Archive for December, 2008
Cyprus Visa Debit Card for my Cyprus Bank Account, what’s the benefit?
Posted by peter in Cyprus Bank Account on December 28, 2008
You decided to find out more about the benefits to have a offshore bank account with a Visa Debit Card, through this post I will explain a bit about how to get the bank account and the Visa Debit card in Cyprus.
In general it is most common that people outside Europe want to have a way to accept payments by Wire transfer for larger amounts, or to pay their bills by Bank Transfers, often an IBAN number is required for the bank account for other companies to make a Wire Transfer to a European Bank Account. In some countries it isn’t possible to just open a bank account in the local bank and that’s where it is a major benefit for companies and individuals across the World to be able to open a Cyprus Bank Account and also get a Cyprus Visa Electron Card connected to that account.
The Visa Electron Card can be used in all ATM’s around the world and have no limits, except funds needed to be available on the account.
There are also other reasons for companies or individuals to open a Cyprus Offshore Bank Account, one could be assets protection another could be to simplicity the payment transfers from companies in Europe to non European Companies.
Did you know that it is only possible for any authority in the World to get access to your Cyprus bank account if they can proof that you are involved in Money Laundering or financing of Terrorism? Most people are not. What does that mean for me? Simple, if you for any reason get in troubles with your creditors or you, by court order, have to pay everything you owe to an Authority or to a creditor because you really owe the money to them, then it is not possible for anyone to access the money on your Cyprus Bank Account, which make it possible for you to start a new venture later on or to secure your private finances to be able to exist in the future until you get a regular income again.
Now while you have a Cyprus Bank Account, then you might want to have easy access to your money, this is what you get with your Cyprus Visa Debit Card, you do not need to make a Wire Transfer to your local bank account and wait 2 -3 days for the money to arrive, no you access you funds immediately 24 / 7 / 365 that mean you will always have cash in the hand as long as you have money on your Cyprus Bank Account.
Interested? Sure I was too, and it is very easy to get this thing started, you only need a Reference Letter from your local bank which includes a letter of good standing and some ID with a picture of yours, once you have this in place it needs some application which is about 2 -3 pages and only thing you need is to read it and sign it, that’s all. Typically it takes about 2 – 3 weeks for the Cyprus Bank Account to be operational and to issue the Cyprus Visa Debit Card.
Did you know that Cyprus is a full member of the European Union? Yes but why care? Because you can get a offshore bank account in many countries and islands but your money isn’t secure there, often the banks are not regulated by any authority nor they don’t have any political infrastructure. It will put up some red lights on your business partners minds. Cyprus is known for its integrity and its banking infrastructure and your money, business and assets are secure there. You do not need to worry each day if everything is still there, it is.
Who can open a Cyprus Bank Account and get a Cyprus Visa Debit Card?
Every individual or company in the World can get it, as long as you have a reference letter and a letter of good standing together with valid ID.
This article should cover most questions we face daily regarding Cyprus Bank Accounts and Cyprus Visa Debit Cards, however should you still have questions than please visit our website and feel free to contact us. Above are the opinions of CCLOGIC LLC and it’s Author.
Opening an offshore bank account in Cyprus
Posted by peter in Cyprus Bank Account on December 26, 2008
Opening an offshore bank account in Cyprus can offer a multitude of benefits to International companies, the main advantage being that you can use the internet to carry out most transactions. Well established banks in Cyprus can provide multi-currency trading accounts and investment accounts that can be accessed via the internet, so practically every transaction can be done online or by fax or telephone if you prefer. There is no need to go into the bank in person to proceed with business, everything is convenient and instant. Some banks in Cyprus also offer debit cards.
To set up this kind of account there are various forms of identification that you will be require to supply. Proof of your permanent address is always essential to open an offshore bank account, this can be a utility bill for electric or the telephone and has to be provided from all signatories, shareholders and directors of your company.
The bank will provide you with forms to be filled in and signed, if you are unsure of certain details or how to proceed there are agencies that can assist you with preparing all the relevant forms and paperwork and ensure you have everything in order before applying for the bank account. These bank account opening forms need to be completed and signed.
