Open a Bank Account in Cyprus

Opening Bank Accounts in Cyprus: Features and Advantages

The legislation and policies of the island state aim to ensure a comfortable and accessible framework for financial asset management. Today, opening a bank account in Cyprus is possible, but each year the process becomes more demanding with more diverse and stricter documentation requirements. This is partly related to preventing tax evasion and document fraud. However, such measures are being implemented worldwide, not only in Cyprus. As a result, in the future, opening a bank account in Cyprus independently may become quite complicated. That’s why more and more entrepreneurs prefer professional assistance in international finance and law. Our specialists are ready to take care of the entire process of opening accounts in Cyprus.

Meanwhile, opening a bank account and running a business in Cyprus offers multiple benefits:

• Cyprus is a member of the European Union and is not considered an offshore zone.
• The infrastructure and geographical location make it attractive to register a business and open a bank account in Cyprus.
• Cyprus offers lower tax rates compared to many other countries.
• You don’t need to visit the bank in person to open an account, and local financial institutions offer affordable service fees.
• Cyprus is part of agreements to avoid double taxation.

How to Open a Bank Account in Cyprus for Individuals

Local banks allow account opening for persons of any status, including private individuals. To open a bank account in Cyprus, the following documents are typically required:

• Identity document;
• Proof of residence issued within the last 3 months;
• Application to open a bank account in Cyprus (according to the bank’s form);
• Proof of solvency.

Additional documents may be requested at the bank’s discretion.

Opening a Bank Account in Cyprus for Legal Entities

As a rule, legal entities face stricter requirements and a broader list of documents. Banks adopt an individual approach to each client.

Depending on company duration, legal form, and other reasons (which the bank may not disclose), the requirements may be expanded.

The minimum list of documents usually includes:

• Identity documents of all company participants;
• Incorporation documents of the company;
• Proof of residence of participants;
• Application to open a bank account (according to the bank’s form);
• Proof of legality of invested funds.

Opening a Bank Account in Cyprus: Examples of Financial Institutions

The Cypriot banking system is well-developed and reliable for safeguarding and managing corporate investments. More than 20 institutions operate on the island, including:

• Branches of international banks, including those active in EU countries;
• Banks listed on the local stock exchange.

Some of the largest banks in Cyprus where individuals and legal entities can open accounts include:

• Hellenic Bank Group – a group of financial companies applying modern IT and control systems, ensuring the safety of entrusted funds. In addition to 5 branches in Cyprus, Hellenic Bank has 3 international offices in Ukraine and Russia.
• Bank of Cyprus – one of the oldest on the island, chosen by many large foreign companies, as it concentrates a significant portion of Cyprus’s financial flows. Besides traditional banking services, it offers brokerage, insurance, and wealth management.
• Astro Bank Cyprus – a subsidiary of one of Greece’s oldest banks, supervised by the Central Bank of Cyprus.
• Piraeus Bank – headquartered in Greece, specializing in services for legal entities, particularly SMEs.

Opening a Bank Account in Cyprus: General Conditions

In addition to documents confirming transparency and solvency, most institutions offer services under standard conditions. The main ones include:

• Minimum account balance – usually not required, but if applicable, the minimum balance starts from €1,000.
• Account currency – banks in Cyprus offer accounts in major global currencies. This is discussed in advance during the preparation of the documentation package.
• Processing time – on average, 3–6 weeks depending on the selected bank.
• Account management – remote via online banking, often with Digi Pass or a smartphone app.

If you choose a bank in Cyprus, our experts at Incluence Limited will help you open an account under the most suitable conditions for your company. Our website also provides detailed information on the practices of major Cypriot financial institutions with impeccable reputations.

To begin working with us, contact our specialists using any method available on the site.