Cyprus is an interesting option for doing business offshore using IBCs, trusts, foundations and so on. The Republic of Cyprus has a dynamic offshore banking and financial services sector. Our firm can offer a wide range of corporate services, including accounting and audit, in Cyprus. We particularly recommend Cyprus as a location to open Offshore Corporate Accounts for IBCs incorporated in other jurisdictions.

Cyprus as an International Financial Center

Cyprus has been involved in the offshore sector since the 1980s, both for incorporations and banking. Cyprus no longer registers IBCs or tax free companies, as it is a full member of the European Union. It is also part of the Euro zone and uses the Euro (EUR) as its currency. There are, however, many interesting opportunities for sophisticated onshore-offshore tax structures (so called ‘treaty shopping’) using Cypriot companies. Cyprus has a broad network of double tax treaties and is a particularly attractive base for inward investment into the European Union, or for holding intellectual property rights. Such matters can quickly become complex and you need a consultation with a knowledgeable offshore consultant. Our firm has been working in Cyprus for many years and is happy to make the necessary introductions.

Offshore Corporate Bank Accounts in Cyprus

We are authorized intermediaries of a bank in Cyprus, and our Panama nominee directors are already known to the bank. As such we are able to arrange provisional account opening in as little as 24 hours in urgent cases. Clients will of course need to send a full and complete due diligence file containg:

• passport copies
• proof of residential address (eg utility bill)
• bankreference
• professional reference

Accounts can be opened by mail with no need to travel to Cyprus. Our partner bank in Nicosia focuses on international trade and offers the most sophisticated internet banking system we have seen anywhere in the world, which allows you to issue not just international SWIFT payments in multiple currencies, but also letters of credit and bank guarantees all from within a highly secure internet banking environment.

Normally we only open accounts for companies we have formed, or personal offshore bank accounts. In certain cases we can make exceptions and provide bank introductions for existing corporations, but in this case extra due diligence will be required. Please do not hesitate to contact us to discuss your individual requirements. Our firm focuses on tailored solutions, not mass-produced standardized packages.

Besides that, we can offer a full range of credit and debit cards from Cyprus. These range from anonymous pre-paid debit cards right up to secured Gold credit cards with full travel and entertainment privileges and comprehensive travel and medical insurance coverage.

Banking in Turkish Republic of Northern Cyprus

For some years the Northern part of Cyprus, which has been occupied by Turkey since 1974 and is nominally independent, has also offered international/offshore financial services including bank accounts. These banks are not comparable to the banks we work with in Southern Cyprus. Northern Cyprus banks are typically unstable and very loosely regulated. Since they are unable to open correspondent accounts in major countries, they typically work through correspondent accounts in Istanbul-based Turkish banks. They may be suitable for some small and simple ofshore business, but in general we do not recommend dealing with banks in Northern Cyprus.

The Next Step?

If you are ready to Do Business in Cyprus, whether it is opening a corporate bank account for an offshore IBC, or whether you are interested in the tax and privacy advantages of Cypriot companies, please do not hesitate to contact our office for an initial consultation.