Seychelles company and Cyprus bank account why is that best?

[cyonshore]

Hi,


I recently setup an offshore company (not in cyprus) but got a cyprus bank account since i live here. The bank/IRS required that the benifeciary and nominee shareholders sign an "exclusion of tax decduction on interest form" since company is non resident.


Now since i live in cyprus was it a bad idea to setup a bank account here? and now the IRS will know that the benificary is me? so does that defeat the point?


-Is it better to open bank account in different country to where owner resides?


-there is work arround to that form? like agreeing with bank not to pay interest


thanks


/P

 

[JohnLocke]

When you live in Cyprus you will not be able to hide your identity at all, it will take the Cypriot Auth. a few minutes to get your bank account information.


When banking offshore it means you bank in a offshore jurisdiction that (hopefully) don't have any TIEA's in place with your country of residence or you solve the issues by using mechanisms that protect you from them.


Cyprus is not offshore, it is a low tax jurisdiction so it should be treated as such.

 

[cyonshore]

it will take the Cypriot Auth. a few minutes

are we talking about the same cyprus lol

 

[JohnLocke]

Not sure what Cyprus you are considering, but I think we are on the same page... If you are in the believing that some can hide from the banking secrecy in Cyprus if something MAY look illegal, then I think you should look into the issue again. That said, I don't say you are doing this... everything is just hypothetical and a matter on how to read your post, so sorry if I got something wrong..


On the other hand, if it the above has nothing to do with your question then please elaborate because then I don't understand this sentences:

Now since i live in cyprus was it a bad idea to setup a bank account here? and now the IRS will know that the benificary is me? so does that defeat the point?

 

[clemens]

Living in Cyprus I won't open an account there but rather looking for a real secret offshore bank account.

 

[JohnLocke]

Depending on what exactly the aim is then it may be better to find a real offshore jurisdiction to bank.