Archive for category Cyprus Bank Account
Bank and corporate secrecy laws, offshore vehicles and merchant accounts in offshore jurisdictions.
Posted by peter in Cyprus Bank Account, Cyprus Company Formation on January 23, 2009
Banks corporate secrecy laws typically impose civil and criminal penalties for unauthorized disclosure of confidential information, including information on the beneficial ownership and control of corporate vehicles. These laws diminish the capacity of authorities to obtain and share beneficial ownership and control information when they not provide mechanisms for domestic and international authorities fulfilling their regulatory/supervisory or law enforcement functions to access records.
Above is part of an article we found on a website of OECD. The purpose of the entire article is to inform people about the illicit use of bank accounts for laundering money or to hide money from tax authorities.
The main purpose for an offshore bank account is to have it opened in the name of the offshore company to be able to get all the benefits from your offshore company operation. Beside the tax benefits and asset protections possibility, often such offshore vehicles are used to be established by people which live in countries where they are unable to open an bank account.
Another widely used reason for opening an offshore bank account and an offshore company is if the business conducted is Internet based. The card associations has divided the world in about 6 regions and prohibit people from one region to clear credit card transactions in another region then where the company and the business is conducted. To work around this problem it is common to open an offshore company which fells into the region of where the Acquiring bank is located with whish the transactions should be cleared.
Other aspects are the legal issues of certain product or services, for example the distribution and selling of replicated products of brands is prohibited in most parts of the world if they are not licensed. In some countries it is however, possible to sell those products; typically China is such a country. To be able to sell such products on the Internet you will need to become a credit card acceptance agreement with a bank in the region where it is legal to sell the product. But those banks (as already explained above) require you to be incorporated in the same country as the Acquiring Bank. To work around this you will need to establish an offshore company for instant in China; since it can be overwhelming to open a company there it could be of benefit for you to have the Chinese entity to be owned by a “more close to you” company which in worth case can be liquidated and in that way not harm you or your economy.
[...] Read the entire article at web-chamber.com
Thank you for your reading and we hope to be able to serve you once in a while when you decide to register a Cyprus Offshore Company or need a Cyprus Bank Account or just want to Accept Credit Cards on your Website. Then please contact cclogic.com | Please also feel free to visit our Merchant Servise Discussion
Offshore Banks dont open Merchant Accounts
Posted by peter in Cyprus Bank Account, Cyprus Company Formation on January 19, 2009
“Many offshore banks have very strict rules on who they accept as their customers and contrary to popular belief they don’t accept just anyone as long as they have money! They have their reputation to maintain as a reliable and trustworthy financial institution and it would not be acceptable to them to allow criminals to use their services. Opening an offshore company can give you privacy or anonymity, the confidentiality laws of these jurisdictions are usually very strong and are a legal method of minimizing the tax amount you have to pay each year. “
This is what we wrote in one of our articles for not long time ago, and it is true, almost any bank in an offshore jurisdiction has that strict rules and regulations that they simply are unable to enter into the Merchant Acquiring business. Offshore banks will not be able to obtain a license to clear Visa or Mastercard credit cards often because they wouldn’t be able to withdraw the money from the card holders due to for instant European banks would decline such requests.
For instant if you get a Merchant Account in the Philippines or in Mauritius which both are great known offshore jurisdictions and which also have a license to do credit card clearing for each country, then you will often face the problem that your customers can’t pay with their credit or debit card. This due to the fact that many banks for instant in Europe or in the US simply decline such request because those countries are knows for scam and frauds.
However the problem can be solved very simple. You can become a Merchant Account with some banks in Europe and in countries which aren’t black listed in other banks around the world, once you have this merchant account you can ask the agent or the bank with which you have the merchant account to transfer your funds to an offshore bank account for instant in Cyprus.
Don’t make the mistake and open a Merchant Account in your local bank and ask them to transfer the money to your offshore bank account which might be in any of the different offshore jurisdictions, because they won’t do that.
By using the above model, you will need to face that your payment processing rates and fees might be much higher then what you can get them to in your local bank, but this should make it up with the TAX benefits you get through your Offshore Company. Don’t be fooled by low budget payment processors and payment service providers which promise you a offshore merchant account with a processing rate for instant of 4% or even lower, that’s simply not possible.
Also all the so called “free” service that tell you they will process your Visa and Mastercard credit cards for 3% flat rate, no monthly and no setup fees, they will process the cards but don’t transfer the money to your offshore bank account, and even if they would like to do that, then their financial institution will decline that request.
As solid Offshore solution for instant in Cyprus isn’t easy to get done. It needs the experience and knowledge from people which have been working in both the Merchant Acquiring and the offshore company formation business sectors, There are only a limited number of Offshore Service Providers which can help you and also assure you to become the real and right solution, many other will fool you into something you have better been without.
For the real solution which both it secure and reliable contact cclogic.com the experts in Offshore Merchant Services
The way to freedom or just to protect your rights as human to have a Offshore Bank Account
Posted by peter in Cyprus Bank Account, Cyprus Company Formation on January 8, 2009
For some month ago I made a post on some of our blogs which was about to open a personal or business bank account and how easy it is, but I think there are some of the statements in the article need to be outlined for you where others need more clarification.
