Is it still possible to open an offshore bank account with the Central Bank of Cyprus?

[Alexoffshoreuniverse]

Hi offshore fellows,

My post is literally to ask about the possibility to open an offshore bank account with Bank of Cyprus, nothing for advertising here, so pls don't get me wrong.

As an agent, I support entrepreneurs with formation and offshore bank account services. I had built up a very good relationship with the Central Bank of Cyprus over more than 2 years. We had successfully opened bank accounts for hundreds of applications. Until last year, 2018, my banker partner announced that BOC is now officially implementing their Circular of Tackling transactions of Shell Companies and they won't adopt applications from us anymore. The link is for your reference.
https://www.ey.com/Publication/vwLU.../ey-tax-legal-newsletter-19-june-2018-eng.pdf

Some of my clients claimed that there are some agents out there still support them with accounts in the Bank of Cyprus.

Thus, anybody can confirm that if this is true or not? Thank you in advance.

 

[JohnLocke]

This is from June 2018 - not sure what your point is?

 

[clemens]

Wow OP you post old NEWS and NEWS! how reliable

 

[Alexoffshoreuniverse]

Hi all,

Thanks for replying.

I do know this circular officially implemented from June 2018. However, some clients of mine said there are some agents out there who could guarantee that they are still able to proceed offshore bank accounts with the Central BOC.

I am just wondering if this is true and would like to ask a professional advise from you guys. Thanks!

 

[Mr Magoo]

even if there are agents out there that open can account at BoC for your offshore company, be assured that high likely it will be closed by the bank rather sooner than later.

 

[TurnedToRobot]

even if there are agents out there that open can account at BoC for your offshore company, be assured that high likely it will be closed by the bank rather sooner than later.

propaganda to push Serbia and UAE - LoL you guys are so smart!

 

[OffCap]

even if there are agents out there that open can account at BoC for your offshore company, be assured that high likely it will be closed by the bank rather sooner than later.

I second this view. Cyprus without local substance is becoming less and less reliable but that's the case in most places some of the banks in Georgia have similar policy, in Czech we've seen the same, in Andorra is super challenging unless it's private banking, and so on and so forth. If you want to be forward thinking you should be looking to build a real business with real substance.

 

[TurnedToRobot]

Georgia, Cyprus, Bulgaria, Portugal same, same - there is really nothing that is different here. Alot of bulls**t from people promoting this and that!