Overview:

We work with two banks in Cyprus, notably neither of which were affected by the 2013 Cyprus banking crisis. Cyprus continues to be an attractive jurisdiction for those doing business between Russia/CIS and Middle East. One of the banks we work with is a fully operational branch of a bank from another EU country that generally offers a more flexible alternative to the requirements of local Cyprus banks. The other is a very professionally run bank with an excellent trade finance department, but account opening process can be lengthy.

 

Target clients:

Worldwide, but especially experienced with Russian/CIS clients, Africa and Middle East clients, and shipping business.

 

Languages:

English, Russian, Greek, Arabic.

 

Specific features:

  • Forex trading and MSB business accepted with licence.
  • US clients accepted, case by case, provided they are declaring the account.
  • Longer opening hours than other CY banks.
  • Meetings possible at rep offices in Russia, Ukraine, Kazakhstan,  Azerbaijan and Latvia.

 

 

Plastic cards:

MC full range.

 

Documents and Account Opening Process:

  • Standard set of documents with apostille, plus proof of address.
  • Proof of source of funds.
  • Bank reference is preferred.
  • Remote account opening can be coordinated, but client should try to meet a bank officer asap, preferably within a month. Bank officers will travel almost anywhere in Europe and CIS for larger accounts. Smaller clients should visit one of the bank’s network of offices.

 

Deposit requirements:

No minimum.

For further information on procedures and fees for opening your Cyprus offshore bank account, contact Offshore Pro Group today!