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Offshore Bank Account

It is possible to open an offshore Cyprus bank account both as a business or personal account with the same degree of security that your bank offers for the domestic accounts. The account will also allow you to get access to the banking secrecy that...

Game Developer, Staff

August 28, 2009

2 Min Read

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A Cyprus bank account allows you to enjoy the double tax treaties that the country has with about 45 nations in the world that include US, UK and a majority of the EU countries. These treaties make planning of international tax easy.

To open an offshore Cyprus bank account, there are certain personal documents that you have to present to the bank. These include the following:

  • Certified copy of your passport that has your photo, personal details and signature.

  • A reference letter from a bank that was issued in not more than six months.

  • Some proof of your residential address in form of a utility bill with your name and residential address.

It is important to note that the personal documents that you present to the bank will have to be certified before you can open your offshore account.

When opening your Cyprus bank account, the Specimen Signature Card that is signed by your signatories has to be certified. The certification of the card must be done by a branch of the bank you want to open the account with, a representative office or Greek consulate.

A personal visit to a bank office is not necessary in Cyprus if you want to set up an offshore account but the beneficial owners, signatories and corporate directors may be required to visit a bank’s representative office in their country of residence.

An initial deposit is not required for the account and you are not expected to maintain a minimum balance. The account will allow you to have access to online banking services such as access to your account balances and any transactions that you perform, money transfers between accounts that you have in the bank and also international payments through wire transfer. The online banking option that is available for your offshore account makes it possible to access your account anytime.

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