Best bank account for a Cyprus Ltd which is a consulting business?

[A Rebours]

Hello!

I've had a read at a few topics, but couldn't find a clear answer. I'm an EU passport holder who's in the process of moving my tax residency to Cyprus.

- I've managed to open a personal bank account as an international customer with Hellenic Bank also thanks to a friend who works there.
- I'm nearly done with creating my Cyprus Ltd
- I'm in the process of getting the yellow slip, to then apply fully for the non-dom res status

All of my income will be from outside Cyprus, most likely clients in the UK, EU and USA. I saw the prices for the international business companies (i.e. the corporate equivalent of my personal account) and they seem very high. But given all my income will be from outside Cyprus, I understand I will always be considered as an IBC?

Would Wise, Revolut and the like be possible solutions? Multicurrency accounts are a must and it's something normal banks charge you loads for.

Thanks

 

[CyprusLaw]

A Rebours said:
Hello!

I've had a read at a few topics, but couldn't find a clear answer. I'm an EU passport holder who's in the process of moving my tax residency to Cyprus.

- I've managed to open a personal bank account as an international customer with Hellenic Bank also thanks to a friend who works there.
- I'm nearly done with creating my Cyprus Ltd
- I'm in the process of getting the yellow slip, to then apply fully for the non-dom res status

All of my income will be from outside Cyprus, most likely clients in the UK, EU and USA. I saw the prices for the international business companies (i.e. the corporate equivalent of my personal account) and they seem very high. But given all my income will be from outside Cyprus, I understand I will always be considered as an IBC?

Would Wise, Revolut and the like be possible solutions? Multicurrency accounts are a must and it's something normal banks charge you loads for.

Thanks
Click to expand...

Nowadays most of our clients prefer using EMIs like Revolut for example instead of traditional banks.

 

[kilor]

Why do they prefer Revolut over BoC or a real bank in Cyprus? because of the complicated process?

 

[CyprusLawyer101]

A Rebours said:
Hello!

I've had a read at a few topics, but couldn't find a clear answer. I'm an EU passport holder who's in the process of moving my tax residency to Cyprus.

- I've managed to open a personal bank account as an international customer with Hellenic Bank also thanks to a friend who works there.
- I'm nearly done with creating my Cyprus Ltd
- I'm in the process of getting the yellow slip, to then apply fully for the non-dom res status

All of my income will be from outside Cyprus, most likely clients in the UK, EU and USA. I saw the prices for the international business companies (i.e. the corporate equivalent of my personal account) and they seem very high. But given all my income will be from outside Cyprus, I understand I will always be considered as an IBC?

Would Wise, Revolut and the like be possible solutions? Multicurrency accounts are a must and it's something normal banks charge you loads for.

Thanks
Click to expand...

if you will be moving residency to Cyprus and running a Cyprus Ltd then I would suggest you just walk-in to your nearest brick and mortar bank and explain your business, you should be able to get an account opened.

 

[A Rebours]

CyprusLaw said:
Nowadays most of our clients prefer using EMIs like Revolut for example instead of traditional banks.
Click to expand...

I'm not surprised, given the costs of normal banks. A taster of Hellenic...

https://www.hellenicbank.com/-/medi...fect/ibu-and-shipping-valid-from-01042025.pdf

 

[A Rebours]

CyprusLawyer101 said:
if you will be moving residency to Cyprus and running a Cyprus Ltd then I would suggest you just walk-in to your nearest brick and mortar bank and explain your business, you should be able to get an account opened.
Click to expand...

Hi there!
You mean a normal business account, not as expensive as one for an IBC? Because I've read that if most of your income and business dealings will be from abroad, you'll always be seen as an IBC?

 

[CyprusLawyer101]

A Rebours said:
Hi there!
You mean a normal business account, not as expensive as one for an IBC? Because I've read that if most of your income and business dealings will be from abroad, you'll always be seen as an IBC?
Click to expand...

A retail branch is dealing with local clients. If they are to on-board you then you cannot be considered anything else.

 

[SCHLOSSFINANZ]

amnistreasury.com

 

[dandiskahn]

CyprusLawyer101 said:
A retail branch is dealing with local clients. If they are to on-board you then you cannot be considered anything else.
Click to expand...

