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Our company also assists with opening personal bank accounts.
About the Bank
This bank is the largest bank in Cyprus. It offers a full range of banking and financial services to both domestic and international customers.
The bank was established in 1899. It offers services through its branches in Cyprus, Channel Islands, Russia and Ukraine. The bank also has representative offices in Russia, South Africa, Ukraine and China.
Currently the bank has over 36 billion EUR in assets.
Banking Secrecy and Tax Treaties
Cyprus authorities has no direct access to bank information. Court order is required to get such access.
Cyprus has double tax treaties with 45 countries including Canada, UK, US and most EU countries. Such wide net of treaties creates valuable opportunities for international tax planning.
As a member of European Union Cyprus exchanges information with other EU countries in accordance with the EU Savings Tax Directive. All Cyprus banks must report to the Cyprus tax authorities interest earned by individuals, who are residents of other EU countries. That information is passed to the tax authorities of those countries.
EU Savings Tax Directive is not applicable to the interest paid to legal entities, such as corporations, limited liability companies, trusts and foundations. Thus no information about legal entities is passed to the tax authorities.
Required Corporate Documents
Our company prepares all required corporate documents in accordance with the bank requirements.
Required Personal Documents
The bank requires the following personal documents from each Beneficial Owner, Director and Signatory:
Personal visit is not required for initial review of the application.
When the application is reviewed and pre-approved, directors and signatories are required to visit one of the bank's representative offices located in Cyprus (Nicosia, Limassol, Larnaca, Pafos), Russia (Moscow, St. Petersburg), South Africa (Johannesburg), Ukraine (Kiev) and China (Beijing) for verification of documents.
If you are unable to visit any of the above bank offices, the verification of passport and signatures could be done at any Cyprus Embassy or Consulate.
No initial deposit is required.
No minimum balance is required.
The bank offers advanced online banking including:
Clients have access to their accounts 24/7.
Debit and Credit Cards
The bank offers debit cards Visa, MasterCard and American Express to international business companies. As a result, clients have the following advantages:
There are no credit limit and security deposit for debit cards. As soon as a client has a positive balance on his corporate account, he may use the card.
Credit cards are not available.
The bank usually opens a corporate account in one week after receiving completed application forms, corporate and personal documents and verification of clients personal documents and business information.
The bank opens accounts in USD, EUR, GBP, CAD CHF and AUD.
Bank Account Fees:
Debit Card Fees:
Feedback of Our Clients
Our company introduces its clients to the bank and constantly monitors clients experience with the bank's services.
The bank's new client acceptance rate is around 85%. About 15% of applications are declined due to inability clients to provide required personal documents and references or nature and current condition of clients businesses.
Our clients, who use this bank have extremely high level of satisfaction with the bank's services.
Our company highly recommends this bank.