You will also need to get hold of a certified copy of the Certificate of Incorporation and a certified copy of the Memorandum and Articles of Association, again a good agency will be able to provide you with these relevant forms and help you to fill them in correctly.
You cannot open an offshore bank account without the necessary identification documents. Banks will invariably require a form of ID with a photo attached to it, these will be a passport or an international driving license or some other document with photo to identify you. Again you will have to make copies and these all need to be certified. All the signatories of the account to be opened, the directors and the shareholders need to supply ID. The ideal form of identification required by the bank is your passport, a copy made and it has to be notarized.
To be continued soon!
An anonymous debit card simply means that you don’t have to have your name printed onto it.
Posted by peter in Cyprus Bank Account, Cyprus Company Formation on December 23, 2008
An anonymous debit card simply means that you don’t have to have your name printed onto it. You can either choose to have someone else’s name printed onto it, put it into the corporations name or even choose to have the card printed with no name on it at all. The choice is yours.
An anonymous debit card programme will operate in the following way. Normally a card-issuing bank will issue the credit card either to a trust company or to a trust account held at the bank. A card reseller has the trust account held in an offshore bank in a different jurisdiction than the one where he is based in order to avoid any legal issues. The reseller is the one who has all control over the debit card and the money on it and will normally provide information online for you to have the ability to check the account and its transactions, balance, outgoings, etc. The actual money is held in the resellers trust account and he is the one who has the signatory power.
To obtain a debit card any other way requires opening up an offshore account and then applying for a debit card, however this method means that it will not be anonymous. Cards that are issued directly from the banks always have the name printed on the debit card of the signatory on the bank account. Offshore banks will also require different forms of ID and references before you can open an account and get a debit card from them.
Some agencies are able to set you up with an International offshore credit card, there is a VISA debit card with credit card facilities offered through leading International banks without having to obtain credit checks or bank references. They place great emphasis on client confidentiality. The card is given out with an offshore current business bank account from reputable International banks.
To qualify for an international offshore credit card it is necessary to have an offshore company already set up. With an International debit card you are able to cash money and view your account balance through an ATM, if it is marked with VISA/PLUS logo anywhere in the world. Money debited on this debit card can be taken out from over 855, 000 ATMs in 149 countries.
Money deposited in a debit account is much safer than carrying it around in your pocket and in the unfortunate circumstances that you should lose the card or have it stolen then the account will be frozen instantly.
When applying for the debit card the bank needs identification of the customer, but once the card is issued there is no name printed on it and so it is an anonymous debit card, this also means that it is issued immediately as there is no time to wait while your name is printed. These debit cards can be opened using both Euros and US dollars.
When you apply for the card there is no request for a guarantee deposit or opening payment to be made and if you are travelling overseas there is no requirement to show the information on the amount of money deposited on the card. When accounting in a foreign country there is no need to be concerned regarding the currency exchange as it is all processed automatically.
If you require an offshore bank account it is always a good idea to try and visit the bank yourself to set everything up, there are many offshore jurisdictions and there is very likely one not too far from your country of residence. This is especially important if you are setting up a business account and will be using the bank account frequently or if you are intending to deposit a large amount of funds. Check out where and who will be holding your money. Lastly, be aware that just because your bank account and company are offshore it doesn’t mean that you can carry out business in your home country or with fellow residents and avoid taxes.
Cyprus is a major offshore and onshore business centre with great business facilities and thousands of offshore companies
Posted by peter in Cyprus Bank Account, Cyprus Company Formation on December 16, 2008
Cyprus is a major offshore and onshore business centre with great business facilities and thousands of offshore companies, many firms are incorporated there every year. It is also a beautiful island destination to visit or live on, offering convenience for flights to Europe, Asia and the Middle East and an efficient communications network.
The benefits of opening a bank account in Cyprus include low tax on corporate profit, tax free dividends to shareholders, double tax treaties between Cyprus and 27 countries including Russia and the Ukraine, offshore companies located on the island are able to buy duty free items, including cars, and Cypriot off-shore company owners can remain anonymous using nominee services.
