What is Central Bank of Cyprus permition?

Cyprus offshore company (or foreign company with branch in Cyprus), has no rights making commercial payments in Cyprus pounds, so in order to make payments in other currencies must have the license of the Central Bank of Cyprus. To receive this license is possible after filling the application and presenting the bank reference letter so the CB was sure that the company is 100% owned by non resident that is well known and can be trusted. The license is issued within 3-8 working days. Bank reference is presented to the CB by an advocate of PPB INC LTD in strict confidentiality.

• The letter must have no correction or additions, otherwise is not accepted
• The letter is preferable to be in English. Bank reference must be in original and written on Banks letterhead, with the telephone and fax details of bank, signed and sealed by the bank official (name and surname of the official must be clearly stated. A draft of this letter is available in our brochure). This way is tested and effective. In some cases other alternatives can be accepted. The main goal is that the bank referred to you as serious and trust worthy person.
• The bank reference must be send firstly by fax to PPB INC LTD and the original with a courier service (DHL, FEDEX etc). In case that your bank doesn't have international transactions, (that means it is not known abroad) a copy of banks general license must be send also.
• For companies of other jurisdictions, managing their accounts in Cyprus, the bank reference is not necessary. As Cyprus is already accepted in EU and from May 2004 will be full part of EU, serious steps are taken to protect Cyprus of being used for money laundering, and for that reason Cyprus banks ( Bank of Cyprus, Laiki Bank, Alpha Bank etc) are already asking for bank references.

In abroad, every one has personal bank accounts, something that is not used for citizens of CIS countries. If you have problems receiving Bank reference please let us know about it and we can help you in this field.