Insights
Practical commentary on the legal developments that affect businesses and individuals in Cyprus.
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Banking & Finance
As at July 2019. I am publishing this article as additional guidance to our clients that operate a bank account through a company in Cyprus or wish to open a new one. I have divided my article to two main headings. Opening a bank account with a commercial bank and Opening a bank account with… Read More
Banking & Finance
The Central Bank of Cyprus issued on 02/11/2018 a Circular to the commercial banks of Cyprus defining the term "shell company". This Circular comes following an earlier Circular dated 14/06/2018 which signified the intention of the Central Bank to adopt a definition of shell companies. The June Circular caused a lot of unrest and uncertainty… Read More
Cypriot banks are under extreme pressure, the last few months, by their regulator, the Central Bank of Cyprus, as regards the opening and operation of bank accounts of companies belonging to non-Cypriots. This pressure culminates in an over-compliance policy that threatens to kill Cyprus’s position as an international business center. It all began last May… Read More
Banking & Finance
The Central of Cyprus (CBC) informed last week the commercial banks of the island that it will amend the Anti Money Laundering Directive to include a new definition of shell companies. The aim of the CBC is “force” commercial banks to cease any business relationship with companies coming from zero tax jurisdictions like Seychelles, Belize and the BVI and introduce… Read More
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