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Is Cyprus offshore banking coming to an end?

Discussion in 'Cyprus Bank Accounts' started by Educate, Jun 12, 2018.

  1. Educate

    Educate Member 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?
     
  2. auric

    auric Offshore Agent Mentor Group Business Angel

    So far it does not look like it is the case, but who knows, maybe it will come anytime soon.
     
  3. Samuel Newman

    Samuel Newman Offshore Desk expert Mentor Group Entrepreneur

    I have heared the same a lot of times last two weeks
    but for now, there are no official information about it
     
  4. John Spectre

    John Spectre New Member


    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.
     
  5. Old Spice

    Old Spice New Member

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

    Educate Member Entrepreneur

    All offshores or only those with Russian beneficiaries?
     
  7. Old Spice

    Old Spice New Member

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

    hiju Active Member Mentor Group Entrepreneur

    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?
     
  9. Educate

    Educate Member Entrepreneur

    This is about USA expanding their influence and forcing European countries to stop servicing offshore accounts. Especially if beneficiaries are Russian.
     
  10. Samuel Newman

    Samuel Newman Offshore Desk expert Mentor Group Entrepreneur

    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
     
  11. Educate

    Educate Member Entrepreneur

    It definitely could be. As that was the main reason USA forced Latvia to shut down ABLV bank.
     
  12. Educate

    Educate Member Entrepreneur

    Latvia has always been a place where Russians laundered their money, this is not exactly news.
     
    hiju likes this.
  13. hiju

    hiju Active Member Mentor Group Entrepreneur

    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 $$$