Seychelles company and Cyprus bank account why is that best?

[cyonshore]

Hi,

I recently setup an offshore company (not in cyprus) but got a cyprus bank‌ account since i live here. The bank/IRS required that the benifeciary and nominee shareholders sign‍ an "exclusion of tax decduction on interest form" since company is non resident.

Now since⁠ i live in cyprus was it a bad idea to setup a bank account here?⁤ and now the IRS will know that the benificary is me? so does that defeat⁣ the point?

-Is it better to open bank account in different country to where owner⁢ resides?

-there is work arround to that form? like agreeing with bank not to pay︀ interest

thanks

/P

 

[JohnLocke]

When you live in Cyprus you will not be able to hide your identity at‌ all, it will take the Cypriot Auth. a few minutes to get your bank account‍ information.

When banking offshore it means you bank in a offshore jurisdiction that (hopefully) don't⁠ have any TIEA's in place with your country of residence or you solve the issues⁤ by using mechanisms that protect you from them.

Cyprus is not offshore, it is a⁣ low tax jurisdiction so it should be treated as such.

 

[cyonshore]

🙂 are we talking‌ about the same cyprus lol

 

[JohnLocke]

Not sure what Cyprus you are considering, but I think we are on the same‌ page... If you are in the believing that some can hide from the banking secrecy‍ in Cyprus if something MAY look illegal, then I think you should look into the⁠ issue again. That said, I don't say you are doing this... everything is just hypothetical⁤ and a matter on how to read your post, so sorry if I got something⁣ wrong..

On the other hand, if it the above has nothing to do with your⁢ question then please elaborate because then I don't understand this sentences:

 

[clemens]

Living in Cyprus I won't open an account there but rather looking for a real‌ secret offshore bank account.

 

[JohnLocke]

Depending on what exactly the aim is then it may be better to find a‌ real offshore jurisdiction to bank.