Local branches vs IBUs

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CheGuevara

Mentor Group Light (Private use!)
While having heard plenty of stories about IBUs in Cyprus, I haven't heard anything about local branches in regards to business accounts.
Do local branches open accounts for Cypriot companies owned by foreign citizens with local residency and managed by nominee directors? How do they react to this structure?
Do they like/demand introducers?

Also, is account opening in local branches less tedious/faster in terms of KYC?
Does that differ bank-to-bank? I'm looking forward to open with either BoC or Hellenic
 

Sols

Staff member
Mentor Group Gold
Any business whose primary or majority business partners and transactions are outside of Cyprus gets relegated to the IBU (or rejected, if they bank doesn't have an IBU). It doesn't matter if you have local directors, shareholders, employees, office, company car, utilities in the name of the company, and so on. It's based on the transaction profile of the business.

You do not need an introducer if you are resident in Cyprus. It can help but it's not necessary.

For a non-resident, you can pretty much forget bank account opening in Cyprus unless you appoint local nominee directors who have preexisting relationship with banks.
 

CyprusLaw

Mentor Group Gold
While having heard plenty of stories about IBUs in Cyprus, I haven't heard anything about local branches in regards to business accounts.
Do local branches open accounts for Cypriot companies owned by foreign citizens with local residency and managed by nominee directors? How do they react to this structure?
Do they like/demand introducers?

Also, is account opening in local branches less tedious/faster in terms of KYC?
Does that differ bank-to-bank? I'm looking forward to open with either BoC or Hellenic
Hi, it will have to be in the IBU. Hellenic bank is probably the hardest but not impossible. BoC is ok, we have close relations with them and never had major issues with them. I can send you a PM to discuss
 
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