  |
INTERNATIONAL BANKING UNITS (I.B.U.s) International Banking Companies or branches may be registered in Cyprus (registration of both types has already been explained) under certain provisions and requirements imposed by the Ministry of Finance who is the licensing authority and who acts on the recommendation and consent of the Central Bank of Cyprus under the provisions of the Banking Business (Temporary Restrictions) Law Chapter 124. The policy of the licensing authorities is that only international enterprises or their subsidiaries, establishing in countries where there is good banking supervision, are eligible for a licence to operate in Cyprus as an IBU. There are different policies regarding banks incorporated outside the EU, which wish to register and operate a branch in Cyprus, licensing of banking subsidiaries in Cyprus and the operation of representative offices by foreign banks in Cyprus. Upon request we can give further information.
|
