Bank Account
Diversification in terms of current accounts
In Cyprus, too, it is advisable to spread your capital over various financial institutions, especially for liquid assets above the legally protected EUR 100,000. In order to be independent of Cypriot banks, it is also possible to open an account abroad.
Banks such as Barclays (available in 7 jurisdictions), RIETUMU Latvia and Valartis Liechtenstein allow account openings in other jurisdictions with better ratings and lower risk.
Thus, the considerable locational advantages of Cyprus can be combined with the security of a banking house in Liechtenstein or Switzerland through a Cyprus Limited. Cyprus is still ideally suited as a "transit point" for capital or for the management of smaller assets under EUR 100,000.
In connection with the company formation and Yello Slip procedure we also offer the Bank Account service for a small fee. Our lawyer and tax advisor will take care of the opening of Business and Private Bank Account with reputable local banks.
It should be noted here that banks are very cautious with account opening for new customers and the costs for account management are much higher compared to Germany and Austria. (For example, an instant bank transfer of 400 € can be up to 12 €).
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