Cyprus is a popular location for bank account opening as it offers a range of attractive features and benefits to the account holder. Opening a Cyprus offshore account can be achieved relatively quickly and efficiently and having a Cyprus offshore account is advantageous for a number of reasons. Primarily, as an EU based country, Cyprus is a well regulated jurisdiction that carries out financial activity in line with EU directives.
Open a Cyprus Offshore Account
The Cyprus banking system is regulated by the Central Bank of Cyprus, which is responsible for supervising and regulating all banking activity within Cyprus. The Central Bank of Cyprus aims to promote, regulate and oversee the smooth operation of payment and settlement systems within Cyprus, as well as to safeguard the stability of the financial and banking system. Their aim is to protect depositors and minimize financial risk, and in recent years, the Central Bank has introduced stringent security measures to banks, including the implementation of strict customer identification procedures, record keeping, recognition and reporting of suspicious transactions and educating bank employees in anti-money laundering matters. All banking activity is carried out in line with the EU directives and the recommendations of the Basel Committee on Banking Supervision.
Since Cyprus joined the European Union in 2004, it has improved its banking facilities to offshore investors. Provided you are able to provide the right documents as required by your chosen bank, opening a Cyprus offshore account can be achieved in a relatively short space of time. The minimum required documents for a Cyprus offshore account are a valid passport or government issued ID and a utility bill or bank statement. Some banks also require a banker’s or lawyer’s reference letter, however this will depend upon the type of bank account being opened and which bank you are opening your account with.
A Cyprus offshore account offers investors the opportunity to open a range of bank account types, including a personal, corporate or investment account, depending on your personal and financial needs. Most Cyprus offshore accounts also offer full online banking services that will enable the account holder to carry out a number of transactions through internet banking. In addition, many Cyprus banks also offer mobile banking facilities, to enable customers to access their bank accounts from any location that has internet connection.
Whichever Cyprus account you wish to open, it is relatively easy to achieve and can be done so within a short space of time. In addition, there is no need to visit the bank or travel to Cyprus in order to open a Cyprus bank account.
Starting Business is an experienced consultancy firm which can assist you with all of your offshore account opening needs.
To learn about setting up a Cyprus offshore account through us, view our Cyprus Offshore Bank Account service page.