Finally after two weeks banks in Cyprus have reopened. Let’s be honest everyone expected slight unrests as soon as banks will open and expected that people will be little tense and impatient to withdraw their savings as soon as banks will open their doors.
Armoured trucks filled with uniformed guards delivered cash to banks in preparation to open banks for public, also bank employees turned up for their work early to prepare for this day!
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- Cyprus – European Union (EU) member state, also one of the most popular tax haven jurisdictions –has done it wrong!
- They have made a very bad investment, by lending money to Greece. This is back when Greek economy was on a brink of bankruptcy, Cyprus made the risk and bought Greek government bonds.
Cyprus crisis seems to have brought some sort of a nightmare for all of those who placed their investments into banks right there. And as we know, many investors were those who thought to have invested in banking heaven…
When setting up your offshore vehicle, bank account in very desirable addition to it! We help our clients to open accounts in many jurisdictions. You can choose the same where you incorporate your company or any other jurisdiction to open the account. Little tip is to consider opening at least one account in the same jurisdiction, because a local bank account in the country of registration may improve the credibility and "visuals" of the offshore company.
Main thing is to remember that each account opening is subject to client status. When opening corporate bank account, banks require information from actual beneficial owner of the company, but if you wish someone else to manage your bank account you can appoint account signatory. Account signatory is an individual who has signatory rights in the bank account. Such rights are granted by a Company Mandate (a special resolution, signed by the company Director, resolving to open a bank account and to appoint particular individuals as account signatories). An account signatory may "sign" on the account - which means, he or she can execute transfers, sign cheques and otherwise dispose with the money on the account.
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