What do you need to open a bank account in Cyprus?

Opening a bank account in Cyprus requires careful preparation and compliance with the procedures set out in Cypriot banking legislation and anti-money laundering regulations. The Cypriot banking system is one of the most regulated in Europe, and local banks strictly adhere to customer identification (KYC) and anti-money laundering (AML) standards. Therefore, you should approach the preparation of documents with the utmost care.

First, you need to determine whether you require a personal or corporate account. Individuals, both residents and non-residents, can open a personal account with a Cypriot bank by providing a valid passport and a document confirming their address (such as a utility bill or bank statement no older than three months). They will also need to provide proof of income or other documents confirming the source of funds, as well as a bank reference from a financial institution in their country of residence. The bank may also request that you fill out questionnaires and provide confirmation of your tax number. If you are opening an account remotely, you will need to provide notarised copies of all documents.

The process is more complicated for legal entities. You will need to provide the company’s statutory documents, registration certificate, articles of association and an extract from the commercial register, as well as documents confirming the ownership structure and beneficiaries. Each owner of a 25% share must undergo individual identity and address verification. The bank also requires minutes or a decision from the board of directors regarding the opening of an account, a description of the business’s nature, a list of major counterparties, expected transaction volumes and confirmation of the origin of funds. For companies that have been operating for a short time, a business plan and cash flow forecast are often requested.

All banks in Cyprus apply thorough customer verification procedures. They assess not only the applicant’s identity, but also the sources of funding, business history, participation in other companies and possible links with politically exposed persons or high-risk countries. Any doubts about the transparency of transactions may result in an account being refused. Therefore, it is important to collect all supporting documents in advance, translate them into English, and have them notarised and apostilled if necessary.

Non-residents of Cyprus should bear in mind that banks pay particular attention to documents confirming the source of funds and tax status. While some banks require a personal visit from the customer, more and more institutions now allow remote account opening via video conference or power of attorney, provided the relevant documents are duly certified.

The minimum deposit and bank fees depend on the specific bank. On average, the minimum deposit for individuals is between €500 and €1,000. Additional service conditions and fees for international transfers may apply to corporate clients. The processing time for an application depends on the complexity of the client’s structure and how complete the submitted documents are — in most cases, the procedure takes between one and six weeks.

To minimise the risk of rejection, it is recommended that you prepare a complete dossier in advance, including a passport, proof of address, tax returns, bank statements, and a brief description of the source of funds. For companies, this includes founding documents, board resolutions, a business plan, information about customers and suppliers, and financial statements.

It is important to respond promptly and fully to requests when interacting with the bank. If documents are submitted through a local lawyer or licensed consultant, the process is usually faster as banks trust professional intermediaries who are familiar with their requirements.

How can an individual open a bank account in Cyprus?

Opening a bank account in Cyprus requires the preparation of a package of documents and mandatory identity verification in accordance with Cypriot bank rules and anti-money laundering requirements. Cyprus banks work with clients from most countries, including non-residents, but they have strict requirements for confirming sources of income and the origin of funds.

The first step is to choose a bank. The most popular with foreign clients are the Bank of Cyprus, Hellenic Bank, AstroBank, Eurobank Cyprus and Alpha Bank Cyprus. Each bank has its own internal procedures, but the basic set of requirements for private individuals is largely the same.

Next, you need to prepare the documents. The main ones are:

• a valid national or foreign passport;
• a document confirming your address, such as a utility bill or bank statement issued no more than three months ago;
• a document confirming your income, such as a certificate from your employer, an employment contract, a tax return or a bank statement;
• a bank reference from your previous bank, especially if you are a non-resident opening an account in Cyprus for the first time;
• a certificate of tax residency and tax number, if necessary.

After collecting the documents, the client must fill out a bank questionnaire providing information about their professional activities, average monthly income, the purpose of opening the account and anticipated transactions. Banks in Cyprus carefully check all data, paying particular attention to the transparency of the origin of funds and the absence of links to sanctioned or offshore structures.

Some banks allow you to open an account remotely via video conference, providing notarised copies of the required documents and arranging for them to be delivered by courier. However, a number of institutions require the client to be present in person for final identification and signing of the contract. During this visit, the bank will conduct an interview to clarify the nature of the client’s activities, where their financial flows originate from and why they are opening the account.

