Bank of Cyprus (Cyprus)

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Bank of Cyprus (Cyprus)

Bank of Cyprus is considered to be one of the oldest and largest banks in the island, which was established in 1899. In the list of companies that are presented on the Cyprus Stock Exchange, taking into consideration level of capitalization, financial Bank of Cyprus Group ranks as the first.

Bank serves the interests of the private and corporate sector being engaged in financing, factoring, investing activities, brokerage operations, financial management, private banking and insurance.

Bank of Cyprus Group comprises more than 550 branches in Russia, Greece, Cyprus, Romania, the UK and the Norman Isles.

OPEN AN ACCOUNT IN BANK OF CYPRUS

Types of bank accounts

Personal, corporate (accounts are not multicurrency).  

The cost of opening of the account

(bank tariff)

Opening an account is free of charge, however while the first receipt to account the sum in the amount of 40 EUR will be written off for providing Digi Pass (Code generator for Internet banking).

Representative offices 

The bank has representative offices in a few countries.

Management of the account

Via Internetbank software, fax.

Bank’s tariffs

 

Account maintenance for legal entities – 50 EUR per month.

Account maintenance for natural persons – 25 EUR per quarter.

 

Payments:

- within the Cyprus and SEPA (ЕU) zone up to 50 000 EUR:

up to 1000 EUR – 3 EUR;

from 1000 EUR up to 50 000 EUR – 6 EUR.

- other payments:

standard – 0,15% (min 5 EUR, max 250 EUR) + 17 EUR (fee for technical maintenance);

urgent – 0,05% (min 20 EUR, max 200 EUR) + 0,15% (min 5 EUR, max 250 EUR) + 17 EUR (fee for technical maintenance).

Terms of opening the account 

The procedure of opening the account starts with the preliminary stage, which includes the process of gathering and submitting documents required for opening an account. Term of the preliminary stage will depend precisely on you.

Stage of reviewing of the documents by the bank and decision-making on account opening depends on the business activity, account transactions and takes on an average approximately 3 weeks from the receipt of the signed forms and documents by the head office of the bank. If the business activity of the company is related to IT sphere, the term of account opening is approximately a month from the date of the meeting in person with the bank manager.

Bank of Cyprus follows the «know your client» principle and therefore you may be requested to provide any additional information or documents concerning the procedure of opening the account that may take additional time, as well as refusing of account opening without reasons explanation.

Staff

Russian/English speaking.

Credit/debit cards

 

Visa, American Express.

Other bank’s products

 

Deposits, securities, brokerage services, trust transactions, trade finance, credits.

Documents for opening an account

Forms for signing are provided by the bank representative while the in-person meeting.

 

Company’s documents – originals of all company’s statutory documents shall be provided.

In case from the date of the company’s incorporation more than one year has passed it is  required to provide:

- the Certificate of Good Standing affixed with apostille;

- the Certificate of Incumbency affixed with apostille;

- financial statement (it relates to all jurisdictions, incl. offshore). Term for statement preparation is determined by compliance authorities of the bank.

Also, the special Power of attorney affixed with apostille, signed by company director, which is issued in the name of the attorney for opening and managing bank account should be presented (the draft of Power of attorney will be provided by us). With regards to the companies, incorporated in Cyprus, the bank does not accept the power of attorney, the part of the banking forms shall be signed by the director of the company.

 

Documents for the account holder:

- original of national passport;

- original of foreign passport (in case of its presence);

- original of bank reference;

- utility bill (for gas, electricity) from the place of residence no older than 3 months (to prove the place of residence).

 

Documents for the beneficiary:

- original of national passport;

- original of foreign passport (in case of its presence);

- original of bank reference;

- utility bill (for gas, electricity) from the place of residence no older than 3 months (to prove the place of residence);

- documents verifying the source of income (wealth) of the beneficial owner. These could be the following:

- letter of employment verification;

- tax declarations;

- documents confirming the receipt of the inheritance;

- documents confirming the receipt of the funds as a gift, as well as its availability on the accounts;

- documents confirming the sale of the real/movable property;

- if the beneficial owner is a founder of the company – documents on that company, statements from the corporate accounts, tax returns, documents verifying the dividend distribution;

- if the beneficiary owner is a private entrepreneur – extract from the registry, tax declarations on entrepreneur, statements from the bank accounts;

- bank reference letter confirming the deposit in the bank, as well as the documents confirming the source of these funds;

- other documents, reflecting the sources of income.

 

Documents for nominal director, shareholder and secretary (in case of using nominal service by company):

- set of documents affixed with apostille, which includes copies of: passport, utility bill no older than 3 months and bank reference (if nominal director, shareholder and secretary are natural persons);

- set of statutory documents affixed with apostille, which includes Certificate of Incorporation, Memorandum, Article of Association, Minutes of the director designation (if director is legal entity). Also may require Certificate of Good Standing affixed with apostille, Certificate of Incumbency affixed with apostille and documents on this director, which includes set of documents affixed with apostille: copy of passport, utility bill no older than 3 months and bank reference.

The procedure of opening an account

You need to fill in survey questionnaire, which is emailed on your address and send copies of statutory documents of the company, documents for the nominees (in case of using nominal service), passport of attorney and beneficiary (if they are different persons). We will organize meeting attorney/beneficiary with a bank representative for signing the required bank’s forms and certifying documents on the company, beneficiary and attorney. It is necessary to bring the originals of all the above-mentioned documents to the meeting.

Bank site

www.bankofcyprus.com

For further consultation concerning the terms of account opening in Bank of Cyprus (Cyprus) please contact our office. We will respond to any questions you may have and will help you open an account in Bank of Cyprus or any other bank out of 70 foreign banks you may choose from.