But regardless of the retail branch and the fact that the company is incorporated in Cyprus, OP is saying that banks will classify you as an International Business Unit Customer, if most of your income arises abroad.

Are you saying there is a way to not be considered as an IBUc? The fees for this category are absurd.

 

[CyprusLawyer101]

dandiskahn said:
But regardless of the retail branch and the fact that the company is incorporated in Cyprus, OP is saying that banks will classify you as an International Business Unit Customer, if most of your income arises abroad.

Are you saying there is a way to not be considered as an IBUc? The fees for this category are absurd.
Click to expand...

Yes, I told you the way

 

[dandiskahn]

CyprusLawyer101 said:
Yes, I told you the way
Click to expand...

You said that if the company is Cypriot then you're considered local by the bank. Then why do they have an IBU specific pricing? They clearly say (BoC and Hellenic) that if the income arises abroad you're an IBUc, even if the company is Cypriot.
I'm not trying to argue with you, I just want to understand 🙂

I can PM or open a thread on the Mentor Group if needed...

 

[SCHLOSSFINANZ]

it depends on many factors. You should be happy to get a bank account if your business is rated high-risk from the banks internal department.

 

[CyprusLawyer101]

dandiskahn said:
You said that if the company is Cypriot then you're considered local by the bank. Then why do they have an IBU specific pricing? They clearly say (BoC and Hellenic) that if the income arises abroad you're an IBUc, even if the company is Cypriot.
I'm not trying to argue with you, I just want to understand 🙂

I can PM or open a thread on the Mentor Group if needed...
Click to expand...

What i am saying is that if you can open an account with a retail branch you are classified as a local customer. If you are classified as an international business company you will be referred to an IBU. The classification differs from bank to bank and there is also the discretion of a branch manager that comes into play. As an example if you are an EU citizen who has moved to Cyprus and you have a Cyprus company doing some business consulting, even though your source of income is mostly from abroad, you will most likely be on - boarded at the retail branch.

 

[spepe]

I'm the same as you. We use a local bank, CDB, for payroll, taxes, and suppliers, and Revolut for any inbound payments - as it easily accepts GBP, USD, and EUR - I convert and wire what I need in a few clicks, and for free.
No brainer.

 

[GPT]

dandiskahn said:
You said that if the company is Cypriot then you're considered local by the bank. Then why do they have an IBU specific pricing? They clearly say (BoC and Hellenic) that if the income arises abroad you're an IBUc, even if the company is Cypriot.
I'm not trying to argue with you, I just want to understand 🙂

I can PM or open a thread on the Mentor Group if needed...
Click to expand...

Just some nuance...

Even when living in Cyprus with all the paperwork and a normal Cyprus Ltd and paying VAT, CIT and many other taxes.... It doesnt mean you will be seen as local. After having lived their for 4 years and multiple meetings, recommendation letters, audited annual accounts and you name it, we finally managed to get rid of being see as an IBC customer. Owh and 70% of our turnover was local. The main reason for IBC was that I was foreign (EU passport).

 

[dandiskahn]

GPT said:
Just some nuance...

Even when living in Cyprus with all the paperwork and a normal Cyprus Ltd and paying VAT, CIT and many other taxes.... It doesnt mean you will be seen as local. After having lived their for 4 years and multiple meetings, recommendation letters, audited annual accounts and you name it, we finally managed to get rid of being see as an IBC customer. Owh and 70% of our turnover was local. The main reason for IBC was that I was foreign (EU passport).
Click to expand...

Yes that's what I feared”¦

 

[A Rebours]

GPT said:
Just some nuance...

Even when living in Cyprus with all the paperwork and a normal Cyprus Ltd and paying VAT, CIT and many other taxes.... It doesnt mean you will be seen as local. After having lived their for 4 years and multiple meetings, recommendation letters, audited annual accounts and you name it, we finally managed to get rid of being see as an IBC customer. Owh and 70% of our turnover was local. The main reason for IBC was that I was foreign (EU passport).
Click to expand...

Thanks for this insight