Opening a Bank Account in Cyprus
Comprehensive banking solutions for individuals and businesses in Cyprus under strong European regulatory framework. Navigate the banking process with confidence and secure your financial future.
Banking Solutions
EU Regulatory Framework
Introduction
Opening a bank account in Cyprus is a straightforward process available to both residents and non-residents. Whether you are an individual managing personal finances or a company establishing your presence, Cyprus offers a wide range of reliable banking solutions under a strong European regulatory framework.
Why Choose Cyprus for Your Banking Needs?
Strategic Location & EU Membership
Cyprus sits at the crossroads of Europe, Asia, and Africa and is part of the European Union. Cypriot banks operate under strict EU regulations, ensuring security, transparency, and stability.
Comprehensive Banking Services
From basic, current, and savings accounts to corporate facilities such as loans, guarantees, and credit lines, Cyprus banks cater to both private individuals and international businesses.
Financial Security & Privacy
Cyprus has a strong tradition of banking confidentiality while maintaining full compliance with international anti-money laundering (AML) standards.
Convenience & Accessibility
Most banks provide advanced electronic banking, including 24/7 online access and mobile apps, making account management efficient and user-friendly.
Types of Bank Accounts in Cyprus
For Individuals
Basic Account
Covers essential transactions such as deposits, payments, and purchases with a debit card. Available even to non-residents, asylum seekers, or bankrupt persons, provided no account exists with another bank.
Current Account
Offers all the functions of a basic account plus a chequebook and the option of an overdraft.
Savings Account
Similar to a basic account but also pays interest on balances.
For Businesses
Corporate Bank Account
Enables local and foreign companies to manage financial operations effectively. Facilities may include loans, letters of credit, guarantees, business debit and credit cards, and tailored solutions for industries such as shipping.
Required Documents
Personal Bank Account
- Copy of a valid passport or ID
- Recent utility bill (not older than 3 months)
- Bank or financial institution reference letter (not older than 3 months)
- Detailed CV
- Evidence of annual income (e.g. tax declaration, payslips, company documents, dividend records)
- Evidence of source and value of wealth (e.g. bank statements, title deeds)
- Application form issued by the bank
Corporate Bank Account
Company Certificates:
- Certificate of Incorporation
- Certificate of Directors and Secretary
- Certificate of Shareholders
- Certificate of Registered Office Address
- Memorandum and Articles of Association
- Recent Certificate of Incumbency / Good Standing from the Registrar
Additional Requirements:
- Corporate Structure chart leading to the Ultimate Beneficial Owner (UBO)
- Audited financial statements and/or management accounts
- Information on the origin of funds
- Bank reference letter or Good Standing letter (not older than 3 months)
- All the documents required for personal accounts for each UBO, shareholder, and director
- All documents must be in English or officially translated
The Process of Opening an Account
Choose a Bank
Choose a bank based on your needs (personal, corporate, international business).
Complete Application
Complete the bank's application forms.
Submit Documents
Prepare and submit documents as listed above.
Respond to Requests
Respond to additional requests for supporting documentation.
Verification Process
Most banks require a personal visit, though some allow online video verification.
Activation
Once approved, your account is activated with full access to electronic banking services.
International Business Unit (IBU)
For companies with international operations, Cyprus banks maintain dedicated International Business Units (IBUs). These units provide specialized support for cross-border activities, regulatory compliance, and market expansion. Typical cases include:
- Companies registered abroad
- Cyprus companies with non-resident UBOs holding over 10%
- Trust or client accounts
- Non-residents applying for citizenship or residence permits
The Cyprus Banking System at a Glance
- Supervised by the Central Bank of Cyprus (CBC), under the framework of the European Central Bank (ECB).
- Fully harmonised with EU banking directives and regulations.
- Composed of both domestic and international institutions, supporting Cyprus's role as a global business hub.
Can Foreigners Open a Bank Account in Cyprus?
Yes. Non-residents, foreigners, asylum seekers, and even individuals without a permanent residence permit may open a bank account in Cyprus, provided they submit the required documentation and pass compliance checks.
Our Services
At Paraskevas Savvides Law Office, we provide comprehensive legal assistance to ensure a smooth banking experience. Our services include:
- Assistance with opening personal bank accounts for residents and foreigners
- Guidance on documentation and compliance with banking regulations
- Opening corporate bank accounts for companies registered in Cyprus or abroad
- Support in company formation with integrated banking solutions
Need Legal Advice? Let's Talk
Contact us today to discuss your case and receive clear, tailored solutions from our experienced legal team.