Central Bank of Cyprus on “Shell Companies”
Further to the circular issue on 14th June 2018 for bank accounts of “SHELL COMPANIES” in Cyprus a revised circular has been issued by the CENTRAL BANK OF CYPRUS on November 5th clarifying the status of “SHELL COMPANIES” and who is eligible to opening of accounts.
Special attention should be given to point 1-b-v stating:
“any other case where convincing evidence can be provided that the
company/entity is engaged in legitimate business, with identifiable
ultimate beneficial owner(s).”