The largest bank in Cyprus, Bank of Cyprus, will close accounts of some 4,000 Russian clients who may or may not even reside permanently in the Mediterranean island, Philenews reports.
The reason for this is the fear of being sanctioned by the West in connection with servicing Russians.
Last week, the bank began sending letters to Russians informing them that the accounts will be closed within 2 months “because the user’s data does not comply with the rules of the Know Your Customer procedure”.
The “trigger” for the Bank of Cyprus – and possibly other large lenders as well – may be the tax residence in Russia.
Another reason for closing an account may be the presence of income from sanctioned businesses in Russia – for example, dividends or salaries for employees working remotely for sanctioned companies – as an “atypical” residence permit.
In particular, this applies to those who are in Cyprus on a “digital nomad” visa, that is, a visa for freelancers, self-employed and entrepreneurs working remotely.
At the same time, Forbes and TASS reports said the specific measure also affects “Russian citizens who do not reside permanently in Cyprus and do not have passports of other European countries”.