Whether you are a resident of the country is not important, however if you want to open a bank account in Cyprus it is much more preferable to open it in person rather than try to correspond with the bank from abroad.
Before you arrive in Cyprus you are able to open a bank account just by visiting a Cypriot bank in another country, opening a bank account using this method will mean that your signature has to be checked and confirmed before an account can be opened. There are branches of the Cypriot bank in many countries abroad.
It is advised to visit as many Cypriot banks whilst you are in your own country as possible and take the time to compare their rules and regulations, what ID do they require, their interest rates, etc. should all be checked out. They will all vary considerably and you want to obtain the best deal possible. Also check out their fees for personal accounts and international transfers and any other services you think you will need to use.
It is always helpful to seek other people’s advice and recommendations, ask business colleagues or friends if they have any experience of any of the banks and listen carefully to what they have to say. A good recommendation can sometimes be far more helpful and truthful than any type of advertising. Then take a trip to the bank and introduce yourself letting them know you are interested in opening up a bank account with them.
For anyone to open a bank account they must be over the age of 18 and you will to take proof of your identity to show them. This is normally a passport, driver’s license or some other form of ID, preferably with a photo attached. Letters with your home address will also be needed, this could be an electricity or telephone bill. It is up to you what type of bank account you intend to open depending on the reasons why you require it; it could be anything from a current account to have a salary paid in, a savings account to save money for your retirement or a foreign currency account.
Even if you are planning to retire and live the rest of your days in Cyprus it is always a good plan to keep your bank accounts in your own country up and running, they will always come in useful. If you have family still in your own country then it is wise to keep some of your funds in this account for when you visit them as it will work out cheaper to use these funds than paying the commissions charged to convert foreign currency. Most expatriates who live in another country than the one where they would normally reside, such as Cyprus, have at least two accounts open, one for international transactions and one for every day business.
If you are considering opening a bank account in Cyprus then you can always start your search for an appropriate bank by searching the web, type in ‘Cyprus bank account’ in the search box and go from there. From the options that appear, select the site that offers all the types of banking you need. Then contact the bank and request a phone consultation, ask them to mail you read outs about the bank. Always enquire about debit and credit cards and business banking. Other areas you might be interested in are wealth management and asset protection.
There is plenty of information online regarding offshore bank accounts, they can save you money and you can relax knowing you have a great retirement fund planned for the future. Open a Cyprus Business or Personal Bank Account
An offshore bank is simply a bank where you can open an account but it is not in the country where you reside.
Posted by peter in Cyprus Bank Account on December 13, 2008
An offshore bank is simply a bank where you can open an account but it is not in the country where you reside. Most people decide to open a bank account in a country where there is no tax to pay or the rates are extremely low, one that provides financial and legal benefits, opening a Cyprus bank account can give you many of these benefits.
Advantages to opening a bank account in Cyprus include a great deal of privacy and confidentiality as well as less restrictive legal laws and rules than those imposed by an offshore bank account. They offer their customers protection against any kind of local political or financial stability and have a greater access to deposits.
The majority of offshore banks are located on island nations; some of these include Cyprus, Jersey, The Isle of Man and Bermuda. They can also however be found in other countries that are not islands, such as Luxembourg.
Once offshore banking was associated with illegal activities, laundering money, organized crime and tax evasion, however there are plenty of law abiding citizens’ who maintain an offshore bank account as individuals or for their international business.
Offshore banks have no legal responsibility to report income to other tax authorities as they are protected by bank secrecy. This doesn’t make the practice legal of course, if you have an income that you don’t declare to your own tax authorities then it is illegal and if they do become aware that you have this account you could be in some serious trouble.
Since 2001 there have been more demands for increased directives on global finance, especially those relating to offshore banks and tax havens, due to their reputation and the easier risks of illegal money flows.
