Cyprus Bank Account
Oxford can assist you opening bank accounts in Cyprus or any other jurisdiction. We have a great experience in opening and administrating bank accounts, whereas we operate a banking department dedicated for this purpose. Once all essential documents described below are provided, we may have the account open and ready to operate same day.
For more information and professional assistance you may contact our Banking Department at banking@oxfordcy.com.
CYPRUS BANK ACCOUNT OPENING
Opening an account with a Cyprus bank enjoys the advantages only European institutions can offer. These advantages made Cyprus banks known and respected in the European Union and internationally.
One of the most important advantages is that there is NO NEED FOR A PERSONAL APPOINTMENT AT THE BANK. There is no need to travel to Cyprus to open the bank account.
A Cyprus company owner can decide on trading in various currencies are there are no exchange control limitations. A Cyprus company can open a bank account in any currency with ease and they can also benefit from the freedom of foreign exchange commission and taxes.
Cyprus companies have many benefits like the 12.5% tax on the net profits. A company will be considered as a Cyprus tax resident when it is managed and controlled in Cyprus. This is basically determined by the residency of the majority of directors and where the annual general meetings are conducted. Also the accounting is important to be carried on in Cyprus, hard copies of documentation should be kept in Cyprus and bank accounts are operated from Cyprus.
INTERNET BANKING
All of the banks in Cyprus offer full internet banking services which includes making transactions online 24/7 wherever you are, monitoring account balances, viewing card statements etc. The account holder will need to be issued with a password in order to access the account.
DOCUMENTS REQUIRED FOR AUTHORIZED SIGNATORIES (IF NOT OXFORD):
According to the international Know Your Client (KYC) regulations we are required to establish the “chain” of ownership through to the ultimate natural individual and same duly documented.
- The passport copy;
- Proof of address;
- Reference letter from an existing bank;
- The specimen signature.;
- Any other document or information as may be required by the compliance department.
All reputable banks provide a full set of banking services for individuals and businesses:
- Current and savings accounts;
- Debit and credit cards;
- Direct debits and standing orders;
- Foreign currency exchange;
- Long terms savings and investment accounts;
- Letters of Credits (L/Cs’);
- Insurance;
- Loans and mortgages
