Once the consent of the Central Bank is granted the offshore entity formed enjoys a non-resident status with complete freedom from Cyprus exchange control restrictions. This means that it may use its funds as it chooses and maintain bank accounts in any currency in or outside Cyprus without any restrictions whatsoever.
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.
ARTICLE
9 July 1998
Exchange Control
KPMG in Cyprus
Contributor
KPMG has been operating in Cyprus since 1948 and currently employs more than 800 professionals working from 6 offices across the island. It is a member of KPMG International Limited, a global organisation of independent professional services firms providing Audit, Tax and Advisory services. KPMG operates in 143 countries and territories and has approximately 273,000 people working in member firms around the world. Clients look to KPMG for a consistent standard of service based on high-order professional capabilities, industry insight, local knowledge and expertise.