Accountant

 

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.

Offshore     Investments      Insurance        Bank Accounts  
Accounting    Duty Free        Immigration      Exchange Control

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 technicalities, 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 price.*

Costs                                      

Formation of the Company Cú1000
Accounts, permission and permits Cú350
                     Total cost Cú1350

Optional Yearly recurring costs

Registered office Cú300 pa
Company Secretary Cú100pa
Nominee Directors Cú300pa
Other Nominees Cú150pa
Accounts and company returns.

Note: 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 company’s activities.

Cú300pa

*This is not a quote but a rough minimum guide

Please contact us here with your offshore enquiry

or fill in this form

 

Bank Accounts


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 details.
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

Duty Free

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
'costly misunderstandings.'

If you open an offshore company here, you were allowed a generous duty free status.
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

Immigration

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.

Accounting firms and accountants in Cyprus - also bookkeeping and offshore company services

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