Join our mailing list

 

 


 



Join us on Twitter Lowtax Facebook page Join our discussion on LinkedIn Join us on Google+ Delicious Subscribe to the Tax-News RSS Feed
 
 

Cyprus Fact-File Part 7:
Individual Business Owner Welfare and Lifestyle

7.5 Cyprus Individual Business Banking Services

Domestic and international banking services

There are many local and international banks in Cyprus, offering a range of personal and business banking services. Most Cypriot banks have ATMs for dispensing cash and English language web sites. The Central Bank of Cyprus is the country’s national bank and oversees the entire banking system and monetary policy.

Anyone can open a bank account in Cyprus, whether they are resident or not. An account can even be opened at a branch of a Cypriot bank in another country, although actual signatures and ID are required to ratify any new account.

Banks in Cyprus are modelled on the British banking system, testament to British rule until independence in 1960. Opening hours are usually from 8.15 – 13.00 and sometimes from 15.15 to 16.45, Monday to Friday. International banks tend to open for longer, as do banks in busy tourist areas of the country.

Most banks will also offer business banking and it is worth comparing fees and services before committing to any one bank.
 

Introductory Guides

Brief, clearly written summaries with links to relevant sections of the Fact-File. The Fact-File itself is linked in full below.

 

Fact-File

Part 1: Cyprus Business Formation for Individuals

  1. Cyprus Individual Business Structures
  2. Cyprus Individual Business Registration
  3. Cyprus Individual Business Registration Cost
  4. Cyprus Individual Business Licensing
  5. Cyprus Foreigners in Business
  6. Cyprus Business Organisations
  7. Cyprus Business Accounting
  8. Cyprus Family Business Ownership
  9. Cyprus Venture Capital
  10. Cyprus Individual Business Franchises

Part 2: Cyprus Individual Business Domestic Taxation

  1. Cyprus Individual Business Tax Residence Rules
  2. Cyprus Permanent Establishment
  3. Cyprus Individual Income Tax Rates and Bands
  4. Cyprus Personal Allowances and Business Deductions
  5. Cyprus Husband and Wife Partnerships
  6. Cyprus Partnership Income Taxation
  7. Cyprus Limited Companies Income Taxation
  8. Cyprus Business Profit Retention
  9. Cyprus Business Losses
  10. Cyprus Value Added Tax (VAT)
  11. Cyprus Individual Business Capital Gains Tax (CGT)
  12. Cyprus Individual Business Other Taxes
  13. Cyprus Individual Artists Royalties
  14. Cyprus Individual Business Tax-Efficient Profit Distribution

Part 3: Cyprus Individual Business International Taxation

  1. Cyprus Individual Business International Tax Liability
  2. Cyprus Individual Business Withholding Taxes
  3. Cyprus Double Tax Treaties

Part 4: Cyprus Individual Business Tax-Efficient Structures

  1. Cyprus Individual Business Trusts and Foundations
  2. Cyprus Individual Business for Non-Residents
  3. Cyprus Individual Business use of Offshore
  4. Cyprus Controlled Foreign Corporation (CFC) Rules
  5. Cyprus Personal Estate and Inheritance Planning

Part 5: Cyprus Small Business Incentive Programs

  1. Cyprus Small Business Support Schemes
  2. Cyprus Training Incentive Schemes
  3. Cyprus R&D Tax Credits
  4. Cyprus Individual Business Tax Holidays

Part 6: Cyprus Individual Business Employment Issues

  1. Cyprus Individual Business Employer Responsibilities
  2. Cyprus Employment vs Self-Employment Tax Issues
  3. Cyprus Apprenticeship and Work Experience Schemes
  4. Cyprus Employee Dismissal Rules
  5. Cyprus Business Owner Employment and Invoicing Rules

Part 7: Cyprus Business Owner Welfare and Lifestyle

  1. Cyprus Business Social Security
  2. Cyprus Business Domestic Pensions
  3. Cyprus Offshore and International Pensions
  4. Cyprus Individual Business Healthcare
  5. Cyprus Individual Business Banking Services
  6. Cyprus Education
  7. Cyprus Individual or Business Leaving Cyprus
  8. Cyprus Domestic Real Estate
  9. Cyprus International Real Estate