# Banking while still in the UK



## steveg63 (Sep 5, 2010)

Hi, just need a little help before our next trip. We are aiming to move over in February 2011, we are over in just over a week to see the 3 schools so we can pick the best for the kids. 
When we move we will be keeping our UK based online business, we 'broker' finance deals for cars and vans. All the UK based finance companies we deal with only pay UK companies and only in UK sterling. 
We want to open an account when we arrive there next week so a couple of questions:
1. Can we open an account even though we are not yet residents, if so what will we need to do this?

2. If we can open an account is it best to open sterling and Euro accounts?

3. The Ltd company we have in the UK will pay either the new Ltd company we set up in Cyprus or should we just be a partnership and pay the standard Tax and Insurance costs, the UK company will be 'invoiced' by the Cypriot 'company' or partnership so reducing any UK Tax payable as I believe the tax rates with you guys are less than in the UK?

Any help on any of the above would be a great help.

Steve + Rebecca:ranger:


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## Veronica (Apr 5, 2008)

steveg63 said:


> Hi, just need a little help before our next trip. We are aiming to move over in February 2011, we are over in just over a week to see the 3 schools so we can pick the best for the kids.
> When we move we will be keeping our UK based online business, we 'broker' finance deals for cars and vans. All the UK based finance companies we deal with only pay UK companies and only in UK sterling.
> We want to open an account when we arrive there next week so a couple of questions:
> 1. Can we open an account even though we are not yet residents, if so what will we need to do this?
> ...


Yep tax here is much lower than the UK but I think the VAT threshold is lower. Another alternative would be to have an offshore company, possibly based in gibraltar then you won't pay any tax at all.
We know someone who works over here but has his company based in Gibraltar.
To open a bank account you will just need your passport and proof of residence, even if the residnece is in the Uk. Utility bills in your name for example, so come armed with some of that stuff.
It is certainly best to have both a sterling account and a Euro account.

Veronica


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## steveg63 (Sep 5, 2010)

Veronica said:


> Yep tax here is much lower than the UK but I think the VAT threshold is lower. Another alternative would be to have an offshore company, possibly based in gibraltar then you won't pay any tax at all.
> We know someone who works over here but has his company based in Gibraltar.
> To open a bank account you will just need your passport and proof of residence, even if the residnece is in the Uk. Utility bills in your name for example, so come armed with some of that stuff.
> It is certainly best to have both a sterling account and a Euro account.
> ...


Thanks Veronica, dont mind paying the Government tax that we reside in, helps pay for the needs of the country just dont want to pay 2 lots!
Makes it easier opening an account when we are there we cant start 'moving' monies over! 

Best bank to use in Paphos area?


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## Veronica (Apr 5, 2008)

steveg63 said:


> Thanks Veronica, dont mind paying the Government tax that we reside in, helps pay for the needs of the country just dont want to pay 2 lots!
> Makes it easier opening an account when we are there we cant start 'moving' monies over!
> 
> Best bank to use in Paphos area?


We are with Marfin Laiki Bank and find them very good. 
Do not use Alpha bank.


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## steveg63 (Sep 5, 2010)

Thanks Veronica, read a few threads on here re Alpha Bank, looks like a position a lot of our UK banks found themselves in.

We believe we are in the final throws on finalising our move.....loads of bits sold over here to boost the bank balance, hence moving monies over, our UK business is now 'stable' again after the turmoil the vehicle and finance industries have been through for the past 2 yrs, our experience having a 2 site business employing 18 + 4 directors down to the 4 directors!
Anyway thanks again for the help and we may see you when we are over there in 10days.
Steve


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