Seychelles company and Cyprus bank account why is that best?

[orangeye]

I read everywhere that a Seychelles company and Cyprus bank account is the best match, why?


Will my Cyprus account be managed by me or the Seychelles company?


Is it best to appoint a nominee director to sign for the Cyprus bank account?


Is it required to appoint a nominee shareholder in the Seychelles company to stay anonymous?

 

[JohnLocke]

There are several reasons for it but one of them may be that your have‌ a very high level of privacy doing so. For instant there is no TIEA that‍ apply if structured correctly.

FYI: Offshore Company Forum - Open bank account in Cyprus, personal⁠ or corporate?

You will always be in control of the bank account, means, only you⁤ will have access to the bank account!

Actually a nominee director will not help you⁣ at this point, only if you want to avoid to sign agreements/contracts on behalf of⁢ a company a nominee director will help, it will not provide an additional layer of︀ privacy towards the bank if it is what you are asking for.

It is not︁ a requirement to appoint a nominee shareholder at all, honestly, I don't think you will︂ even need to do so.

 

[orangeye]

Thank you, how long until I get my bank account operative?

 

[JohnLocke]

You will want to follow this link: /home/faq.html?view=category&id=18 very useful and informative FAQ that will‌ answer most of your questions in regards to bank account opening in Cyprus. 😉

 

[wonderwilly]

So it takes 1 week for the Seychelles company to be incorporated now? Mine took‌ only 2 hours doublethumbsup seems something has changed.

 

[JohnLocke]

At the moment we are facing delays both in the Seychelles and with the banks‌ in Cyprus, so the starting point is 2 - 3 weeks to get it all‍ done it can be faster or even take longer, we are depending on several instances⁠ here so it is really difficult to say the exact time frame.

 

[blainchain]

Good point actually, will the nominee director have access to the bank account if nominee‌ is appointed in the Seychelles company?

 

[JohnLocke]

No, defiantly no, the‍ nominee will not have access to your bank account only you will have access.

 

[stuntbiker]

Can a nominee be the beneficial owner of a Seychelles company?

 

[JohnLocke]

Sorry, no that is not possible. The beneficial owner will always be the person or‌ entity that pays for the incorporation of an offshore company!

 

[stuntbiker]

Can I stay anonymous if I open a Cyprus bank account with Panama offshore company?‌

 

[stuntbiker]

If you had read the forum and more specific topics containing Cyprus‍ bank accounts you would have known that you wont stay 100% anonymous even though you⁠ have a Seychelles company to open the corporate bank account in Cyprus.... it may be⁤ very difficult for any authority to access the beneficial owner data, but if it is⁣ moneylaundering or other criminal activity going on they will get you.

 

[cosmo]

I agree with hotdoc 😀 There is a hell of lots of information about why Cyprus‌ banking works best for most... still there can be open questions.

 

[blainchain]

So no anonymous Cyprus bank account exists, how comes so many are opening a bank‌ account there?

 

[forcet]

It seems the anonymity comes if you incorporate a Seychelles company (non EU entity) and‌ open the bank account in Cyprus, this will make any TIEA or DTA signed not‍ applicable.

 

[JohnLocke]

That is correct, however, note, the bank will still know the beneficial owner of the‌ company and the name of the person who will have access to the account.

 

[thenegotium]

So which turns out to be better for privacy then? Seychelles company with a Cyprus‌ bank account (that you operate yourself) or a Seychelles company with a Seychelles bank account‍ that is handled by a nominee director?

Also, nominee directors can never manage bank accounts⁠ in other jurisdictions, is that correct?

 

[JohnLocke]

Well, what is best is up to you, nevertheless, then it requires a minimum balance‌ of $100,000 to be maintained instantly with the Seychelles bank's, the most clients are Incorporating‍ a Seychelles company and open a bank account in Cyprus or in some other jurisdiction⁠ like Switzerland, Liechtenstein etc.

The nominee director is not necessary for a Seychelles company if⁤ the only purpose is that he signs for the bank application, the reason is that⁣ the bank will require full ownership information i.e. copy of passport, utility bill etc. for⁢ the beneficial owner. This information won't be released to anyone unless a local (Cyprus) court︀ order which is difficult to obtain for any authority in such a structure.

 

[thenegotium]

What about BMI? Is there any advantage in using them since they are a partnership‌ of two different jurisdictions?

BMI's site says that their minimum balance is $50,000, but I‍ have read elsewhere that it is only $5,000. Which is correct?

 

[JohnLocke]

BMI has rised the minimum limit to $50k as well, actually it has always been‌ so.