Cyprus: Managing And Controlling Your Bank Accounts Worldwide

Last Updated: 29 June 2017
Article by Kinanis LLC

A. INTRODUCTION

When servicing international investors doing business through Cyprus it is of utmost importance to have in place the right banking network that will able to serve and support the business needs of these investors. Banks should be able to understand the general principles of tax planning and international tax structuring so that they will perform their services in an efficient and effective manner.

In this brochure we analyse the banking services offered by our firm that enable the management and control of our clients' banking activities in Cyprus and abroad and we include an indicative list of the banks with whom we cooperate.

B. BANKING SERVICES OFFERED BY OUR FIRM

The banking services offered by Kinanis LLC are generally broken down into two main functions:

I. Opening of bank accounts

II. Management and administration of bank accounts

Each function is administered by different group of people so that experience and expertise is accumulated therefore offering the best possible service to our clients.

I. Opening of bank accounts

Throughout the 33 years of operation we have built up a solid relationship with banks operating both in Cyprus but also in other reputable banking jurisdictions.

We can assist our clients with the opening of corporate and personal bank accounts both in Cyprus and overseas, as well as assisting with any other banking related function such as obtaining internet access to the accounts and arranging the issuance of credit cards.

In sections C and D below we list the names of the banks with whom we have a good cooperation and can assist our clients in opening banks accounts.

II. Management and Administration of bank accounts

Our firm can manage the bank accounts on behalf of the clients – irrespective of whether we have assisted in opening the specific bank account or not- by providing day to day assistance with regards to the day to day operations of the bank account.

Managing the bank account of a Cyprus company from Cyprus is of an imperative importance, as it significantly enhances the establishment of substance in Cyprus and is a very good indication that the management and control of the company is exercised in Cyprus.

  • Bank signatory services

We also provide bank signatory services where we allocate six persons from our office to be the signatories of the bank account. For security reasons and for the prompt execution of payments, any two of the six signatories will have authority to sign. In such cases, the preparation of relevant Banking indemnity letter along with sample of payment instruction and code table list between our office and the client authorizing the bank signatories to act on behalf of the beneficial owner of the company is necessary. The name of the authorised person who will be giving relevant payment instructions for execution is required in order to prepare the relevant documentation. Each time a request is received for the execution of a payment, the authorized person must complete and sign the sample of fax instructions and also indicate a code from the list in numerical order.

All payment instructions must be faxed or emailed to our Banking Department. Kindly note, that all payment instructions received by e-mail must be password protected for security reasons. Once received, transactions will be verbally confirmed by KINANIS LLC authorized persons.

The above is our office policy in situations when we are appointed signatories of bank accounts in order to protect the best interest of the company.

  • Mailing address services

Banking correspondence received from the Bank for the company can be kept in our files. We can assist in mail forwarding of the banking correspondence according to each client's requirements

C. BANKS WITH WHOM WE COOPERATE IN CYPRUS

Banking in Cyprus is regulated by the Central Bank of Cyprus and is fully harmonized with EU legislation and directives.

The local banking sector has faced major challenges over the last few years, especially following the write-down of Greek debt, which resulted in heavy economic losses and severely damaged confidence in the banks. However, the majority of banks on the island have been relatively unaffected by the economic storm as out of nearly 40 banks operating in Cyprus only two local banks were forced to undergo severe restructuring.

Recent credit rating upgrades and positive bank results have marked an end to prolonged uncertainty in Cyprus' banking sector. Today, the situation is more stable and trust in the country's banks has been further boosted thanks to a successful result on the European Central Bank's stress tests and the relaxation of all domestic capital controls.

The banks mentioned in this section are those with whom our office has a long standing cooperation. Usually, these banks for the opening of bank accounts accept certified copies of the original documents by our office as an Approved Introducer. According to the latest Central Bank of Cyprus directive, Cyprus Banks require first, within the period fo three months, of the activation of the bank account a personal or teleconference meeting, to be arranged with the Beneficial Owner always depending from the bank. Secondly the submission Audited or Management Accounts for the last two years is required too.

