How to Open a Bank Account in Cyprus: Step-by-Step Procedure Explained

Opening a bank account in Cyprus is a serious step for those businesspersons and individuals who would like to take their advantages from the opportunities which this European jurisdiction can give them. The opening procedure includes some important stages that are to be followed in order to make the process smooth and effective.

First of all, one needs to choose the bank deliberately according to the following criteria:
Сlient needs and account opening policy
The range of services provided.
Conformity of the bank profile to the planned account operations.
The possibility of international money transfers.
The tariffs for service provision.

This step is pretty time-consuming as it includes gathering all the necessary information for the bank’s reliability check. Each document containing the date, the signature, or an assurance should be duly verified for its proper preparation and validity by Regulated United Europe.

Get pre-approval from the chosen bank in Cyprus.

Fill out the required documents, bank questionnaires, and forms to be submitted.

Interview with a bank employee where they sign all the forms needed and submit them.

After completion of all the formalities, he gets access to online banking services and a bank card.

The banking environment in Cyprus speaks volumes about its economic position—high levels of deposits and loans help to sustain this economy. More than thirty foreign banks have their official representation within the state and offer a wide range of financial services. Good financial policy promotes economic growth, which is popular among both local and international companies that have Cypriot banking services.

Changes in the legal framework of Cyprus, especially regarding the struggle against money laundering, have recently influenced the process of opening an account. The most important novelty is that it is already possible to initiate online bank account procedures.

Overview of the Cyprus Banking System:

• The Central Bank of Cyprus supervises all institutions dealing with the financial business.
• The services of different banks basically do not differ from each other, but the fees for transactions and the annual account maintenance cost vary.
• All types of bank accounts may be opened by individuals and companies, Cypriot and non-Cypriot, subject to approval by the Central Bank.

Advantages of opening an account in Cyprus:

• Speed – as quick as 3-4 days in some cases
• It is possible to submit documents online
• In most cases, no minimum deposit for opening an account
• Minimum commissions and interest
• Online banking is fully developed

Bank Account Types in 2023

• Personal
• Savings
• Corporate
• Credit

Interest rates in credit accounts are favorable in Cyprus, and also a reason to seek low percentages.

Consider bank conditions carefully, such as mandatory minimum deposit requirements. For business accounts, ask about international transaction conditions if your company has foreign shareholders.

Normally, Hellenic Bank and Bank of Cyprus are advised for good conditions and services.

Accounts can be opened in Cyprus by non-residents with the required supporting documents. Third-country residents may take a bit longer in the processing of opening, but the clarity of the purpose of the account is always crucial.

A resume, passport copy, proof of residence, confirmation of annual income, and a recommendation of solvency are required.

Company information such as competence certificate, registration certificate, directorate and secretariat certificates, financial reports, and other corporate account documentations.

Nowadays, even though the word “offshore” is not officially used anymore, corporate accounts for such purposes can be opened for companies operating outside Cyprus.

Regulated United Europe enables the possibility to initiate remote account registration from different countries. For personalized support and an exact quote of the service fee, please contact the team.

How to Open a Bank Account in Cyprus

The financial system of Cyprus has been actively developing since 2008, when Cyprus became a member of the European Union. And in a few years, the financial sector has become one of the main sectors of the country’s economy. Thanks to this rise, many were able to successfully develop their business.

Cypriot banks should and do apply all the regulations in force in banks of the European Union. The general rule is “Know Your Client”. Banks should check any information provided by a new potential client and verify, among other things, the legality of the origin of funds. Since it is required to professionally prepare documents in order to open a bank account in Cyprus from overseas for non-residents without personal presence.

The General Procedure for Opening a Cyprus Bank Account:

Choosing a Cyprus Bank

In the choice of bank, we pay attention to the following:

• The requirements to the client set forth by the bank, the complexity of the procedure for opening an account, and the verification of the client and their funds;
• List of services provided by the bank;
• Compliance of the bank profile with the specifics of the proposed account transactions;
• The opportunity to perform international bank transfers;
• The cost of services.

Collection and Preparation of Documents for Opening a Bank Account

This stage is the most time-consuming, as it’s highly important to gather all the information that the bank will need in checking the reliability of the client. During the preparation and analysis of the package of documents, Regulated United Europe carefully checks each document, from dates and signatures to the correctness of assurances.

Obtaining Prior Consent from a Cyprus Bank

• Signing of bank questionnaires and forms
• Interview with a representative of the bank and sending signed forms to the bank

Access to Online Banking and Receipt of a Bank Card

For example, the March statistics of 2019 are very indicative:

• All deposits in banks in Cyprus totaled €47,500,000,000;
• Total loan amount – €38,300,000,000.
• More than thirty foreign banks are officially registered in the state.

The loyal financial policy provides for stable growth of the economy of the country itself and the welfare of the local and foreign companies using the services of Cypriot banks.

It is worth noting that in Cyprus, recent years have seen changes not only in the procedure for opening bank accounts but in the entire registration process. Recent changes in the law on countering the legalization of proceeds from crime and new rules of the Central Bank have introduced adjustments. The most important innovation is the opportunity to initiate a procedure for issuing a bank account online.

What is Important to Know about the Cyprus Banking System in General?

The Central Bank of Cyprus (further referred to as the Central Bank) is the head of all financial institutions. The services provided by various banks do not differ much. The main difference lies in the percentage fees for transactions and the costs for annual account and card maintenance.

