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5 key benefits of offshore banking in Cyprus

The Republic of Cyprus is a beautiful island located in the Mediterranean Sea to the South of Turkey on the west of Lebanon and Syria. Apart from attracting many tourists annually with its beautiful, warm weather and fine sand beaches, the Mediterranean country’s robust banking sector is a big attraction for business people and individual investors worldwide. There are many reasons offshore banking in Cyprus is highly rated internationally.

Banking in Cyprus

Banking in Cyprus offers many corporate and individual benefits. Five of the main reasons you should consider offshore banking in Cyprus include:

1. Cyprus has a good communications network, adequate business facilities and strong banking sector with a capital base well above the minimum required by the EU. Onshore and offshore companies thrive in the country, which has raised the country's profile as a major onshore and offshore centre for business and banking.

2. Opening an offshore bank account in Cyprus is easy and, generally, hassle free. You don’t need a personal appointment with a Cyprus bank officer and you certainly don’t need to travel to Cyprus to open your account.

3. Cyprus is a European Union member state. This means with a Cyprus bank account you enjoy the same banking advantages that other European bank institutions offer, as well as the same reputable and well regulated EU and Eurozone banking jurisdiction.

4. Moreover, Cyprus is one of the least taxed countries in the world. Out of the 25 EU member states, Cypras has the lowest corporate tax rates. Opening a Cyprus offshore bank account means you will enjoy secure, legitimate and zero (or significantly low) taxation on bank interests.

5. Additionally, Cyprus is geographically well placed in close proximity by air to major source markets, including EU-Europe, Africa, Russia, Central Asian and the Middle East. This strategic positioning is good for standard business telecommunications purposes, as well as for quick personal visits to the source markets from Cyprus.

Consideration

While offshore banking in Cyprus provides world-class professional and financial service solutions with many corporate and individual benefits, it is important to realise Cyprus is not considered an offshore jurisdiction. Cyprus banks and other Cyprus-based financial institutions are technically considered onshore and get the same EU treatment. Cyprus, therefore, is not really a tax haven as many people like to think it is, but it does offer the lowest corporate tax rates in the EU and the lowest non-offshore tax jurisdiction in the world.

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