Why do people choose to open a bank account offshore? Generally, the offshore banks will offer higher interest rates than those that are on offer by the banks in the clients own countries. This is possible as their overheads are considerably lower due to the location and the absence of any involvement by the government of the jurisdiction.
For residents of countries that are politically and economically unstable, putting their lifesavings in a bank account can be a risky action. Offshore bank accounts can provide a safe and reliable place to put their money with no fear that it will be reduced or even frozen and they subsequently lose everything.
There are few industries that a small island community can earn money from, many of them are popular tourist destinations and tourism is their main industry.
Offshore banking provides another industry they can take on and compete with other countries. Also it can provide a way of creating investment and growth in the economy of the country as well as helping to spread out the world’s finances to the developing world.
When an offshore bank pays interest most of the time tax is not deducted. This is a huge benefit for those who don’t pay tax on global income and those who don’t pay tax until the tax return is decided. It is also possible to set up an anonymous bank account in Cyprus or another jurisdiction, this option isn’t available with domestic banks. Higher rate loans based on the risk and investment opportunities are also more viable than anywhere else.
Supporters of offshore banking claim that creating competition in the tax and banking world is a benefit to the industry, as it permits people to select a suitable equilibrium of services and taxes. Those against offshore banking say that the competition puts the banks at a disadvantage, as governments in developed countries are forced to deregulate their banking systems in order to stop everyone turning to offshore banks for their financial needs.
There are disadvantages of offshore banking and the main one is that it is often related to tax fraud and organized crime. Although there are instances and once there was a time when the majority of people who used offshore banks might have been involved in these kinds of activities, now a large number of expatriate and international workers use and open offshore bank accounts.
Due to the location of many offshore banks it can be difficult to get information and access the bank, contact would be mostly by telephone or via email and this isn’t always proficient.
Accounts can easily be set up online and all business transactions handled online, which many people prefer. Those people who receive high incomes usually seek out the services of offshore banks as they tend to pay a higher rate of tax and having an account offshore can save them money.
An offshore company is one that doesn’t conduct its business in its own country.
Posted by peter in Cyprus Company Formation on December 11, 2008
An offshore company is one that doesn’t conduct its business in its own country. You may have heard an offshore company referred to under another term, such as non-resident companies. An Cyprus offshore company has to follow the rules and laws of the jurisdiction it is registered under and it isn’t allowed to carry out a substantial amount of business with the jurisdiction where it is incorporated.
There are a number of benefits to individuals and companies that decide to set up an Cyprus offshore company. Taxation is the biggest advantage as the company can be established in such as way that the tax that has to be paid is kept to a minimum. An offshore business is a much simpler and straight-forward process than onshore businesses due to the fact that most offshore jurisdictions have simplified the whole set up process to make it as easy as possible for these companies. There is a higher level of legal protection offered by offshore jurisdictions a they impose more stringent conditions on agreeing to let the courts view corporations records, also in most cases if an offshore company is facing a law suit against it then the corporate governance rules call for the laws of the jurisdiction to where the company is registered to apply, and not the country in which it is being sued.
The fees you have to pay depend on the jurisdiction you choose, opening a business in Cyprus will be far different to the island of Bermuda and there are also vast differences in the maintenance charges on a company’s annual renewal of its license. There has to be a lot of detailed reporting when forming an onshore company but with offshore formations this is not the case, each jurisdiction has its own laws and regulations concerning the amount of information it requires.
Liability cases are always an issue that corporations have to be aware of and protect themselves against. Offshore formations can enable you to manage assets and transactions so that you are protected against any liability cases that might happen.
One of the main reasons many corporations decide to establish an anonymous company formation is to keep the name of the owner private and not printed on any documentation. Offshore jurisdictions normally don’t impress any capitalization rules on corporations which enable them to be created with an entirely insignificant equity investment. This isn’t the case however with banks and other financial institutions or insurance companies. Cyprus Offshore companies can generally help out financially to acquire their own shares which means there are no whitewash procedures occurring and everything is out in the open.
