Offshore banking in Cyprus
Certain European countries are investment friendly towards international business and customers and Cyprus is one of the top countries in Europe for international companies and individuals looking to open an offshore bank account in Europe.
An offshore bank account in Cyprus means that you have access to the European. Region and payment protocols such as SEPA and SEPA instant, which are common payment transfer protocols within the European bloc.
All countries within Europe and the extended region of EEA, better known as European Economic Area, all uses the euro (EUR) as its main currency, with USD and GBP as secondary means of acceptable currencies.
Banking in Cyprus is essentially the same as having an offshore bank account in any European country.
How Banking Offshore in Cyprus Works
As an investment friendly country, Cyprus makes it easy for those who are interested to open an offshore bank account.
- Ease of a documentation – It is not necessary to mail applications to Cypriot banks in order to open an offshore bank account in Cyprus.
- Fast Account Opening Time – Cyprus offshore banks takes on average 30 business days to open a non resident business corporate account or private bank account for individual users.
- Low account opening balance – Cypress offshore banks require a balance between $10,000 to $100,000 USD to open accounts for international businesses that do not have a branch in Cyprus for their company or individual clients that are not residents of Cyprus.
- Remote account opening – It is possible to open an offshore bank account in Cyprus without visiting the country.
- Stability – Banks that offers offshore bank accounts in Cyprus have a minimum amount of asset under management of $500 Million, while the largest bank have assets of $19 Billion in their custody.
Features of offshore bank account in Cyprus
- Access to SWIFT, SEPA, SEPA Instant.
- Client money account, also known as client funds account for companies that needs to manage customer funds.
- Dedicated IBAN account number.
- Deposit insurance of €100,000, combine this policy with other Offshore European bank to maximize the amount of coverage available.
- Debit and Credit cards (Visa and Mastercard).
- EUR, GBP, USD and other foreign currency access.
How to open offshore bank account in Cyprus?
- Bankers will conduct a video call to verify the client’s identity and documents.
- Offshore bank accounts in Cyprus can be open virtually, without the need to go to the physical bank and meet the bankers.
Why open an offshore bank account in Cyprus?
- Due to the country’s neutral status in international politics and their European membership, Cyprus is an attractive country that is stable, accessible for anyone looking to bank outside of their borders.
- Offshore banks in Cyprus have physical branches where customers can walk in and meet their relationship managers anytime.
- Onboarding fees starting starting from $300 to $5000 USD.
Is it possible to open an account in every bank in Cyprus?
- Not all banks in Cyprus caters to international customers with no relations with the country.
- Most banks require customers to have a connection to Cyprus before a bank account can be opened.
BUH Consulting works with banks in Cyprus that are friendly towards international customers.
How BUH consulting can assist
Our banking team will work closely with you to understand your requirements, eligibility criteria and apply for your business or personal bank account, with the most suitable banks.
A relationship manager from various banks will assist with the account opening process and operations once the account has been opened.
Contact information
For a tailored solution, contact us to discuss about your requirements.
Email: – sam@buh-consulting.com
Phone: +971585086656
Whatsapp: +971585086656
Telegram: BUHConsultingAE
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