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Simple Guide in Opening a Cyprus Bank Account

 

Opening a Cyprus bank account is very simple. However, if you are planning to set-up a corporate bank account then you may wish to consider hiring the assistance of partner agents knowledgeable in this field. It will make the submission of the required documents easier and more convenient. It may even free you from the hassle of having to physical appear in the presence of bank officials as part of their screening process.

cyprus bank

Step One: Selecting a Cypriot Bank

You should select the best Cypriot banks that will cater to your needs. There are plenty of banks offering their services in Cyprus, so it is best to get as much information from these banks before considering them. It is best to look at their rates and the fees they charge for international money transfers, personal accounts, and overdrafts because these are most likely the same type of services you will be using in your corporate account.

Step Two: Fulfilling the Documents

Cypriot bank accounts strictly follow the EU directive against the tolerance for illegal banking practices. Therefore, corporate accounts are expected to submit the following documents in adherence to this regulation.

 

1.    a certified proof of identification from the applicant, which covers the owners, the directors, and other members of the company or organization
2.    professional reference, which comes from a different bank
3.    proof of residence for all the members, owners, and directors of the company or organization, which includes credit card statement, original bank statement, or anything similar to these
4.    detailed description of the Cypriot company’s proposal for business activities, which includes its geographical reach, PR material, investments, certified evidence of source of funds, contracts, and business marketing materials
5.    initial meeting according to the preference of the bank officials

 

Step Three: Initializing the Bank Processes

You may request the processing of your bank account registration even if you are not yet in Cyprus. You can make a bank account order online through most banks and submit your payment in EURO. You will then receive bank applications that can be filled out online. Simply post it back to the bank together with copies of your passport and other documents. The bank will then send feedback on other requirements, which may be necessary for you to complete the initial bank transaction. If necessary, then you may need to submit notarized copies of the documents. Therefore, it is wise to have a partner agent that will submit all of these documents in preparation for your arrival and authentication of the information. Once approved, you can then grant them instruction to deposit the required amount to activate it.

Estimated Fees

Opening a Cyprus bank account is not free from necessary fees, however it only minimal. Internet banking may go as low as EURO 350 or USD $450; offshore bank account is EURO 750 or USD 1,030, and bank accounts with no relation to a company is EURO 350 or USD 615. This may vary depending on your choice of bank and hired partner agent that will process your documents. In any case, it is best to consider the services of certified and highly reputable organizations for a guaranteed Cyprus bank account in a matter of days.

This is guest post by a contributor

 
Simple Guide in Opening a Cyprus Bank Account  

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I am not myself in any degree ashamed of having changed my opinions. Be the change that you wish to see in the world and contribute your 2 cents to us , just like i did .I write articles as my hobby and interest ..how about you :)

 
 

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