There are a few disadvantages to be aware of with setting up an Cyprus offshore company formation and one of these is that they are generally prevented from carrying out any business or having an office with staff employed within the jurisdiction of incorporation. There are certain restrictions on the types of business that are allowed to operate as an offshore company and these are generally those involved in the banking and insurance industries or in commission as a trust company.
Due to the little amount of information that is known and required for an offshore company there is a certain amount of documentation needed to check that the business is legal and all above board. Opening a bank account for the offshore company and to abide by pertinent anti-money laundering regulations banks will ask for documents confirming the identity of the signers on the account to be notarized and may even need references from an attorney or a banker who knows you and can vouch for your character.
Another disadvantage to forming an Cyprus offshore company is that some countries have legislation against allowing offshore companies from conducting business in their country as they feel the company is dodging paying its taxes. Lastly, if a shareholder of an offshore company passes away then the will has to be admitted to probate within the offshore jurisdiction which can result in a lengthy and costly procedure while you wait for the estate to be settled.
Finding an expert who can help and advice you in the area of your type of business can provide you with skilled and specialist help in forming your offshore company. There are numerous proficient and practiced consultants that offer services to assist with your business goals and can facilitate with the setting up the company, incorporation of company, asset protection, company management and offshore banking services.
Why a Cyprus Offshore Company ? Read the truth.
Posted by peter in Cyprus Company Formation on December 9, 2008
The main purpose in setting up an Cyprus offshore company is to obtain the greatest advantage in economic terms for your business. Offshore companies can be referred to as in various terms, non resident company, offshore shelf company, or international company are just some of them and they are all the same, their business is operated from a different country than their own.
Why would people want to set up their business overseas? The main reason is that it can gain you large tax benefits, privacy is another primary reason. Anonymous company formation is an advantage for particular industries, particularly those concerned with gambling and many other adult activities that are not welcome in all countries.
There are varying kinds of Cyprus offshore companies from Limited Liability Company, Limited Guarantee Company, Protected Shell Companies, International Business Company, Companies Issuing Shares, Trusts, and Partnerships. There are more but these are the main categories that are set up offshore.
The laws and regulations that oversee offshore companies depend on where you decide to establish the business. There are several jurisdictions where it is possible to incorporate offshore companies from Cyprus, The Cook islands, The Isle of Man, Dubai, Barbados, Monaco and Bermuda, there are many more but these are some of the most well-known islands.
There are lots of benefits to setting up an Cyprus offshore company; they enable a company to carry on with its business without having to pay the high corporate taxes that are normally levied on corporations and so save money. Tax benefits are also a big advantage as they assist in minimizing regulatory costs.
A leading advantage is that your company can then carry out business as an International body, this means that the Cyprus offshore company has the same rights as an individual has enabling them to make investments, buy and sell real estate, trade in stocks and bonds and other kinds of business activities as long as the laws of the country are adhered to.
One of the most appealing benefits to establishing an offshore company is that any activities connected to the business can be kept private and confidential. The company is held by the Trust and so the ownership of the company is held by the trustee.
As well as confidentiality for your business it also gives you financial privacy as Cyprus offshore companies are not obliged to file their annual accounts with the government and the names of the shareholders are not made public. Other benefits of Cyprus offshore company formation is that it can offers asset protection as business managers are able to successfully handle capital and to own investment portfolios consisting of bonds, cash, and stock.
Estate planning lets you circumvent capital gains and property transfer taxes by way of owning real estate and land. Offshore companies are allowed to own intellectual property, including copyrights of music, literary, and artistic works; inventions; and symbols, names, images, designs used in business, trademarks, computer software and patents. Once the company has acquired these rights it is allowed to enter into license or franchise companies with those companies that are involved in developing these rights.
