It is well known that Cyprus – as a center of international activity has plenty of tax advantages to individuals and to companies.

Procedure of opening the account

In contrary to bank in other countries (including Switzerland) the procedure of opening the bank account in Cypriot banks is simple, quick and can be done within 1 business day  in Israel (no need to fly to Cyprus.

This friendly procedure is possible since are office has achieved the position of an "Introducer" of  any Cypriot bank and as a result, the bank accepts the forms being completed and verified in our Israeli representative office.

Tax and withholding tax at source

According to the internal tax law in Cyprus, interest income which derives in a bank account in Cyprus is not taxable in Cyprus if the beneficiary owner has declared that he is not a Cypriot resident (individuals and corporations).

Nevertheless, also the transference of funds from a Cypriot account to other account in any other state out of Cyprus is not subject to withholding tax at source.

Further to that: since Cyprus is a member of the European Union (in contrary to Switzerland), transference of funds from the bank account in other European Union member to the bank account in Cyprus is not subject to withholding tax at source, according to the directives of the European Union.

Bank Confidentiality

It is well known, that Switzerland has recently lost one of its most dominant advantages – which attracted many people to use a Swiss bank account. Among other things, Switzerland released to the USA tax authorities a list of USA resident who hold a Swiss bank account.

This substantial disadvantage of Switzerland is coming to be eventually another advantage of opening a Cypriot bank account.

In regard of the above , we would also mention that Cypriot banks allow to open a bank account with a nominee, and that under certain conditions , in case of a corporate bank account, the details of the beneficiary owner may stay confidential, upon his request.

Secure  and effective management of the account

Cyprus is so close to Israel, it takes 50 minutes to fly from Israel to Cyprus , and if the holder of the account wishes to visit the bank – he can visit Cyprus and be back in Israel on the same day.

Further to that, the Cypriot banks are very modern and provide its clients with  the ability to manage their accounts securely and safety through internet , while using the smart device called DGPass. It becomes very easy and secure to transfer or withdraw funds anywhere, anytime.

Cypriot banks also provide international credit/debit cards which can be used for payments and for ATM withdraws all over the world.

Attractive costs

The costs of opening a Cypriot bank account and its management are much chipper than those of a Swiss bank account. Further to that, the bank permits working with many acceptable kinds of currencies with no need to pay extra exchange commissions.