GSL / Offshore and International Law / Offshore Banking / AstroBank (former Piraeus Bank Cyprus)

How to open a bank account in AstroBank (former Piraeus Bank Cyprus)

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Beginning of cooperation

February, 2008

Last contact

May, 2022

Last update

March, 2021

Primary requirements:
== the bank opens current accounts for conducting active commercial transactions;
== currently opens accounts for companies from any jurisdiction, except: Aruba, Barbados, Belize, Bermuda, Dominica, Fiji, Marshall Islands, Oman, UAE, Vanuatu;
== The Bank does not accept or send payments from / to the following countries: Latvia, Estonia, Malta;
== The Bank does not work with Russian sanctioning companies;
== For former clients of Latvian banks, documentary evidence is required for all transactions (such clients fall into the high-risk category);
== main criteria for opening an account:
- transparency in relation to the ultimate beneficiary;
- the presence of a resident business, confirmation of activities by contracts and other primary documents;
- mandatory availability of audited offshore accounts (at the time of opening an account, you can provide management, but with the condition of providing audited within 3 months;
- the presence of an office is not mandatory, but is required if the company has a low economic feasibility, an opaque ownership structure, or there are difficulties in providing contracts and other documents confirming the activities;
== there are no minimum balance requirements;
== term for opening an account - case by case (check with your consultant);
== To activate the account, you need to transfer 1,000 EUR (money is not blocked);
== the bank does not open accounts for companies whose activities are related to gambling, casinos, betting, etc., even if they have an EU license

Beginning of cooperation
February, 2008
Last contact
May, 2022
Last update
March, 2021
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General information and rating

2 475
Global rating
8
Countrywide rating
4
Countrywide rating of the head bank
278
Global rating of the head bank
Year of foundation
2007
History
Piraeus Bank S.A. founded in 1916 as Banque du Piree SA. Listed on the Greek Stock Exchange since 1918. Since 1975 it has been under Greek jurisdiction. In December 1991, the bank was privatized and named Piraeus Bank. In June 2000, Xiosbank SA and Macedonia Thrace Bank SA merged with Piraeus Bank SA. In December 2003, ETVA Bank (Hellenic Industrial & Development Bank) was added to them. Piraeus Bank Cyprus was founded on November 29, 2007. At the end of March 2017, Piraeus Bank Cyprus changed its name to AstroBank. The bank has a representative office in Moscow
Personnel
There are Russian-speaking staff: the staff in Cyprus totals 330 people, of which 8 are Russian-speaking. Russian-speaking cjnhelybrb works in the Moscow branch of the bank. Bank employees in Cyprus also speak English, French, German, Italian, Armenian, Serbian, Arabic and Ukrainian
Bank’s shareholders
The main shareholder of the bank is Holding M Sehnaoui SAL, and the share of Piraeus Group is currently 17.7%. Holding M Sehnaoui SAL is a group of international investors led by a prominent Lebanese banker and former Energy Minister Maurice Sehnawi
Confidentiality
Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed; Active member of OECD, FATF, Basel Commitee, Egmont Group etc.
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    Minimum requirements

    Minimum balance, €
    Transactions permitted per month
    1 000
    Initial deposit of funds, €
    No restrictions
    Deadline for the initial deposit, month
    Transactions permitted per month
    The bank does not limit the number of transactions
    Initial deposit of funds, €
    Not required, but it is required to transfer EUR 1000 (this sum is not blocked) to activate the account
    Deadline for the initial deposit, month
    If there is no money in the account for 3 years, the bank may close it
    Minimum turnover, €/year
    No requirement for minimum turnover
    How fast payments are executed
    Same Day Value – no additional charge. Cut-off times for same day execution: USD – 18:00 Moscow time; EUR – 17:00 Moscow time)

    Tariffs and services

    75
    Outcoming transfer, €
    20
    Incoming transfer, €
    160
    Account maintenance, €/year
    1 000
    Payment limit for credit cards, €/day
    Outcoming transfer, €
    Transfer fee is 0.15% of the amount (minimum - 5 EUR, maximum - 500 EUR). Transfers within the bank: in euros - no commission is charged; in other currencies - 0.15% of the amount (minimum - 5 EUR, maximum - 200 EUR)
    Incoming transfer, €
    In Euro: up to 1,000 EUR - no commission is charged; from 1,000.01 to 5,000 EUR - 2 EUR; from 5,000.01 to 50,000 EUR - 10 EUR; from 50,000.01 and more - 20 EUR. In other currencies: up to 1,000 EUR - 3 EUR; from 1,000.01 to 5,000 EUR - 10 EUR; from 5,000.01 to 50,000 EUR - 15 EUR; from 50,000.01 and more - 25 EUR. Payments within the bank - no commission is charged
    Account maintenance, €/year
    Account maintenance fee is 160 EUR per year (corporate accounts) and 100 EUR per year (personal accounts)
    Payment limit for credit cards, €/day
    No limit, but bank recommends to indicate EUR 10 000; debit cards – daily limit from EUR 1 000 to 20 000 (Visa Platinum)
    Funds to be blocked for CC issue, €
    EUR 1000 (debit cards); double cover of fixed payment limit (credit cards)
    Distant access to the account
    Internet banking (digipass or SMS), fax
    Financial products
    Personal banking, corporate and commercial banking, professional investment, wealth management services, banking services of deposits and loans
    Credit/debit cards
    VISA
    Hold mail
    Fee for keeping statements in the bank is 180 EUR per year (corporate accounts) and 80 EUR per year (personal accounts)

    Account opening procedure

    Days to open for incoming transfers
    case by case
    Days to open for outcoming transfers
    case by case
    References
    Necessary
    Purpose of the account
    Current
    Visit to the bank
    Not required
    Required
    Bank application forms; copy of the national passport (i.e. proof of residential address) and the passport for traveling abroad, KYC (business description, source of funds); corporate documents (corporate account). Bank reference for beneficial owner (from any bank).
    Types of accounts
    Personal; Corporate; Savings; Current
    Opening procedure and Due Diligence
    It is possible to open an account without visiting the country where the bank is located
    Chances to open an account
    Predictable
    Business description
    Relatively detailed: in addition to the description of the business, the origin of funds needs to be disclosed
    Need a consultation from a specialist?
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