Who can open a Cyprus Bank Account?

[guest]

Cyprus, being one of the developed and well established offshore jurisdictions provides the best banking services that is very conducive for offshore investment. Foreign investor while choosing a jurisdiction that is favorable for their offshore investment, often embarks on a jurisdiction with well established banking and financial services.

 

[mneilson]

You have mentioned about only three documents (besides standing fee), which are needed to open a bank account in Cyprus. Is there any need of any permanent resident of Cyprus to open a bank account there? I have read some where about its necessity. Pl. clears my doubt?

 

[JohnLocke]

Even if this is a very old post, I feel it requires some clarification, you do not need to be a resident of Cyprus in order to open a bank account there, you will also not need to visit the bank nor to have a company in Cyprus!


Actually yhe only thing you need is a introducer who can introduce you to the bank where you will want to open your bank account.


Finally you can open a personal bank account and as well a corporate bank account in Cyprus, everything handled by e-mail, skype, securd chat system (or simply just online) !

 

[Safa]

Thank you for theu pdate Admin, now, I wonder if the banks in Cyprus will require any license to be allowed to receive 3rd party funds from payment processors or forex brokers ?

 

[JohnLocke]

If you are dealing with 3rd party funds / Investments, financial transactions you are not allowed to do so without a license.


If you are trading forex on behalf of your own company the bank will allow this, if you breach the rules you may expect to see your bank account terminated, they have some mechanism in place to detect such behaviour.

 

[Safa]

Means it is not impossible to open a bank account with a bank in Cyprus for Forex Trading business without a license? How comes that so many forex brokers are doing business, did they all paid the $1 million to stay compliant?

 

[drillbill]

Many of the so called forex brockers you find on the net are not licensed they operate illigal operations just for the money you will see them disappear and pop up under new company and website faster than you have send your money to them....

 

[ebaywins09]

I have a few buddys who sucessfully got some processing for unlicensed forex, many use perfect money or liberty reserve which can also be used as alternative bank account´.

 

[JohnLocke]

You must have a license for financial services if you want to open a bank account with a bank in Cyprus and handle 3rd party funds.

 

[megamath]

Cyprus is attracting more and more businesses and is today the no.1 low tax jurisdiction in the European union, I feel a shame to see that so many unlicensed forex brockers using Cyprus for funny business, I personally hold an account with BoA which works perfectly for me and my business.

 

[JohnLocke]

an account with BoA which works perfectly for me and my business.

What bank is that ?