Cyprus vs Ireland banks due diligence

[dotbloup]

Hi,

it looks like the Irish banks follow the same route than UK banks. Today it is not possible to open a bank account in Ireland from remote.

Bank of Ireland requires Economic link to Ireland:


Here is the mail from Bank of Ireland:

Economic Link

As part of the due diligence questionnaire Bank of Ireland will request details of the rationale for opening an account in Ireland other than the fact that the company is registered in Ireland.

In giving consideration to opening an account the bank will request details of an economic link with Ireland and the bank will require at least one of the following:

• A trading presence in Ireland
• Employee(s) located in Ireland
• A director or beneficial owner residing in Ireland
• A key trading partner in Ireland

The international computer companies located in Ireland are not considered by banks as a key trading partner as it is considered that almost all companies worldwide deal with them and they just happen to be located in Ireland.

AIB requires most recent audited accounts, 6 month of bank statement, Bank reference letter, if they are available.

Irish Paywithfire (online irish bank with no debit/credit card) is not advised. They also have requirements depending on the customer.

Now, it is not possible to open a bank account at AIB or Bank of Ireland if you don't visit a branch.


I wondered what are the requirements of Cyprus banks, is it easier to open a bank account in Cyprus?

 

[dirtyharry]

Well I can tell you it is easier to open an account in Cyprus! It seems this Island keeps to be friendly towards foreigners.

I was actually considering to setup a Irish Company with bank account in Ireland, I was actually close to order it in the next few hours until I accidently saw this thread. I was hoping it was still possible with ease to open an account there 🙁

 

[dotbloup]

By the way, i understand now why an agent told me that a nominee director would help to open the bank account because it is an economic link with the country.
I have successfully open an Irish bank account by renting a web hosting server but it is a heavy dedicated server. I don't know if it would have been accepted if i opened this account with a very small web hosting subscription

 

[dirtyharry]

What are you hosting @dotbloup and what do you consider to be a heavey dedi server?

 

[negon]

How much do you pay for that server just to compare it with the effort to get the account in Ireland?

 

[dirtyharry]

Any input to what hosting is required there?

 

[negon]

And now OP got banned! Wonder why 😱

 

[bountymounty]

Great help anyway for thus looking for a Irish bank to open an account with 😉

 

[belarus]

dotbloup said:
By the way, i understand now why an agent told me that a nominee director would help to open the bank account because it is an economic link with the country.
Click to expand...

Can someone please elaborate on this?

 

[negon]

Most often (and in the past) it was possible to convience your tax office that control and management was in the jurisdiction where the company was registered. This is still possible but very complicated to get approved. Today you will need to have a real office if things shall go smooth.

 

[alemagno]

sad @dotbloup got banned before he could tell us more, anyone found out requirements to open an Irish bank account ? I also understand a personal visit is required in Ireland

 

[JohnLocke]

I'm speaking with someone atm that claim to be able to open a bank account in Ireland, not sure yet what the outcome is. Will update this thread once I know more.

Toggle signature

>> Unlock the Power of OffshoreCorpTalk: Become a Member of the Mentor Group Gold <<​

Latest Video Interviews, Offshore Company Resources, Payment Processing Tips & Tricks, Articles and Anonymity Hints only a click away!
Support the Freedom of Speech of our Community

Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.​

 

[belarus]

Admin said:
I'm speaking with someone atm that claim to be able to open a bank account in Ireland, not sure yet what the outcome is. Will update this thread once I know more.
Click to expand...

please post here if that is going to work 🙂

 

[bountymounty]

I have contacted a dozen of service providers of company registration in Ireland zero of them can open accounts remote 🙁