Procedure for Establishing a Cyprus Bank Account: A Comprehensive Guide

Cyprus Opening a bank account in Cyprus is a crucial step for businesses and individuals seeking to leverage the advantages of this strategic European jurisdiction. The process involves several key stages to ensure a smooth and efficient experience.

The initial step involves careful consideration of various banks based on specific criteria:

  • Client requirements and account opening procedures.
  • Range of services offered.
  • Alignment of the bank’s profile with the intended account transactions.
  • Capability for international money transfers.
  • Service rates.

This stage is time-intensive, focusing on gathering all necessary information for the bank’s reliability check. Feod Group’s Cypriot and Ukrainian lawyers meticulously examine each document for accuracy and completeness, from dates and signatures to the validity of assurances.

  • Seek preliminary approval from the chosen Cyprus bank.
  • Execute the required paperwork, including completing bank questionnaires and forms.
  • Engage in an interview with a bank representative, ensuring all necessary forms are signed and submitted.
  • Upon successful completion, gain access to online banking services and receive a bank card.

The banking landscape in Cyprus is indicative of its economic strength, with significant deposits and loans contributing to the country’s financial stability. Over thirty foreign banks officially operate within the state, providing a wide array of financial services. A favourable financial policy fosters economic growth, benefiting both local and international companies utilizing Cypriot banking services.

Bank account in Cyprus

In recent years, changes in Cyprus’ legal framework, especially in countering money laundering, have impacted the account opening process. Notably, online initiation of bank account procedures is now possible.

Cyprus Banking System Overview:

  • The Central Bank of Cyprus oversees all financial institutions.
  • Services offered by different banks are generally similar, with variations in transaction fees and annual account maintenance costs.
  • The Central Bank permits individuals and companies (including non-Cypriot entities) to open diverse bank accounts.

Advantages of Opening an Account in Cyprus:

  • Speedy process (as quick as 3-4 days in some cases).
  • Online document submission.
  • Often, no minimum deposit requirement for account opening.
  • Minimal fees and interest rates.
  • Extensive online banking capabilities.

Types of Bank Accounts in 2023:

  • Personal
  • Savings
  • Corporate
  • Credit

Cyprus offers favourable interest rates for credit accounts, providing an attractive option for those seeking low percentages.

Thoroughly review bank conditions, including mandatory minimum deposit requirements. For business accounts, inquire about international transaction conditions, especially for companies with foreign shareholders.

Hellenic Bank and Bank of Cyprus are often recommended for their favourable terms and services.

Non-residents, with the requisite documents, can open accounts in Cyprus. While residents of third countries may experience slightly longer processing times, clarity regarding the purpose of the account is crucial.

Required documents include a resume, passport copy, proof of residence, annual income confirmation, and a solvency recommendation.

Corporate account documentation includes company details, competence certificate, registration certificate, directorate and secretariat certificates, financial reports, and more.

While the term “offshore” is no longer officially used, businesses conducting activities outside Cyprus can open corporate accounts for such purposes.

Feod Group facilitates remote account registration, allowing initiation from various countries. For personalized assistance and inquiries about service costs, contact the team.

How to Open a Bank Account in Cyprus

How to open a bank account in CyprusThe financial system of Cyprus has been actively developing since 2008, when Cyprus became part 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 have been able to successfully develop their business.

Cypriot banks must adhere to and follow all the requirements that banks in the European Union adhere to. The basic principle is “Know Your Client”, according to which banks conduct a thorough check of the information provided by a potential client and the legality of the source of origin of funds. Therefore, in order to open an account in Cyprus for a non-resident remotely and without personal presence, it is necessary to prepare documents professionally.

The standard procedure for opening a Cyprus bank account consists of the following steps:

1. Choosing a Cyprus bank
When choosing a bank, we pay attention to the following:

  • The bank’s requirements to the client, the complexity of the account opening procedure and the procedure for checking the client and his funds;
  • List of services provided by the bank;
  • Compliance of the bank profile with the specifics of the proposed account transactions;
  • The possibility of making money transfers abroad;
  • Service rates.

