Opening a business bank account in Cyprus can be a banking option of last resort for some and a primary banking option for others. In fact, anyone with an urgent need for EU transactional banking and who is struggling to open elsewhere could find Cyprus interesting.

Both Cypriot and foreign companies can open a commercial bank account in Cyprus. But the rules of the account opening game in Cyprus have changed and are radically different from those of past years.

Deposit requirements are low, links with Cyprus are not always necessary, non-residents and foreign companies can still open accounts, and sometimes remote opening is possible, but only if you choose the bank, branch, banker and know what you need.

Even then, there are pitfalls and shortcomings that you need to be aware of. Foster Swiss will help you explore business bank accounts in Cyprus, the benefits, what you need to consider, and why businesses and entrepreneurs keep opening accounts here.

Cyprus is a former British colony in the middle of the eastern Mediterranean. The country gained independence in 1960, uses British law, is poorly regulated and has some of the lowest tax rates in the EU.

It is also prudent to mention that it has a rather negative reputation in the banking world. Today, people come to Cyprus in search of golden passports, attractive residency programs, tax efficiency, to set up businesses and, of course, to open bank accounts.

In the world of business banking, this beautiful Mediterranean destination is often seen as a European backwater, used only by Russian and CIS clients, their businesses and offshore structures.

For many people around the world, Cyprus is a transactional banking blessing. In fact, it is one of the only centers in Europe that will consider non-resident foreign companies for transit-style commercial banking.

Therefore, it is not surprising that many people consider opening business bank accounts in this jurisdiction.

Benefits of offshore accounts in Cyprus

Cypriot banks do not care about the size of their deposit. After all, Cyprus is not a private banking hub and bankers don't find it as relevant if you invest. Instead, banks here are eager for high annual turnover and transaction fees.

So, if you have a non-resident company in Cyprus or an international company, but you can't deposit a large lump sum when opening accounts, opening a business bank account in Cyprus might be one of your only options. Similarly, those struggling to open accounts elsewhere in Europe, such as France, Germany, Ireland or Spain, might have better luck in Cyprus.

Not surprisingly, some companies, offshore companies and non-resident companies find it difficult to open a bank account in the EU. With no link to the EU, opening non-resident accounts is often an uphill battle in Europe.

The interesting thing about some banks in Cyprus is that they are more focused on transactional banking. And, thanks to the rapid consolidation of the banking sector after the bailout, Cypriot banks are no longer interested in holding large cash deposits from non-residents. And that means lower deposit amounts are acceptable for business bank accounts in Cyprus.

If you want to open an offshore bank account in Cyprus, Foster Swiss can advise you. We help you in practically everything, we provide personalized advice from the moment of choosing the bank that best benefits you, until the opening of your offshore account.

  For more information on this topic or any requirement related to our services, you can contact us directly through info@fosterswiss.com