Best bank account for a Cyprus Ltd which is a consulting business?

[A Rebours]

Hello!

I've had a read at a few topics, but couldn't find a clear answer. I'm an EU passport holder who's in the process of moving my tax residency to Cyprus.

- I've managed to open a personal bank account as an international customer with Hellenic Bank also thanks to a friend who works there.
- I'm nearly done with creating my Cyprus Ltd
- I'm in the process of getting the yellow slip, to then apply fully for the non-dom res status

All of my income will be from outside Cyprus, most likely clients in the UK, EU and USA. I saw the prices for the international business companies (i.e. the corporate equivalent of my personal account) and they seem very high. But given all my income will be from outside Cyprus, I understand I will always be considered as an IBC?

Would Wise, Revolut and the like be possible solutions? Multicurrency accounts are a must and it's something normal banks charge you loads for.

Thanks

 

[CyprusLaw]

Hello!

I've had a read at a few topics, but couldn't find a clear answer. I'm an EU passport holder who's in the process of moving my tax residency to Cyprus.

- I've managed to open a personal bank account as an international customer with Hellenic Bank also thanks to a friend who works there.
- I'm nearly done with creating my Cyprus Ltd
- I'm in the process of getting the yellow slip, to then apply fully for the non-dom res status

All of my income will be from outside Cyprus, most likely clients in the UK, EU and USA. I saw the prices for the international business companies (i.e. the corporate equivalent of my personal account) and they seem very high. But given all my income will be from outside Cyprus, I understand I will always be considered as an IBC?

Would Wise, Revolut and the like be possible solutions? Multicurrency accounts are a must and it's something normal banks charge you loads for.

Thanks

Nowadays most of our clients prefer using EMIs like Revolut for example instead of traditional banks.

 

[kilor]

Why do they prefer Revolut over BoC or a real bank in Cyprus? because of the complicated process?

 

[CyprusLawyer101]

Hello!

I've had a read at a few topics, but couldn't find a clear answer. I'm an EU passport holder who's in the process of moving my tax residency to Cyprus.

- I've managed to open a personal bank account as an international customer with Hellenic Bank also thanks to a friend who works there.
- I'm nearly done with creating my Cyprus Ltd
- I'm in the process of getting the yellow slip, to then apply fully for the non-dom res status

All of my income will be from outside Cyprus, most likely clients in the UK, EU and USA. I saw the prices for the international business companies (i.e. the corporate equivalent of my personal account) and they seem very high. But given all my income will be from outside Cyprus, I understand I will always be considered as an IBC?

Would Wise, Revolut and the like be possible solutions? Multicurrency accounts are a must and it's something normal banks charge you loads for.

Thanks

if you will be moving residency to Cyprus and running a Cyprus Ltd then I would suggest you just walk-in to your nearest brick and mortar bank and explain your business, you should be able to get an account opened.

 

[A Rebours]

Nowadays most of our clients prefer using EMIs like Revolut for example instead of traditional banks.

I'm not surprised, given the costs of normal banks. A taster of Hellenic...

https://www.hellenicbank.com/-/medi...fect/ibu-and-shipping-valid-from-01042025.pdf

 

[A Rebours]

if you will be moving residency to Cyprus and running a Cyprus Ltd then I would suggest you just walk-in to your nearest brick and mortar bank and explain your business, you should be able to get an account opened.

Hi there!
You mean a normal business account, not as expensive as one for an IBC? Because I've read that if most of your income and business dealings will be from abroad, you'll always be seen as an IBC?

 

[CyprusLawyer101]

Hi there!
You mean a normal business account, not as expensive as one for an IBC? Because I've read that if most of your income and business dealings will be from abroad, you'll always be seen as an IBC?

A retail branch is dealing with local clients. If they are to on-board you then you cannot be considered anything else.