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Cyprus Eastern Forum Index » General » Banks in Cyprus close accounts of Russian businessmen
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Banks in Cyprus close accounts of Russian businessmen 
Post: #1   PostPosted: Mon Jan 14, 2019 2:42 am Reply with quote
Steve - SJD
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Banks in Cyprus close accounts of Russian businessmen

Two Russian businessmen who had been holding funds in accounts with
Cypriot banks for more than ten years closed them after the Cypriot
authorities demanded an explanation of the origin of the funds. The banks
demanded that the Russians provide the relevant documents within a week.
This is reported by Bloomberg.

Former Deputy Director General of Gazprom and owner of business in
Cyprus Aleksandr Ryazanov has also confirmed that it will now be “difficult
to open a new account” with a local bank.

Kyriakos Jordan, director general of the Institute of Certified Public... [
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Post: #2   PostPosted: Mon Jan 14, 2019 5:54 am Reply with quote
jeba
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Asking for documentation proving transactions which happened more than 10 years ago is a bit over the top, especially if at the time it wasn´t clear that you might need them 10 years down the line. Even banks will not be able to give you reprints of account statements older than 10 years (at least in my home country of Germany).
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Post: #3   PostPosted: Mon Jan 14, 2019 2:01 pm Reply with quote
Kwacka
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jeba wrote:
Asking for documentation proving transactions which happened more than 10 years ago is a bit over the top, especially if at the time it wasn´t clear that you might need them 10 years down the line. Even banks will not be able to give you reprints of account statements older than 10 years (at least in my home country of Germany).


Possibly it depends on the amount held in the account - they wouldn't be bothered with a small amount but what if it were a few hundred thousand?

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Post: #4   PostPosted: Mon Jan 14, 2019 5:16 pm Reply with quote
jeba
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Kwacka wrote:
jeba wrote:
Asking for documentation proving transactions which happened more than 10 years ago is a bit over the top, especially if at the time it wasn´t clear that you might need them 10 years down the line. Even banks will not be able to give you reprints of account statements older than 10 years (at least in my home country of Germany).


Possibly it depends on the amount held in the account - they wouldn't be bothered with a small amount but what if it were a few hundred thousand?

Even then you wouldn´t be able to get an account statement older than 10 years. I´m currently having that problem with German tax authorities. They want proof of the cost of purchasing of a stock I bought in 2004 - at a time when there was no capital gains tax on it and therefore no reason to keep records. Outrageous!
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Banks in Cyprus close accounts of Russian businessmen 
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