On the 2nd of November 2018, the Central Bank of Cyprus (the “CBC”) issued a circular with the purpose of clarifying the definition of “Shell Companies” and how the service providers and banks should classify them. The revised definition aims to offer clarity and certainty as to the legal requirements underpinning the shell companies. As per CBC circular, the term “shell company/entity” refers to a limited liability Company or any other legal entity that: Has no physical pres