The minimum deposit required to open a personal account varies depending on the bank, but is typically between €500 and €1,000. Account maintenance fees are minimal — ranging from €5 to €10 per month — but may vary depending on the service package and the number of international transfers. The application review period is 5–15 working days, but may be longer for remote account opening due to document transfer and additional verification.

If the client does not have Cypriot residency, it is recommended that they prepare evidence of stable income or sources of capital in advance, as well as documents confirming their ties to Cyprus — for example, a rental agreement, proof of property ownership or business involvement. This increases the likelihood of the application being approved.

Opening an account in Cyprus provides access to a stable banking system, European payment services, and international transfer options. While this process may seem bureaucratic to non-residents, it goes smoothly with properly prepared documents and competent support.

How can a non-resident open a bank account in Cyprus for a Cypriot company?

Opening a bank account in Cyprus for a Cypriot company owned by a non-resident is a more complex procedure than for local clients, as banks pay particular attention to the ownership structure, sources of funding, and compliance with anti-money laundering requirements. The process involves several stages, from preparing the founding documents to conducting a detailed check of all beneficiaries.

The first step is to choose a bank that accepts foreign companies. Popular choices include Bank of Cyprus, Hellenic Bank, Eurobank Cyprus, AstroBank and Alpha Bank. Each bank has its own internal verification procedures, but the general requirements for corporate clients are the same. Some banks allow remote account opening through a trusted person or representative, provided that all documents are certified by a notary and apostilled. However, a personal meeting with the director or beneficiary is often required.

To apply for a corporate account, you need to prepare a set of company documents. The standard list includes:

• a certificate of incorporation;
• a memorandum and articles of association;
• certificates for the directors, secretary, shareholders and registered office;
•  a document confirming the ownership structure, including the ultimate beneficial owners (UBO chart);
•  a resolution from the board of directors to open an account and appoint authorised persons;
• copies of the passports and proof of address for all the directors, shareholders and beneficiaries;
• a description of the company’s business activities, including the nature of operations, the estimated volumes and the geography of counterparties;
• a business plan if the company is new or financial statements for the previous period if the company is already operating;
• documents confirming the source of the funds that are planned to be deposited in the account.

All documents must be in English or accompanied by a certified translation. Cypriot banks require copies of passports and constituent documents to be notarised and legalised with an apostille. For remote account opening, video conferencing may be required to confirm the identity of the director or owner.

The bank conducts mandatory customer verification in accordance with KYC and AML requirements. The origin of funds, ownership structure and business reputation of the directors are analysed, as well as any potential risks associated with the jurisdictions in which the company operates. If the structure includes offshore or high-risk countries, the bank may request additional documents or refuse to open an account.

After checking the documents, the bank will review the application, grant internal approval and send a service agreement. In some cases, an initial deposit of between €1,000 and €5,000 is required. Depending on the complexity of the structure and the speed of responding to the bank’s requests, the average time to open an account for a Cypriot company is three to six weeks.

To increase the likelihood of approval, it is recommended that you provide a transparent description of your business, including your sources of income, types of counterparties, and the purpose of payments. It is also useful to attach recommendations from any previous banks that served the shareholders or parent company.

Opening a corporate account in Cyprus gives the company access to the European banking infrastructure and the opportunity to work in euros and make international payments. It also simplifies interaction with local tax and government authorities.

Can a Cypriot company have an account with a payment system?

Yes, not only can a Cypriot company have an account with a traditional bank, it can also have an account with a payment system (Electronic Money Institution — EMI or Payment Institution — PI) that is registered and licensed in the European Union. For many companies, especially those owned by foreign shareholders, this is a convenient and quick alternative to traditional banking services.

These systems offer the same core services as banks, including opening a corporate account with its own IBAN, processing international payments in euros and other currencies, receiving customer payments, paying suppliers, and integrating with accounting software. The difference is that these institutions are not traditional banks, do not issue loans and do not use customer funds for lending. Customer funds are held in segregated accounts with EU banks and are protected from the risks of the payment organisation becoming insolvent.

For a Cypriot company, particularly if the owners are non-residents or the structure includes foreign jurisdictions, a payment system may offer greater flexibility. Opening an account with an EMI usually takes from a few days to two weeks, which is faster than the bank procedure. At the same time, the required documentation is largely similar to that required by banks, as payment organisations are also subject to KYC and AML rules.