A brief clip of the post is coming here for your references
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.
So what this post says is that you can open a Offshore bank account or Cyprus Bank Account as a personal or business account, this is almost true however some restrictions apply, for instant not all people can open a Cyprus bank account or a Offshore Bank Account, in fact for people outside Europe it isn’t an option with Cyprus, you will need to have a registered Cyprus Offshore Company or some other Offshore company if you live outside of Europe.
For the US this also apply, since most offshore jurisdiction have revised their law and regulation on this front and made it impossible for a person just to open an anonymous offshore bank account.
What it means for you is some more expanses and you are required to open a Offshore Company formation or Cyprus Company Formation before you are able to become a Offshore Bank Account in either Cyprus or any other place.
The major benefit of having a Cyprus Bank Account or Offshore Bank Account
Posted by peter in Cyprus Bank Account, Cyprus Company Formation on January 7, 2009
I have written several articles about this topic but think some of the important parts need to be outlined. Many people do not know that it is possible to have the Cyprus Bank Account or Offshore Bank Account completely anonymously. Yes that’s true.
You can have an Cyprus Company or Offshore company anonymously as well as your Cyprus Bank Account or Offshore bank account. Later on I will explain how this works and what you need to consider.
In an earlier article I wrote :
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.
What I would like to point out here is that beside the benefits you have from opening a Cyprus Offshore Bank Account you will also have the option to choice to have the account open anonymously which gives you a further level of protection of your money.
You can still withdraw your money with a Debit Card (which also can be anonymously) and also to regular Wire Transfers from your Bank Account and receive regular bank transfers to your Offshore Bank Account.
So how to become a complete anonymously setup, very easy, first you go an register a Cyprus Company or any other Offshore Company, the most important thing to note here is that not all Offshore Companies can be formed or incorporated as the following. When you fill the application, you insert your Trustee as a Directory and a secretary, and let the company be owned by you. In Cyprus no one will know who owns the company since this isn’t mandatory to report to the authorities.
Once you have your Anonymous Cyprus Offshore Company, you go and open a bank account for this company, not you also have a 100% anonymously Offshore Bank Account.
Offshore to protect your assets !
Posted by peter in Cyprus Bank Account on January 3, 2009
All the services mentioned aren’t necessarily offered by every bank, most either lean towards retail services or private banking services. Retail services are generally economical and undifferentiated, while private banking services are more liable to offer a personalised group of services to the customer.
There are considerable remunerations to be acquired by moving your international business and assets to an offshore jurisdiction. If you are concerned about the possibility of a disastrous liability action being taken out against you or are an international trader and your income is raised from different countries and continents or maybe you are worried about how much your family will have to pay in inheritance taxes if you should die, then opening an offshore bank account can help with all these issues.
Opening an offshore bank account can bring many benefits.
Posted by peter in Cyprus Bank Account on January 2, 2009
Opening an Cyprus offshore bank account can bring many benefits for an individual or an international company. A Cyprus bank account for example offers double tax treaties with 27 countries and is an excellent center for the establishment of corporate entities with advantages unequaled in offshore jurisdictions.
Other offshore financial centers include the Bahamas, Barbados, Bermuda, Cayman Islands, Channel Islands, Hong Kong, Isle of Man, Luxembourg, Malta, Panama, Seychelles, Switzerland and the Turks and Caicos Islands. There are further jurisdictions that are not listed here.
A full range of financial services are available from Cyprus offshore banks, including deposit taking, credit, wire and electronic funds transfers, foreign exchange, letters of credit and trade finance, investment management and investment custody, fund management, trustee services and corporate administration.
A bank reference will be needed from any personal bank account!
Posted by peter in Cyprus Bank Account on January 1, 2009
A bank reference will be needed from any personal bank account you currently have, this will be in the form of a letter and will be required from all the signatories, directors and shareholders of the account you are planning to open.
You also need to send the bank where you want to open the account a board resolution that choices the approved signatories. If you are hiring the services of an agency in your bank account application then they will be responsible for preparing this for you.
Once you have completed all the necessary documents and filled in the forms correctly ensure they are all signed and then they are to be sent together to the bank where you wish to open the account. Once your Cyprus bank account is open you can then make a deposit into it, normally this is in the region of 1,000 USD, 1,000 Euro or 500 GBP.
Any bank account opened in another country, apart from your own country, is considered an offshore bank account. Whether you are looking for a personal offshore bank account or a corporate offshore bank account the appeal of offshore bank accounts is the amount of tax you will save. Recently, rules and laws governing an offshore bank account have become a lot stricter. Any bank account holding over $1,000 USD has to be reported as income to the IRS, even if that bank account is located in a jurisdiction such as the Cayman Islands. Some companies and more affluent individuals choose to open an offshore bank account in the smaller sovereign states as they permit account holders to stay close to anonymous.
Continues at Cyprus Company Formation and Merchant Service Forum
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!