Cyprus bank account not safe?

[biztro]

I'm not an expert, but after reading this http://www.bankofcyprus.com.cy/globalassets/cyprus/mifid/crs-faq-website-en-231215.pdf it seems not so safe for anonymous banking. Even if the account is owned by an offshore company.

Anyone with more insights?

 

[negon]

You must read it again. This apply for personal accounts and Cyprus companies. As long‌ as you have an active offshore company for instant in Belize or the Seychelles nothing‍ is reported.

 

[myhand]

When reading the BoC PDF it scares me. However, when I read some of the‌ many other threads also from Admin is seems you need to register a Belize or‍ Seychelles company in order to avoid any reporting. Finally you need to keep the bank⁠ account active and not just let it go!

 

[biztro]

I have read it many times. Where does⁠ it say it's only for Cyprus companies?

"Individual and Entity accounts held by tax residents⁤ of any CRS participating jurisdiction or Passive NFEs with Controlling persons that are resident in⁣ any CRS participating jurisdiction"

And the list of CRS participating jurisdiction - many countries.

CRS by jurisdiction - Organisation for Economic Co-operation and Development

 

[negon]

You may search the forum a little there you have the answer, FYI:

 

[Dave]

For the opening of a new account, BOC is required to obtain from customers their‌ tax
residence(s) for tax purposes, and their tax
identification number(s), among other items.
Without this‍ information, BOC, as with any other Financial Institution in a CRS participating
jurisdiction, is not⁠ authorized to open a new bank account.

I wonder HOW DO THEY OBTAIN TAX RESIDENCE⁤ FROM NEW ACCOUNT OPENERS? DO THEY REQUIRE
TAX RESIDENCE certificate????????????

 

[negon]

No they don't and this is the‍ same for any bank in Europe and even in most other parts of the World!⁠

 

[Dave]

Yes - I wonder what are the best⁤ alternatives to Cyprus and Belize - besides Seychelles?

 

[biztro]

Any source for this information?

 

[myhand]

You may consult a accountant or CPA to get this explained to you if you‌ don't believe what you read here! It is always a good idea to get things‍ you read on forums and blogs confirmed by an professional.

 

[negon]

Most of the guys here including Admin know their stuff and have accountants and lawyer‌ available. That said you should always get all information validated and confirmed by your own‍ lawyer and accountant. It could even be that sometimes you find shortcuts or workarounds to⁠ simple issues.

 

[kolagin]

So what you think is a Cyprus bank account safe or least safe as most‌ offshore accounts or is it regular bank account?

 

[clemens]

We will have to see but so far I trust the banks in Cyprus, no‌ problem what so ever. Have always been satified with their service and how they operate.‍

 

[suzy]

second that. Had only one incident in the past but⁠ it was my own fault!