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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February, 2008 December, 2021 March, 2021

GSL reference about the bank

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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

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    Bank's characteristics

    General information and rating

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    Global rating Countrywide rating Countrywide rating of the head bank Global rating of the head bank Credit rating
    2 475 8 4 278 CCC
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    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.

    Minimum requirements

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    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    1 000 No restrictions No restrictions
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    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

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    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    75 20 160 1 000 1 000
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    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

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    Days to open for incoming transfers Days to open for outcoming transfers References Business description Purpose of the account
    case by case case by case Necessary Detailed Current
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    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
     
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