but who knows, maybe it will come anytime soon.
 

Samuel Newman

Offshore Desk expert
Business Angel
Mentor Group
It seems that USA have been exerting their influence on numerous EU countries and after Latvia Cyprus might be next to restrict bank accounts for offshore corporations especially those with Russian beneficiaries.


Can anyone give more detailed input on this issue?
I have heared the same a lot of times last two weeks
but for now, there are no official information about it
 

John Spectre

Building Trust
Entrepreneur
It seems that USA have been exerting their influence on numerous EU countries and after Latvia Cyprus might be next to restrict bank accounts for offshore corporations especially those with Russian beneficiaries.


Can anyone give more detailed input on this issue?

I could confirm that Cyprus banks pushed east Europe beneficiaries more tight compared to other one clients(I know few people with personal or corporate accounts affected).
Officially it was closed a lot of account in the last couple of years(but all of this closures was based on own bank's decisions).
Now, probably, *all*(or almost all) accounts will take a hit.
The same I watched with Latvian banks: first banks closed some accounts of users without explanation, then they are close their branches in countries like Russia, etc. Then they are stops working at all with business from east Europe.
 

Old Spice

Active Member
Spanish banks as of March have started to apply the extended blacklist to close accounts to off-shore companies.
 

Old Spice

Active Member
All offshores on the extended blacklist. The beneficiaries residence or nationality is not the target for the closures.
 

hiju

Trusted Member
Business Angel
Mentor Group
What is this fuzz about? I have not less than 4 Belize corps holding Cyprus bank accounts each! Not a single word from the bank that they want to shut them down! I have also a Seychelles corp. with a Cyprus bank account again not a single word from the bank about any issues!

May I ask what this is about?
 

Educate

Building Trust
Entrepreneur
This is about USA expanding their influence and forcing European countries to stop servicing offshore accounts. Especially if beneficiaries are Russian.
 

Samuel Newman

Offshore Desk expert
Business Angel
Mentor Group
It sounds like it, I'd take it from what I've read on this thread that they will be triple checking and possibly closing either now or the near future any bank account connected to an offshore entity of a country such as Seychelles or Belize. I don't think they'd do the same for a formation that's USA based but I could be wrong.
actually, I've heared a lot about it from my East European clients and Latvia was a wash machine for Russians mostly
maybe, this all connected with sanctions against Russian Federation
 

Educate

Building Trust
Entrepreneur
It definitely could be. As that was the main reason USA forced Latvia to shut down ABLV bank.
 

Educate

Building Trust
Entrepreneur
Latvia has always been a place where Russians laundered their money, this is not exactly news.
 

hiju

Trusted Member
Business Angel
Mentor Group
Latvia has always been a place where Russians laundered their money, this is not exactly news.
I agree so they did in Cyprus, Sweden, Denmark and Malta and while we are on it they also did in the USA just with some very large setups with billions of $$$
 

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