The Central Bank allows opening different types of bank accounts for individuals and firms, not necessarily Cypriot ones. To open a personal account, the only essential condition is that the future account holder is over 18 years old. But the choice of bank is entirely at your discretion.

How Not to Make a Mistake in Choosing a Bank?

Study with extreme care all the conditions specified by the bank. There may be an obligatory minimum deposit requirement. For business accounts, the conditions for international transactions become relevant, especially if the company has foreign shareholders. First, one needs to check if Internet banking is an option, as without it, some operations are extremely hard to conduct, especially remotely.

We recommend Hellenic Bank or Bank of Cyprus to our clients.

Is it difficult for a non-resident to open an account in the Bank of Cyprus?

Actually, any non-resident, having all the necessary documents, can open an account in Cyprus. It may just take a little more time for residents of third countries. You will also need to justify your goals in more detail.

Our company assists in registering an account in a Cyprus bank without requiring the individual’s presence in the country. You can start the process remotely from Russia, Ukraine, Belarus, Kazakhstan, or any other country. To find out the price of this service, send us a message.

How to Open an Account in Cyprus for an Individual?

To open a bank account in Cyprus, a person will need the following documents:

• Summary
• Photocopy of the passport
• Registration or any confirmation of the place of residence
• Confirmation of annual income, such as a salary statement, documents confirming active or passive income, dividends, a copy of the tax return, etc.
• A letter of recommendation that speaks about your solvency, drawn up by a bank or other financial institution (valid for three months)
• Documents confirming the source of income, property value, and legal status of your property

How to Open a Bank Account in Cyprus for a Legal Entity?

To open a corporate account with the Bank of Cyprus, you will need the following documents:

• Religious name, legal address, actual address of the company, a detailed description of the activity, a link to the website (if any)
• Certificate of Competence, an official certificate of the company’s solvency (Letter of Good Standing), and Certificate of company registration
• Certificate of the Directorate and the Secretariat
• Regulation and Memorandum
• Documents confirming corporate structure, presenting the entire chain up to the real owner of the legal entity in an explicit and comprehensible form
• Financial reports
• Documents confirming the legal source of funds
• Certificate of Good Standing of the company, as well as a letter of recommendation no older than three months

The same set of documents is required if it is necessary to open a personal account for the owner of the company.

How to Open an Offshore Account in Cyprus?

Officially, the term “offshore” is no longer used, but it is possible to open a corporate bank account for a company conducting business activity outside Cyprus.

Opening a bank account in Cyprus is a strategic move for businesses and individuals, offering a gateway to European opportunities. The streamlined process, coupled with advantageous features, positions Cyprus as an attractive financial hub. Regulated United Europe stand ready to assist, leveraging years of experience to provide tailored solutions for improved business functionality.

Cyprus Business Bank Account

Opening a business account in Cyprus is the most important step in expanding a business or investing on this economically developed island. A variety of banking services and favorable tax conditions make Cyprus very attractive to people willing to start their businesses. In this article, we will look at the key aspects and stages of opening a business account in Cyprus, and also the benefits of this procedure.

Advantages of Business Account Opening in Cyprus

• Favourable Tax Conditions: Cyprus offers very favourable tax conditions for business, including low corporate tax rates and attractive tax incentives for investors.
• Stable Banking System: The Cyprus banking system is characterized by stability and reliability. It has made the country an attractive place to store and manage corporate funds.
• Diversified Financial Services: Banks in Cyprus offer a wide array of financial products and services, ranging from corporate accounts to loans, investments, and asset management.
• Easy Business Operations: Generally, opening and maintaining a business account in Cyprus is easier and not as onerous as in many other countries, thanks to an efficient banking infrastructure coupled with an encouraging business environment.

Stages Involved in Opening a Business Account in Cyprus

Opening a business account in Cyprus with its favorable tax environment and stable banking system is a serious step toward successful business conduct. Your Cyprus business account—with a comprehensive set of financial services and ease of doing business—will be a reliable tool in managing corporate finances and realizing your business goals. When choosing a bank, pay attention to the institution’s reputation, terms of service, and financial products to select the most suitable option for your business needs.

Personal Bank Account in Cyprus

Opening a personal account in one of the Cypriot banks will allow effective management of personal finances in a country with a developed financial infrastructure and a favorable tax climate. Along with high-quality banking services, Cyprus offers an individual approach to clients, making the account opening process easy and comfortable. This article covers the basic features and steps for opening a personal bank account in Cyprus and the benefits of this procedure.

Advantages of Opening a Personal Bank Account in Cyprus

• Favourable Tax Climate: Cyprus offers favorable tax conditions for residents, including low tax rates on income and interest on deposits.
• Stable Financial System: The banking system in Cyprus is highly stable and reliable, ensuring that your personal finances are safe and secure.
• Wide Choice of Banking Services: Each bank offers a large selection of financial products and services, such as various debit and credit cards, different types of current accounts, deposits, and loans.
• Convenience and Accessibility: Generally, opening and maintaining a personal bank account in Cyprus is easy and convenient, thanks to a well-organized banking infrastructure and friendly customer service.

Steps to Open a Personal Bank Account in Cyprus

Opening a personal bank account in Cyprus—a country with an advantageous tax climate and a well-developed banking system—is a key step toward effectively managing personal finances. Your personal account in Cyprus, with diverse financial services and ease of management, will serve as a reliable tool to help you achieve your financial goals and provide security. When selecting a bank, consider its reputation, the terms of service, and the financial products that best suit your needs.