Cyprus bank account for US Corporation

[GrafDark]

We are two non US residents who own a US corporation.


If we open a business bank account in Cyprus, how will we pay our US Federal taxes? is the bank account EFTPS-compatible? Do you have a web page with pricing details (e.g., monthly fees, conversion rate fees (if applicable), wire transfer fees)?


Thank you very much for your help.

 

[JohnLocke]

It will all depend on the bank you choose in regards to their fees and other requirements. I doubt that any of the Cyprus banks are actually compatible with a US tax system! What I believe is that you will have to report your profits to the tax authorities manually in the US.

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Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.​

 

[prince]

Why not just avoid reporting it, if they can't find out why report it 🙂 ?

 

[trevor]

Let us know how this went out for you. Did you incorporate your US company in Nevis or Delaware or?

 

[GrafDark]

With FATCA in place you can't avoid to report it, thanks!

 

[stephenbestel]

with FATCA, the bank itself will disclose it t

 

[TVentures]

prince said:
Why not just avoid reporting it, if they can't find out why report it 🙂 ?
Click to expand...

You are dangerous. Go away before you hurt someone.

 

[TVentures]

GrafDark said:
With FATCA in place you can't avoid to report it, thanks!
Click to expand...

The goal is a structure which has zero reporting requirments and zero tax liability. It does not get more complicated than that.

 

[larst]

TVentures said:
The goal is a structure which has zero reporting requirments and zero tax liability. It does not get more complicated than that.
Click to expand...

I think if I would be a US citizen I would never even think about to cheat the tax man. I'm happy to not be in that boat.

 

[TVentures]

The US is the easiest of all jurisdictions. Its a shame everyone blunders it.

 

[stephenbestel]

Easiest TVentures? If you are talking of Florida, I agree with you 🙂

 

[TVentures]

No. Any state. US citizens ceasing to be a tax man is the easiest in the US than any other jurisdiction. It gets more tricky with John Doe who works at the local powerplant, but extremely easy for independant contractors, especially in the professional field.


Florida is just good for when US citizens are seeking to open a US bank account without numbers. But this is getting locked down.