2. Collection and preparation of documents for opening a bank account
This is the most time-consuming stage, since it is very important to gather all the information that the bank needs when checking the reliability of the client.
During the preparation and analysis of the package of documents, the Cypriot, and Ukrainian lawyers of Feod Group carefully check each document: starting from the dates and signatures, ending with the correctness of the assurances.

3. Obtaining prior consent from a Cyprus bank
4. Signing of bank questionnaires and forms
5. Interview with a representative of the bank and sending signed forms to the bank
6. Access to online banking and receipt of a bank card
The March statistics for 2019 are very indicative, for example:

  • all deposits in banks in Cyprus amounted to 47, 500, 000, 000 €;
  • total loan amount – 38, 300, 000, 000 €.
  • More than thirty foreign banks are officially registered on the territory of this state.

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

It is worth noting that in recent years in Cyprus, not only has the procedure for opening bank accounts changed, but the whole process of registration has changed. Recent changes in the law on countering the legalization of proceeds from crime and new rules of the Central Bank have made their adjustments. An important innovation was the ability to initiate the procedure for issuing a bank account online.

What is important to know about the Cyprus banking system as a whole?
The Central Bank of Cyprus (hereinafter referred to as the Central Bank) is at the head of all financial institutions. The services themselves provided by different banks do not differ much. The main differences are what percentage the bank charges for transactions, and how much the annual maintenance of accounts and cards costs.

The Central Bank allows both individuals and companies (not only Cypriot ones) to open various bank accounts.
To open a personal account, the determining factor is age – the future account holder must be over 18 years old. But which bank to choose is up to you.

How Not to Make a Mistake in Choosing a Bank?

Carefully study all the conditions stipulated by the bank. Perhaps there is a mandatory minimum amount of the amount deposited to the account. In the case of a business account, it is important to find out on what conditions it is possible to carry out international transactions, especially if we are talking about foreign shareholders of the company. It is important to find out if Internet banking is available, because without it, some operations are extremely difficult to carry out, especially at a distance.

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?

Any non-resident who has the necessary documents can open an account in Cyprus. For residents of third countries, it will just take a little more time. Plus, you need to justify your goals in more detail.

Our company helps with the registration of an account in a Cyprus bank and without the arrival of an individual in the country. You can initiate the procedure remotely from Russia, Ukraine, Belarus, Kazakhstan or any other country. To clarify the cost of this service, write to us.

How to open an account in Cyprus for an individual?

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

  •  Resume
  • Photocopy of the passport
  • Registration or any confirmation of the place of residence;
  • Confirmation of your annual income (for example, salary statement, documents confirming your active or passive income, dividends, a copy of the tax return, and so on)
  • A letter of recommendation about your solvency, drawn up by employees of a bank or other financial institution (the letter is considered valid for three months)
  • Documents confirming the source of your income, the value of your property, the 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 need to collect the following documents:

  • The name, legal address of the company, the actual address, 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).
  • Certificate of company registration.
  • Certificate of the Directorate and the secretariat.
  • Regulation.
  • Memorandum.
  • Documents confirming the corporate structure of a legal entity, showing the entire structure up to its beneficial owner. This documentation should be provided in a clear and understandable form.
  • Financial reports.
  • Documents confirming the legal source of funds.
  • Certificate of good Standing of the company (Letter of Good Standing), as well as a letter of recommendation no older than three months ago. The same set of documents must be provided if it is necessary to open a personal account for the owner of the company.

Important: All documents must be in English. Or it is necessary to make their official translation, certified by a notary.

How to Open an Offshore Account in Cyprus?

Officially, such a concept as “offshore” or carrying out activities outside the country is no longer used, but it is possible to open a corporate bank account for a company that does business 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. Feod Group and Regulated United Europe stand ready to assist, leveraging years of experience to provide tailored solutions for improved business functionality.

Bank account opening assistance in Cyprus
2,000 EUR

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Sheyla Shamilli


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