Cyprus bank account not safe?

[biztro]

I'm not an expert, but after reading this http://www.bankofcyprus.com.cy/globalassets/cyprus/mifid/crs-faq-website-en-231215.pdf it seems not so safe for anonymous banking. Even if the account is owned by an offshore company.

Anyone with more insights?

 

[negon]

You must read it again. This apply for personal accounts and Cyprus companies. As long as you have an active offshore company for instant in Belize or the Seychelles nothing is reported.

 

[myhand]

When reading the BoC PDF it scares me. However, when I read some of the many other threads also from Admin is seems you need to register a Belize or Seychelles company in order to avoid any reporting. Finally you need to keep the bank account active and not just let it go!

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[biztro]

auric said:
You must read it again. This apply for personal accounts and Cyprus companies. As long as you have an active offshore company for instant in Belize or the Seychelles nothing is reported.
Click to expand...

I have read it many times. Where does it say it's only for Cyprus companies?

"Individual and Entity accounts held by tax residents of any CRS participating jurisdiction or Passive NFEs with Controlling persons that are resident in any CRS participating jurisdiction"

And the list of CRS participating jurisdiction - many countries.

CRS by jurisdiction - Organisation for Economic Co-operation and Development

 

[negon]

You may search the forum a little there you have the answer, FYI:

Banks have to report in compliance with CRS.

CRS recognizes 2 types of companies:

1. Active Companies
2. Passive Companies

An Active Company is the company that meets any one of the following criteria:

(a) Less than 50 percent of the company's gross income for the preceding calendar year or other appropriate reporting period is passive income and less than 50 percent of the assets held by the company during the preceding calendar year or other appropriate reporting period are assets that produce or are held for the production of passive income;
(b) The stock of the NFFE is regularly traded on an established securities market or
(c) Substantially all of the activities of the Company consist of holding (in whole or in part) the outstanding stock of, or providing financing and services to, one or more subsidiaries that engage in trades or businesses other than the business of a Financial Institution

A Passive Company is a company that is not active. Basically it includes companies that have income from investment activities like dividends, interest, rent and royalties.

The beneficial owners of an Active company will not be reported by the bank

The beneficial owners of a Passive company will be reported by the bank.

So, if the company is an active, then no reporting will be made by the banks.
Click to expand...

 

[Dave]

For the opening of a new account, BOC is required to obtain from customers their tax
residence(s) for tax purposes, and their tax
identification number(s), among other items.
Without this information, BOC, as with any other Financial Institution in a CRS participating
jurisdiction, is not authorized to open a new bank account.

I wonder HOW DO THEY OBTAIN TAX RESIDENCE FROM NEW ACCOUNT OPENERS? DO THEY REQUIRE
TAX RESIDENCE certificate????????????

 

[negon]

Dave said:
I wonder HOW DO THEY OBTAIN TAX RESIDENCE FROM NEW ACCOUNT OPENERS? DO THEY REQUIRE
TAX RESIDENCE certificate????????????
Click to expand...

No they don't and this is the same for any bank in Europe and even in most other parts of the World!

 

[Dave]

biztro said:
I have read it many times. Where does it say it's only for Cyprus companies?

"Individual and Entity accounts held by tax residents of any CRS participating jurisdiction or Passive NFEs with Controlling persons that are resident in any CRS participating jurisdiction"

And the list of CRS participating jurisdiction - many countries.

CRS by jurisdiction - Organisation for Economic Co-operation and Development
Click to expand...

Yes - I wonder what are the best alternatives to Cyprus and Belize - besides Seychelles?

 

[biztro]

auric said:
You may search the forum a little there you have the answer, FYI:
Click to expand...

Any source for this information?

 

[myhand]

You may consult a accountant or CPA to get this explained to you if you don't believe what you read here! It is always a good idea to get things you read on forums and blogs confirmed by an professional.

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[negon]

Most of the guys here including Admin know their stuff and have accountants and lawyer available. That said you should always get all information validated and confirmed by your own lawyer and accountant. It could even be that sometimes you find shortcuts or workarounds to simple issues.

 

[kolagin]

So what you think is a Cyprus bank account safe or least safe as most offshore accounts or is it regular bank account?

 

[clemens]

We will have to see but so far I trust the banks in Cyprus, no problem what so ever. Have always been satified with their service and how they operate.

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[suzy]

clemens said:
We will have to see but so far I trust the banks in Cyprus, no problem what so ever. Have always been satified with their service and how they operate.
Click to expand...

second that. Had only one incident in the past but it was my own fault!