Central Bank of Cyprus (CBC) has issued a Circular through which it sets out the definition of “shell companies”, and clarifies in which cases a bank in Cyprus has permission to engage in business relations with new as well as existing Cyprus and foreign companies and opening and maintaining banking relations with Cyprus banks. 

This circular applies with immediate effect.

For further information, you may refer to our related detailed legal briefing.

Should you need any clarifications or assistance with some affected cases (e.g. redomiciling an offshore company to Cyprus or reinforcing its Cyprus substance) E & G Economides LLC will be pleased to assist.