Download - Managing And Controlling Your Bank Accounts Worldwide

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.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Authors
 
Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
 
Email Address
Company Name
Password
Confirm Password
Position
Mondaq Topics -- Select your Interests
 Accounting
 Anti-trust
 Commercial
 Compliance
 Consumer
 Criminal
 Employment
 Energy
 Environment
 Family
 Finance
 Government
 Healthcare
 Immigration
 Insolvency
 Insurance
 International
 IP
 Law Performance
 Law Practice
 Litigation
 Media & IT
 Privacy
 Real Estate
 Strategy
 Tax
 Technology
 Transport
 Wealth Mgt
Regions
Africa
Asia
Asia Pacific
Australasia
Canada
Caribbean
Europe
European Union
Latin America
Middle East
U.K.
United States
Worldwide Updates
Check to state you have read and
agree to our Terms and Conditions

Terms & Conditions and Privacy Statement

Mondaq.com (the Website) is owned and managed by Mondaq Ltd and as a user you are granted a non-exclusive, revocable license to access the Website under its terms and conditions of use. Your use of the Website constitutes your agreement to the following terms and conditions of use. Mondaq Ltd may terminate your use of the Website if you are in breach of these terms and conditions or if Mondaq Ltd decides to terminate your license of use for whatever reason.

Use of www.mondaq.com

You may use the Website but are required to register as a user if you wish to read the full text of the content and articles available (the Content). You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these terms & conditions or with the prior written consent of Mondaq Ltd. You may not use electronic or other means to extract details or information about Mondaq.com’s content, users or contributors in order to offer them any services or products which compete directly or indirectly with Mondaq Ltd’s services and products.

Disclaimer

Mondaq Ltd and/or its respective suppliers make no representations about the suitability of the information contained in the documents and related graphics published on this server for any purpose. All such documents and related graphics are provided "as is" without warranty of any kind. Mondaq Ltd and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Mondaq Ltd and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use or performance of information available from this server.

The documents and related graphics published on this server could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Mondaq Ltd and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s) described herein at any time.

Registration

Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:

  • To allow you to personalize the Mondaq websites you are visiting.
  • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our information providers who provide information free for your use.

Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.

If you do not want us to provide your name and email address you may opt out by clicking here .

If you do not wish to receive any future announcements of products and services offered by Mondaq by clicking here .

Information Collection and Use

We require site users to register with Mondaq (and its affiliate sites) to view the free information on the site. We also collect information from our users at several different points on the websites: this is so that we can customise the sites according to individual usage, provide 'session-aware' functionality, and ensure that content is acquired and developed appropriately. This gives us an overall picture of our user profiles, which in turn shows to our Editorial Contributors the type of person they are reaching by posting articles on Mondaq (and its affiliate sites) – meaning more free content for registered users.

We are only able to provide the material on the Mondaq (and its affiliate sites) site free to site visitors because we can pass on information about the pages that users are viewing and the personal information users provide to us (e.g. email addresses) to reputable contributing firms such as law firms who author those pages. We do not sell or rent information to anyone else other than the authors of those pages, who may change from time to time. Should you wish us not to disclose your details to any of these parties, please tick the box above or tick the box marked "Opt out of Registration Information Disclosure" on the Your Profile page. We and our author organisations may only contact you via email or other means if you allow us to do so. Users can opt out of contact when they register on the site, or send an email to unsubscribe@mondaq.com with “no disclosure” in the subject heading

Mondaq News Alerts

In order to receive Mondaq News Alerts, users have to complete a separate registration form. This is a personalised service where users choose regions and topics of interest and we send it only to those users who have requested it. Users can stop receiving these Alerts by going to the Mondaq News Alerts page and deselecting all interest areas. In the same way users can amend their personal preferences to add or remove subject areas.

Cookies

A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

Log Files

We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.

Links

This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

Surveys & Contests

From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.

Mail-A-Friend

If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.

Security

This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to webmaster@mondaq.com.

Correcting/Updating Personal Information

If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to EditorialAdvisor@mondaq.com.

Notification of Changes

If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

How to contact Mondaq

You can contact us with comments or queries at enquiries@mondaq.com.

If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at problems@mondaq.com and we will use commercially reasonable efforts to determine and correct the problem promptly.