Be aware of The Bank of Cyprus

[libertycity]

Hello guys,

I know the bank of Cyprus is popular,but not very good...
Here are some bad things that I had with them:
First they will review each transaction and your business contracts,you need to have enough business proof and take much time to prepare with their forms to keep your account living,the worse thing is they will charge of it without any notification.Usually at least 500EUR.

When you want to close your bank account,it was 200EUR fees last year.
But now the fee is 1% of all your transactions amount and the worse thing is they will add some undisclosed fees like reviewing fees that is not very clear and not disclosed on their website or any fees sheets.

It is painful to deal with them,waste time and many hidden fees that you will be surprised hehe.
I am thankful to your guys on this forum and want to share my experiences with your guys.
Consider my experiences when you want to deal with them,good luck.

 

[MrTony]

From the beginning of June Cyprus banks begun to close up accounts and don't open new accounts for offshore and shell companies (as LP, LLP from UK).
The same process as to Latvian banks.

 

[JohnLocke]

What offshore companies did they not open accounts for ?

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[Banker89]

Admin said:
What offshore companies did they not open accounts for ?
Click to expand...

Ones which cannot prove they have economic substance, like real transactions, employees etc

 

[libertycity]

MrTony said:
From the beginning of June Cyprus banks begun to close up accounts and don't open new accounts for offshore and shell companies (as LP, LLP from UK).
The same process as to Latvian banks.
Click to expand...

Hey man,I did not get this notification,where you see this message?is this offical?

 

[MrTony]

Banker89 wrote all + classic offshore jurisdictions.

libertycity said:
is this offical?
Click to expand...

Are you joking, I hope or you think Head of authority makes press conference by this issue? Just google news and compare with news about Latvia.

 

[JohnLocke]

Well, I don't understand where this propaganda is coming from! No problems at all with BoC, not problems at all with RBS - what's your problem actually!

Do you have anything that can backup your claims ?

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[Samuel Newman]

Admin said:
Well, I don't understand where this propaganda is coming from! No problems at all with BoC, not problems at all with RBS - what's your problem actually!

Do you have anything that can backup your claims ?
Click to expand...

It looks like news about it could be found in Russian🙂
because, I've heared about it a lot of times this month from Russian clients only

 

[Jon Goldberg]

Thats true, after US officials were in CY in May they told all locals how to run business properly if you want to stay in business,
its simple our way or Latvian way, Russian clients were the first easiest target, news about Cyprus could be found mainly in Russian
thats true, if CY officials will come out to public with all the details what will happen next it would be bank run, everybody understands that
and the consequences to CY economy so they want to maintain a low profile, it probably wont affect those who have nothing to hide, legit
business , no nominees, direct ownerships, accounts taxes are done/paid etc.

 

[JohnLocke]

Yiannis Liu said:
There is no problem with BOC for accepting new clients, there are cases like review charges but 1% transaction cost never heard about that.
Click to expand...

second that. I must admit I don't know if they have blocked Russia or the USA but so far I have not heard about anything like that. Maybe they do it depending on who apply for an account with them.

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[negon]

I call BS this is not true. Know several people that have opened accounts there for offshore corps. Seems that a single guy which got declined is generalizing the situation there!

 

[MrTony]

I have written not about the problem of the first guy from this thread. This is his personal problem and single situation. Just about the situation with offshores companies and LP, which will try to open new accounts.
Jon Goldberg wrote absolutely right. At the moment big attention to Russian money (majority Cyprus companies).