What facilities to have for your Cyprus Bank Account

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. This is one of the reasons why Cyprus has continued to attract most foreign investment. Banking systems in Cyprus enables investors open accounts of their own choice. The offshore investors who always travel are able to open merchants’ accounts that enable the access credit card services and other electronic money provisions. With advancement in technology, opening and operating of Cyprus bank accounts has been simplified. Offshore investors can now open and operate their accounts online through the internet. Cyprus bank accounts are therefore found in three major categories. These are:

• Internet banking system – this are bank accounts that are operated online and ensures connectivity of the investors to major world banks. The offshore investors who operate such accounts are therefore able to make any withdrawal or transfer of money to any bank account in the world. There are specialized codes that are provided to help in making the withdrawals possible. The Cyprus bank accounts have a special electronic code called SWIFT and the bank in which the account is opened has an International Banking (IBAN) account number.
• Offshore companies bank accounts – These are bank accounts that are opened while forming an offshore company in Cyprus.
• Independent bank accounts (these are bank accounts with no company formation linkages.)
An individual or a group of people opening bank accounts have different selection to choose from. This is dependable on the terms of agreement in the case of company formation or any investment activity.

What you need to open a bank account in Cyprus

Opening a bank account in Cyprus has been simplified to attract many foreign investors and offshore corporations. This is an added advantage for those opting to open a bank account in one of the established banking system in the European territory. The following are of necessity while opening a Cyprian Bank account:
? Verified/Apostilled copies of Incorporation certificate, Memorandum of understanding and Articles of Declaration and a certificate of good conduct. These provide a legal proof for opening the account and therefore helps curb foreign banking fraud or crime.
? The passport of the account holder(s) must be provided. This provides a proven identify of the individual or the corporate group.
? The residential identity statement. This is a declarative statement from the bank with a residential address of the claimant.
? The account opening standing fee. In Cyprus, the standing charge is EUS 700.00.

However, the procedures involved in opening a Cyprus bank account may differ with the type of account that an individual or group of persons want to open. For instance, the range of fee for opening an online banking (Internet Banking) is EUR 350 (US $450), bank account without any company formation linkages ranges from EUR 350 (US $615) and the offshore bank accounts ranges from EUR 750 (US $1,030). Nevertheless, Cyprus banks operate multi currency accounts which are electronically operated.

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