Open bank account in Cyprus, personal or corporate?

[fernadex]

Hi,


Need to know if it is better to have a personal or corporate bank account in Cyprus in regards to anonymity and privacy. Will the Cyprus bank report me as beneficial owner of a bank account in Cyprus if I'm a EU citisens

 

[JohnLocke]

You will want to form a non EU company for instant in the Seychelles and the open a corporate bank account in Cyprus, you don't want a personal account if it is for privacy reasons.

 

[fernadex]

So don't understand you then the beneficial owner of a Seychelles company (even if Im a EU citisen) will not be released when a corporate bank account in Cyprus is opened?

 

[JohnLocke]

The provisions of the EU Interest and Savings Directive are only applicable when an EU citizen sets up a personal bank account in another treaty country. In this case, we are setting up a corporate bank account, hence no automatic exchange of banking information. The Cyprus banks would only be obliged to hand over information regarding the identity of the Beneficial Owner in the event that a duly authorized information and exchange request was accepted by the Cyprus authorities (which requires the consent of the Attorney General of Cyprus).

 

[fernadex]

All clear now.. thank you very much.

 

[OAEC]

A Corporate Account with a Cyprus Company and Nominee Directors

 

[zozexroninho]

May i ask u something Admin?


Supposing that i own a Seychelles IBC + cyprus bank account... And i, also in the same bank, have a personal bank account (note that i am EU citizen, non Cyprus resident, Greek resident).


Then, i pay dividends from the Ibc to my personal account.


1.) This income (dividends) is taxed in Greece? in Cyprus? Or it is not taxed...


2.) The bank will inform the greek tax authorities of this income? How the greeks tax authorities will trace this income?


If u have experiance for this situation please explain me what happens with dividends apid from offshore companies to EU residents

 

[JohnLocke]

First of all. Cyprus IS NOT GREECE, Cyrpus is an independent Island thumbups


As soon as it involved your personal bank account regardless where in the world you bank, then you have to pay personal income tax from the money. There is a huge difference in corporate tax and personal tax matters!

 

[zozexroninho]

Yeah admin, Cyprus is Cyprus and i love this country... I m also visiting it very often


But..


There is no tax in Cyprus for dividends received by Seychelles companies to non residents.. Right?


There is a 25% dividend tax for Greek residends receiving dividend from abroad companies, even if the money stays abroad...


So, whats the personal tax income i have to pay in this situation???


And how the greek authorities will trace this transaction since the bank will not inform them


Its not clear for me... If you know please explain...

 

[fernadex]

There is no tax in Cyprus for dividends received by Seychelles companies to non residents.. Right?

That is true, I know that because I have been through the most what you are.


Cyprus IS NOT Greece, invalid1c/forum/content/44-cyprus-banks-international-scene.html may interest you for a better understanding

 

[JohnLocke]

Cyprus IS NOT Greece,

Very true, even if many still believe it is one and the same country

 

[Aliza beth]

i would go with personal bank account as personal bank account imposes some kind of tax relief in cyprus

 

[johnskywalker]

Both have different advantages and disadvantages. For example, personal account can only handle a certain amount of money. Meaning, there is a limit to everything. Meanwhile on Corporate accounts, its intended for business. So corporate accounts limits are higher than the personal account. They have their own pros and cons. The account that you will choose will depend on how you will use it and how its gonna affect you or your company.

 

[Jack Dui]

Both have different advantages and disadvantages. For example, personal account can only handle a certain amount of money. Meaning, there is a limit to everything. Meanwhile on Corporate accounts, its intended for business. So corporate accounts limits are higher than the personal account. They have their own pros and cons. The account that you will choose will depend on how you will use it and how its gonna affect you or your company.

One more thing need to keep in mind, about fee. Usually personal accounts get less fee or charges.

 

[johnskywalker]

One more thing need to keep in mind, about fee. Usually personal accounts get less fee or charges.

Right!! I can't believe how much fees they apply with corporate accounts just because they rake higher money than personal accounts.