Cyprus is the third largest and the third most popular island in the Mediterranean, and a member state of the European Union. The Cypriot economy is very diversified. Its per capita GDP is at $28,381, which is above the European Union average. Banking, along with tourism and shipping, buoyed economic growth. Its financial sector remains an important pillar of its economy. Cyprus is a well-known banking centre for high net worth individuals all over the world. Many citizens from Eastern Europe and Russia, particularly, are using the Cypriot corporate and banking system as a safe haven for their assets. After having been hit severely by the international economic crisis, Cyprus has made a much faster rebound than the crisis economies of Greece, Portugal, Spain and Italy.
Banks in Cyprus are well known for holding accounts for some of the most wealthy individuals worldwide. For many years, Cyprus has cultivated a high quality banking sector with favorably high rates awarded to depositors. Whats more, deposits of up to EUR 100,000 are guaranteed by the European Union.
There are 49 authorized banks in Cyprus. Banking in Cyprus is controlled and regulated by the Central Bank of Cyprus.
Laws and Regulations
Cyprus is a well-known and respected offshore banking jurisdiction. Central Bank of Cyprus is the main governing and regulatory body of banks registered in Cyprus. Furthermore, as Cyprus is an EU member state, the EU guarantees deposits of €100.000. This includes interest up to the date of maturity of the deposit or the date on which the deposit fell due and payable but was not repaid, or the date on which the member bank was determined as unable to repay its depositors (whichever comes first). Deposits in the name of a particular person, held with different banks, are considered as being separate deposits for compensation purposes.
Bank Secrecy
Cyprus was ranked at the 41st position worldwide by the 2014 Financial Secrecy Index, as a calculation that has been based on its share of the global market for offshore financial services. Cyprus accounts for about 1.5 per cent of the global market for offshore financial services. Section 29(1) of the Banking Law, states that all employees, directors, managers, agents, etc and any persons who have access to the records of a bank are forbidden from revealing in any way any information regarding the account of any individual customer of the bank, even after their employment with the bank has been terminated.
Electronic Payments
Cyprus is a member of the Single Euro Payments Area (SEPA). In August, 2014, the migration to SEPA credit transfers and SEPA direct debits was successfully completed in Cyprus, as defined by the EU Regulation 260/2012.
Banking Facilities
Registratour has a relationship with an extensive network of private and major banks in Cyprus. All of the banks we refer our customers to offer a full international banking platform, with multi-currency accounts (£, €, $) as well as online banking and debit/credit cards, for both corporate and private bank accounts.
Once your order has been completed, you will be assigned a dedicated account manager that will guide you through the bank account opening procedure. Then, we will carefully select with you a bank from one of our leading partners, which perfectly fits your requirements like a tailored suit.
Which documents are needed to open a bank account?
As a general rule the bank asks for a certified passport copy of the shareholder(s) and director(s) (beneficial owners), a proof of address which must be less than three months old as well as a bank reference letter. If the client goes to the bank in person to open the account, a certified copy of the passport is not required.
We will send you the additional documents necessary for opening the account by email, as an attachment, for you to sign and return to us preferably by special courier ( DHL, FedEx), along with the other documents mentioned above.