Cyprus Bank Account and Cyprus Paypal with BVI company

[Citizenoftheworld]

I have an EU passport and an 3 year old BVI company. I have an dropshipping store receiving up to 50000 EUR per month on paypal.

I want to open for that company a cyprus bank account and cyprus paypal.

Is that possible? what verifications will paypal ask me once the account starts to receive a bigger amunt per month

I could set up a virtual office address in cyrpus for the bank account and paypal. I could also set a up personal bank account at the same bank, so I have a proof of residence in case paypal asks.

Does that all makes sense?

 

[JohnLocke]

You can't do that with a BVI company. PP requires you to have the company in the same country as the bank account!

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[Citizenoftheworld]

Thank you. From my research, the requirements for a Paypal Business Account are quite different from country to country. Usually Paypal follows the laws and finance guidelines of each country. When u sign up for a Cyprus or Mauritius business paypal you can enter a different country of incorporation, this is not possible when u sign up for Paypal Business in most countries.

 

[myhand]

Not seen them allow this type of setup for long time. Maybe Mauritius has some exceptions don't know.

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[Citizenoftheworld]

I got this information from an incoporation agency: Unfortunately since July 2018 Cyprus does not accept anymore companies registered in "no-tax" countries (Belize, Seychelles, BVI, etc.). They now only accept companies registered in a country where the company have taxes and accounting.

 

[JohnLocke]

Citizenoftheworld said:
I got this information from an incoporation agency: Unfortunately since July 2018 Cyprus does not accept anymore companies registered in "no-tax" countries (Belize, Seychelles, BVI, etc.). They now only accept companies registered in a country where the company have taxes and accounting.
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You want to have a read here Important! - Quick update for Offshore company and Cyprus bank account opening Aug 2018 check the date for when this was posted 😉

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