Israel businesses and entities are no strange to Cyprus. Via the use of Cyprus companies Israel interest entities gain access to the European markets in an easy and effortless manner. This is because the creation of Cyprus Companies and Cyprus Bank accounts is a standardised simple process which has been tested for more than 2 decates.
This is why Israel has been traditionally a business ally to Cyprus. The close proximity between the two countries (30 minutes flight), shared business acumen, same Orthodox religion and off course the need to enter the European Markets makes perfect sense for the Israel businesses.
In fact, Cyprus has become one of the main technological hubs of the Mediterranean due to the Israel Investment Firms which have brought to the Republic advanced technological solutions, the necessary expertise and innovation required for them to operate. Had they not been investing in the Republic, bringing their resources and capital Cyprus would not have achieved its Financial Hub Status at least for regulated entities! We are referring offcourse to CIFs, Cyprus Investment Firms and Funds which are regulated by the Cyprus Securities and Exchange Commission called the CySEC.
Consequently, Cyprus is widely accepted within the Israeli community as a safe harbour and an entry point in the EU to this date counting almost 2 decades of active collaboration, company formation and group structures, shared resources and technology and most importantly relocation to the Republic of Cyprus; something that started early in 2000.
What is happening now?
Given the recent turmoil in the Middle East and the recent attacks on Israel by the Hamas, Israeli businesses are facing many dilemmas amongst others diversification of their operations, ringfencing of resources and safekeeping existing assets including cash at bank as well as exchange rate volatility (another main aspect to consider).
How can this be achieved?
With Cyprus structures of course and local (Cyprus) bank accounts.
Regarding Bank Accounts
The creation of a Cyprus company is just a vehicle which can be used by anyone. A Cyprus company may have as many bank accounts as it considers fit with any bank anywhere in the world. There is no real need to have a Cyprus bank if it is not required by the business.
Relevant Articles and Publications
Cyprus Structures and solutions to our Israel clients
Information needed to open Cyprus bank accounts
Information about Cyprus compliance matters
Article: Find the right jurisdiction for your business, matters to consider
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
