Welcome through the Window on Cyprus.
We would like to take this opportunity to offer our services as
'guides' through some of the financial highways of Cyprus.
Accounting Duty Free
We can arrange the setting up an offshore
company, appoint whatever nominees you may require, provide you with a registered
office, and then if you require, administer
it, whether it is a 'holding company' or an active hive of offshore activity.
Once you have obtained your permit and registered your company we can set
up your bank account, sort out your duty free requirements, help with employment
do your books, administer your payroll and more.
In fact we feel that we can be a valuable asset to your offshore activities in Cyprus.
The cost involved are not great.
Below is an indication of the general
|Formation of the Company
|Accounts, permission and permits
Optional Yearly recurring costs
|Accounts and company returns.
Any work of administrative, accounting, audit, etc.,
nature will be charged on a time basis and the amount would
depend upon the level of the companys activities.
*This is not a quote but a rough minimum guide
here with your offshore enquiry
in this form
You may open a bank account in Cyprus at a high street bank, using your passport as
identification. This will ( under normal circumstances ) open you a deposit offshore
account in the currency of your choice ( now that we have joined the EU Cyprus pounds
is now also allowed)
To open a current account, you will normally be asked for a reference
from an existing bank, however, different banks have different policies, so ask for
Most banks here still charge a monthly 'ledger fee' of between 50c and a couple of pounds.
They also charge about Cú4 for each cheque book you order.
Interest rates vary, depending on how long the call on your account may be and how much
you invest, but they generally keep in line with Europe.
For info on foreigners mortgage loans, see here
If you come to Cyprus as an Immigrant, or as a returning Cypriot, you
are entitled to a certain duty free allowance. Defining what this is, is not as easy as it
should be, and there are many stories of information being given freely, only to find that
it was wrong ! We do not wish to add to this sorry state of affairs by spreading
mis-information, so we suggest that you contact customs and ask them , then when they tell
you, ask for it in writing, so there are no
If you open an offshore company here, you were allowed a generous duty
All your equipment, office furniture etc etc can be duty free.
Ask your lawyer or accountant for full details.
To see about duty free cars, look here
The immigration officials in Cyprus have earned a reputation for being
insensitive, brusque, racist, inefficient and unhelpful.
( Wow will we be in trouble if any one from the authorities actually reads this ! )
The most recent dealings I had with them (The last being some 15 years
ago, when I would have to on the whole agree) was in May 1999.
I dealt with a pleasant, helpful, efficient, kind and intelligent young woman in an office
of similar seeming officials. The old guard seems to have either retired, or at least gone
from my local office. (Promotion ?) The paper work can be daunting, as rubber stamps and reams of
documents with copy after copy still seems to be the order of the day, but it was
certainly much easier to handle than it would have been previously ( What would have taken
4 days in years gone by, just took 4 hours, inclusive of running to the other side of town
for various stamps from other officials ! )
Coming in at the airport can be more unpleasant,
especially if you are Asian. We have had a few letters from
people refused entry, who once they have a letter explaining where
they are staying, from the hotel or agent are allowed in. So we
advise that if coming on holiday from a country where a visa is
required, get a letter in advance, and make sure you have
sufficient funds to cover the time you are staying. Also be prepared to be
turned away even if you
have a visa.
Do check back as more information will be posted.