Briefly, if you choose to set up an anonymous company formation the benefits you will have include:
- Trading on a global level
- Tax benefits from treaties through intermediary holding companies
- Complete privacy and wealth management
- Personal security
- The facility for property and land ownership
- Specialized services
- Royalty and patent as well as copyright holding
- Listings on stock market
- Proficiency on raising capital
- Savings on the reduction payroll and travel costs
- Improved profit through franchising, licensing, and intellectual property rights
These benefits will only be realized if you choose the right jurisdiction for your business needs. Different jurisdictions can offer different advantages depending on what you are looking for, some can provide better professional services, while others prove more efficient for holding assets and investments. Some jurisdictions specialize in ship ownership and management; others are suitable for conducting businesses in trading, holding investments, and financing.
It would be prudent to incline towards a specialist in your field to obtain the professional assistance for the creation of an Cyprus offshore company. There are many professional and expert companies that offer services to match your business objectives and can help with the setting up the company, incorporation of company, asset protection, company management, and secretarial services and offshore banking services.
An Cyprus offshore company formation isn’t actually as difficult as it sounds as long…
Posted by peter in Cyprus Company Formation on December 5, 2008
An Cyprus offshore company formation isn’t actually as difficult as it sounds as long as you know what you are doing. Your company can be a proprietorship, partnership, or a corporation and offshore is simply an expression that means outside of your own jurisdiction, thus not in the country where you reside or even where the bulk of your business is carried out.
An Cyprus offshore company formation is mainly required to obtain maximum tax or trade benefits and evade legislation which can minimize the business’ profitability and be financially depressing for its economic situation.
Some of the benefits for Cyprus offshore company formation are outlined here.
There is generally a lower taxation tariff to pay in offshore destinations. This is appealing to many organizations as the less tax they pay means the more money they can save thus resulting in an increased profitability for the company.
The downside to this though is that you will miss out on any social services a well-organized country generally provides to its tax payers, such as free health care and retirement benefits.
Cyprus Offshore companies are often governed by much simpler rules and laws concerning their business ventures in comparison to onshore laws in other countries.
Onshore companies have to deal with various reporting procedures and follow strict guidelines and rules which can be time wasting and expensive in man- power and many of these are avoided with offshore companies. Offshore businesses can operate more efficiently and smoothly than if they set up their company in their own country and so offshore companies are greatly favored by Internet companies and financial services companies.
Offshore jurisdictions generally require less tax for corporations which can come as a great relief to many large corporations as they are often taxed a lot. Governments are always looking for ways to increase the money in their own coffers and heavily taxing large corporations is seen as a reliable method of ensuring they receive enough money.
Companies can have a good profit before tax is deducted but then once they have paid the tax levied by the government their profits can drastically be reduced, due to these high tax rates, corporations employ tax accountants and lawyers who are experienced and specialized in helping them to reduce their tax bill and locate a jurisdiction whereby their costs can be minimized.
Some offshore jurisdictions are more appealing to corporations for Cyprus offshore company formation as they have no tax at all, these are called tax havens. Other countries such as Cyprus offer double tax treaties with many countries and have only a small amount of tax to pay.
Locally registered companies generally have to follow strict laws regarding reporting requirements especially if they are a public limited company, this is done to help protect the shareholders against any possible attempt at fraud and also to stop any scams or deception being carried out. If these corporations don’t follow the reporting requirements then they have to pay a large fine.
Cyprus Offshore company formation is popular as there are no reporting requirements to follow or be aware of and so operating the business becomes much simpler and easier.
Another advantage which makes Cyprus offshore company formation attractive is that it can offer much more privacy than onshore registration. There is no requirement to publish financial statements and they can just go about their business and their competitors are not aware of the state of their business, how much profits they are making or their strategies and this can lessen the level of competition.
The choice to of paying less tax or even no tax at all is the main reason why most companies opt for offshore company formation. In general anyone in business who invests offshore by opening a bank account or by setting up a company receives various tax reduction benefits. By setting up your base in a low or no tax jurisdiction, can save you significantly more money.
Thousands of companies decide to open a Cyprus company and set up an International Business Company because of the tax advantages the island offers. Cyprus is not a tax haven, you are still eligible to pay tax if your business is registered there. However the level of tax is very low in comparison to most other countries and the tax incentives offered by the government make a Cyprus company formation one of the most favorable locations in the world for IBS’s.