Does a Cyprus company need a Cyprus bank account?

[maddox]

I am moving my tax residence to Cyprus as non-dom. I was planning to create an N26 Business account but I do not know if a Cyprus account is needed. Does someone have any experience with this?

Thanks.

 

[GrumpyMess]

As far as I know any SEPA account is ok.

Did you find out with tax advisor about taxes as non dom?

 

[JohnLocke]

You don't need a Cyprus bank account for your company, you can open an account with N26 if it is what you like as well as with any other EMI of your choice.

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[JohnSeed]

You can choose which bank or EMI you want - it don't have to be a Cyprus bank account just because you have a Cyprus company.

 

[kkein]

OP have you tried to do this? I read N26 does not operate in Cyprus as of now, so i wonder if they let you open the account in a country they do not serve?

 

[maddox]

kkein said:
OP have you tried to do this? I read N26 does not operate in Cyprus as of now, so i wonder if they let you open the account in a country they do not serve?
Click to expand...

My current set up is that way. I have Revolut account for both my company and myself. Social insurance system connects well with Revolut, no problems so far (2 years with it).

I am looking into opening a bank account in a more traditional system though (Revolut is somewhat risky as they have some very arbitrary rules and processes with almost none support)

 

[kkein]

maddox said:
My current set up is that way. I have Revolut account for both my company and myself. Social insurance system connects well with Revolut, no problems so far (2 years with it).

I am looking into opening a bank account in a more traditional system though (Revolut is somewhat risky as they have some very arbitrary rules and processes with almost none support)
Click to expand...

Thanks for the feedback. About social insurance and revolut connecting well, what do you mean? By the way could you see your revolut balance reported in your tax declaration?

 

[maddox]

To be a Cyprus resident, I also have myself as an employee (and Director) of my company, NHS can successfully deduct the amounts without me having to do any manual wire or pay on cash monthly (50 eur aprox for a 500 eur salary)

 

[boomy]

Do you try to open an account with a Cyprus bank for your Cyprus company now you live there or what is the point here?

 

[georgio]

Does anyone know any Swiss banks (or non-EMI trustful banks in general) that can accept Cypriot companies?

 

[orangeye]

It all comes down to if you have substance for the company. If so, try CIM Bank which is a Swiss bank and may accept your business.