Banking For Cyprus International Trust

[otisrooney]

Hello,

This is my first post here, I am opening a Cyprus International Trust and was curious if anyone knew of any banks that would be able to open an account for this trust.

The company I am opening the trust with suggested Bendura Bank in Lichtenstein and Proven Bank in the Cayman Islands. If anyone has any experience with these banks that would be much appreciated as I couldn't find really any reviews online which does scare me.

Any banks that provide a card / good banking app for the trust would be highly desirable for me. Other than that I would love to have an account with a reputable bank in a jurisdiction known for strong privacy laws, if possible.

If anyone has any suggestions of jurisdictions that would be good for me or banks that may be able to entertain business for this trust then please let me know. It would be highly appreciated

 

[Sols]

Both Bendura and Proven are good options with a lot of experience working with trusts.

If this trust is being set up the way a trust usually is, there won't be any cards nor will you have access to the bank account. It's usually only the trustee that has access to the bank account. If there is a protector appointed to the trust, they might be granted view-only access. Sometimes settlor and beneficiaries also have view-only access.

Bank accounts for trusts aren't like corporate accounts.

Go with whatever your trustee suggests, since it's they who will be dealing with the bank day to day. It's much easier to just use a preexisting relationship than try to establish a new one, especially when it comes to trusts. And if they are offering you access to the bank account and a card linked to the account, I'd get a second opinion from an independent lawyer.

 

[otisrooney]

Okay thank you. This is the first time I've heard that I will not get to access the bank account. I will ask them about that. Thanks again