To open an account with a payment system, a Cypriot company must provide the following:

• constitutional documents (certificate of incorporation, memorandum and articles of association);
• information about directors, shareholders and beneficiaries (with copies of passports and proof of address);
• a decision by the board of directors to open an account;
• a description of business activities, planned turnover and countries of counterparties;
• documents confirming the origin of funds and the nature of the business;
• for new companies, a brief business plan and cash flow forecast.

The payment system will conduct an online data check and may request a video conference with the director or beneficiary, as well as confirmation of the company’s business relationships (e.g. contracts, invoices, website and description of services). Unlike banks, EMIs often work with young companies, IT projects, start-ups and cryptocurrency businesses, making them particularly attractive to modern corporate structures.

Some payment institutions also provide multi-currency accounts, virtual cards and the ability to integrate with e-commerce platforms. This is especially convenient for companies that operate internationally, accept payments from customers in different countries and need flexible online tools.

However, it is worth noting that payment systems are not suitable for all types of businesses. Some EMIs refuse to serve companies operating in high-risk areas such as gambling, cryptocurrency or financial intermediation. Therefore, before applying, it is important to check the policy of a particular payment organisation to ensure that your type of activity is permitted.

Opening a payment system account for a Cypriot company enables transactions to be conducted in euros and other currencies in accordance with SEPA and SWIFT rules. It also allows you to obtain a European IBAN and use electronic payment instruments with minimal administrative delay.

List of the largest banks in Cyprus

The banking system in Cyprus is highly regulated and stable, and the country’s largest banks play a key role not only in the Cypriot financial sector, but also throughout the Eastern Mediterranean. Below is a list of the largest banks operating in Cyprus, with a brief description of their profile, scale, and corporate and private client service features.

Bank of Cyprus: The largest and oldest financial institution in the country, founded in 1899. It serves both individuals and legal entities, including international clients. It offers a comprehensive range of services, including current accounts, deposits, loans, investment products, and asset management. The Bank of Cyprus is actively developing remote service channels and is the main bank for large Cypriot companies and foreign investors.

Hellenic Bank is the second largest bank in Cyprus and is known for its high level of digitalisation and reliable customer support. Following the acquisition of part of the assets of the former Cyprus Cooperative Bank, Hellenic Bank has significantly strengthened its position in the domestic market. It offers corporate and retail services, as well as mortgage and investment products and international payments. The bank is often preferred by foreign customers due to its more flexible KYC procedure.

Eurobank Cyprus is a branch of the Greek financial group Eurobank. It focuses on corporate services, investment and private banking. Eurobank Cyprus enjoys the trust of international companies, holding structures and wealthy clients, offering personalised solutions and dedicated account managers.

Alpha Bank Cyprus is part of the large Greek banking group Alpha Bank Group. The bank focuses on business clients and individuals with international connections. Services include opening corporate accounts, lending, liquidity management and international transfers. It is known for its reliability and strict compliance procedures.

AstroBank is a medium-sized, rapidly growing Cypriot bank created from the former Piraeus Bank Cyprus. It offers a comprehensive range of retail and corporate services, including those for foreign companies and investors. It is distinguished by its flexible approach to corporate clients and quick account opening.

RCB Bank is a former Russian-Cypriot bank which, after restructuring, came under full Cypriot control. It now operates as a local bank, providing services to corporate clients and wealthy individuals. It has retained its experience in working with international structures and focuses on quality service and bespoke solutions.

Ancoria Bank is a modern Cypriot bank, established in the 2010s, which focuses on digital solutions and online services. It offers services for individuals and small businesses, including online account opening, mobile banking, and simple identification procedures.

Cyprus Development Bank (CDB Bank) is a financial institution specialising in corporate lending, investment, and servicing companies with foreign capital. It is often used by international structures for settlement and investment operations.

These banks represent the core of the Cypriot banking system. They are all regulated by the Central Bank of Cyprus and operate within the framework of European legislation, including the EU Capital Requirements Directive and anti-money laundering rules.

The choice of bank depends on the client’s objectives, the origin of the capital, and the type of business. Large banks such as the Bank of Cyprus and Hellenic Bank are suitable for companies with stable financial flows, while AstroBank and Eurobank Cyprus are often preferred by start-ups and international holding companies seeking a more personalised approach.