Best Online Bank to Do Offshore Banking in Cyprus13 min read

Best Online Bank to Do Offshore Banking in Cyprus13 min read

The popularity of offshore banking in Cyprus has grown over the past few years because of its robust economy, tax advantages, and geographic location. 

As globalization and digitization continues to grow, people increasingly prefer easy online ways to control their finances from home. 

The Kingdom Bank can be your best choice when it comes to opening an offshore bank account in Cyprus that offers the added flexibility of digital banking.

4 Steps to Opening an Offshore Banking Account in Cyprus

Creating an offshore banking account with The Kingdom Bank takes just a few steps:

• Online application– You can apply online through The Kingdom Bank’s secure website. The online form asks you for basic information such as your name, birthdate, country and address.
• Check your identity– Just like any prudent bank, The Kingdom Bank is mandated by law to check the identity of its customers in order to ensure that they don’t become a target of money laundering activities. This means presenting documentation such as a passport or national ID.
• Add balance – Once your application is approved, you will have to first deposit funds in your new offshore bank account. The Kingdom Bank accepts deposits in most popular currencies through wire transfer.
• Use your account – Once your funds have cleared, your account will be activated and ready to use. You can then experience all the awesome advantages of digital offshore banking via The Kingdom Bank’s safe online and mobile apps.

The process of opening an offshore bank account with The Kingdom Bank consists of a few simple and online steps. 

It is extremely convenient for you to commence with offshore banking in Cyprus through our easy-to-use application process.

Which Digital Bank is the Easiest to Open an Offshore Bank Account in Cyprus With?

Convenience and ease of use are among the key considerations when it comes to selecting an offshore bank in Cyprus. These include the application process, supporting documents, payment options, and digital banking services that you can access.

The Kingdom Bank is, by all accounts, the best online bank to open an offshore account with because of a few reasons:

• Totally online form that takes you 15-30 minutes to complete.
• Simple KYC documents such as ID/passport required, no further paperwork required.
• Supports deposits in most major currencies via wire transfers for secure funding.
• Online & mobile banking platform for seamless account management on any device.
• Phone, email and live chat multilingual customer support availability

In contrast to traditional branch-based banks, The Kingdom Bank lets its new customers sign-up for the entire application and onboarding process completely online. This makes it far more convenient than going to a bank branch.

We also eliminate unnecessary obstacles through our simplified KYC procedure and flexible deposit methods.

Once approved, customers can access their new offshore bank account immediately using The Kingdom Bank’s easy-to-use digital banking portal.

The Kingdom Bank provides the easiest, fastest and most comfortable way to open an offshore bank account in Cyprus. 

We have been able to make offshore banking incredibly convenient, and all of our processes are 100% digital.

Is Cyprus a Popular Country for Offshore Banking?

Yes, Cyprus has become one of the most appealing offshore financial hubs in the world for a few reasons:

• Positioned at the interface of Europe, Asia and Africa.
• Political and economic stability as an EU member.
• Establish law and regulatory frameworks for financial services.
• Excellent tax treatment with no withholding taxes on foreign income or capital gains.
• Highly bilingual, educated employees with a robust corporate culture.
• EU passports that enable Cyprus firms to trade within Europe.

These ideals have made Cyprus an increasingly popular destination for individual and corporate clients seeking to open an offshore bank account. 

The country’s financial services industry has exploded in the past few decades.

In fact, according to statistics provided by industry associations, there are more than 23,000 registered firms and over 3,200 licensed banks in Cyprus. 

Billions of euros pass through the country’s financial centres annually.

Cyprus certainly ranks high on the offshore investment map because of an attractive value proposition that includes both European security and advantageous taxation rates. This is why so many individuals and businesses outsource their offshore banking to Cyprus.

Who Can Apply to Open an Offshore Banking Account in Cyprus?

Although Cyprus offshore banking initially targeted wealthy individuals and companies, eligibility rules have been expanded in recent years to more diverse groups. On average, any individual can apply to open an account with The Kingdom Bank as long as he or she fulfils a few minimal requirements:

• You should be at least 18 years old.
• Valid proof of identification (passport or national ID card)
• Not having a place of residence outside Cyprus.
• Not a citizen or resident of a recognized country.

In addition to these regular KYC requirements, no income or asset thresholds apply. It means that individual investors, contractors, business owners and even school students may be eligible for an offshore bank account in Cyprus.

The Kingdom Bank also welcomes corporate clients like private companies, family offices, trusts and foundations. You don’t need to form a corporation, although some business ventures may require a legal entity.

The Kingdom Bank adopts a universal approach towards eligibility with an eye towards inclusion. You could open an account as long as you have a legitimate need for offshore banking services and pass basic due diligence. Its easy to use application system makes it a good option for personal and business finance overseas.

Can You Send Money Internationally with a Cyprus Offshore Account?

One of the major benefits of an offshore bank account with The Kingdom Bank is that you can send and receive money across the globe in an instant. 

We offer safe and convenient ways to pay and transfer across borders through our online banking service.

These are some of the primary ways in which you can transfer money across borders using a Cyprus offshore bank account:

• Wire transfers – Instantly send and receive funds between your The Kingdom Bank account and counterparties across the globe using the SWIFT platform.
• SEPA transfers – Transfer money to other EE Area member states at low rates using the Single Euro Payments Area protocol.
• Currency exchange – Exchange currency from your The Kingdom Bank account directly at interbank rates.
• Credit/debit card– Add multiple currencies to a virtual or physical multicurrency debit card for global transactions and ATM withdrawals.
• e-Wallets – Link popular e-wallets such as PayPal for digital payment to online stores worldwide that support those platforms.

Combined with these available international payment options, running your money from Cyprus becomes easy. You can take cash in your local currency and transfer it around the world as necessary for personal and business use.

Digital banking solutions from The Kingdom Bank help you realise the real potential of an offshore bank account in Cyprus by providing easy cross-border money transfer. 

That makes electronic banking worldwide more accessible than ever.

In this new digital world, a bank that offers safe and convenient offshore banking is essential. When it comes to opening an offshore bank account in Cyprus, The Kingdom Bank is by far the best option.

Our digital application system, scalable eligibility standards, and robust cross-border payments offer the best offshore banking experience possible. 

The Kingdom Bank’s online and mobile banking secure platform lets clients take control of their money at any point in time, wherever they may be.

If you’re keen to get offshore banking in Cyprus on a new, easy-to-use and secure model, The Kingdom Bank is definitely worth considering. Start today by coming to our website and filling out an easy online application.