Opening a Bank Account in Cyprus
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 reliable banking solutions under EU regulatory framework.
Banking Services
EU 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.
Comprehensive Banking Services
From basic 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 additional features for more active banking needs.
- Chequebook facility
- Option of overdraft
Savings Account
Similar to a basic account but also pays interest on balances, making it ideal for individuals looking to grow their savings.
For Businesses
Corporate Bank Account
Enables local and foreign companies to manage financial operations effectively with comprehensive business banking solutions.
- Business loans and credit facilities
- Letters of credit and guarantees
- Business debit and credit cards
- Tailored solutions for specific industries
- Specialized shipping industry solutions
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 (tax declaration, payslips, company documents, dividend records)
- Evidence of source and value of wealth (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
Additional Requirements:
- Corporate Structure chart leading to 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 documents required for personal accounts for each UBO, shareholder, and director
Note: All documents must be in English or officially translated.
The Process of Opening an Account
Choose a Bank
Select a bank based on your needs (personal, corporate, international business) and review their specific requirements.
Complete Forms
Fill out the bank's application forms with accurate information about yourself or your company.
Prepare Documents
Gather and prepare all required documents as listed above, ensuring they are current and properly certified.
Submit Application
Submit your application and supporting documents to the bank for review and processing.
Verification Process
Most banks require a personal visit, though some allow online video verification for account opening.
Account Activation
Once approved, your account is activated with full access to electronic banking services and facilities.
International Business Unit (IBU)
For companies with international operations, Cyprus banks maintain dedicated International Business Units (IBUs) that provide specialized support for cross-border activities.
IBU Services Include:
- Specialized support for cross-border activities
- Regulatory compliance assistance
- Market expansion support
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
Our Services
At Psavvides Law Office, we provide comprehensive legal assistance to ensure a smooth banking experience:
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
Legal advice on banking compliance and regulatory requirements
Representation in banking-related legal matters and disputes
Ready to Open Your Bank Account in Cyprus?
Our experienced legal team can guide you through the bank account opening process, ensure all documentation is properly prepared, and help you navigate banking regulations for a smooth and successful account opening experience.