Open a bank account in Cyprus

Since 1992, Feod Group has been providing a wide range of immigration, corporate and legal services in Cyprus and other EU countries

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Opening a bank account in Cyprus

Most foreigners, who decide to move to the Republic of Cyprus, engage in employment, open a business or buy property in Cyprus need to open a personal or corporate bank account.

The National Bank of Cyprus allows both local and foreign individuals (non-residents) to open bank accounts in Cyprus depending on the purpose. You can also open a bank account in Cyprus in 2024 remotely without the personal presence of the applicant, and our lawyers in Cyprus will be happy to provide you with this service.

The benefits of opening a bank account in Cyprus

Opening a Cyprus bank account provides extensive benefits that reflect the stability and attractiveness of the country’s financial environment.

✅ Stable banking system

Cyprus is renowned for its stable and reliable banking system, making it an attractive choice for business and personal finance.

✅ Membership in the European Union

Since joining the EU in 2004, Cyprus has maintained high standards of financial and budgetary systems. This ensures the reliability of banking operations, which is an important factor for investors and entrepreneurs.

✅ Level of confidentiality and security

Banking secrecy in Cyprus remains strictly protected, guaranteeing a high level of confidentiality for clients.

✅ Wide range of banking services

Banks in Cyprus provide a wide range of services including business and personal banking, internet banking, lending and wealth management.

✅ Doing business in Cyprus

Thanks to its developed infrastructure and strategic geographical location, Cyprus provides favorable conditions for registering a business and opening a bank account.

✅ Access to international markets

By opening a bank account in Cyprus, you have the advantage of access to international financial markets. This is especially important for entrepreneurs involved in international trade and investors looking to diversify their portfolio.

✅ Individual approach

Many banks in Cyprus offer customized products and services that suit customers’ unique needs. This allows you to create personalized solutions and ensure high levels of customer satisfaction.

Opening a bank account in Cyprus not only provides access to the stable and developed banking system of the European Union, but also opens up a wide range of opportunities for individuals and legal entities to manage their finances and investments.

How to open a bank account in Cyprus for a foreigner

Cypriot banks must adhere to and follow all the requirements that banks in the European Union adhere to. The main 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 funds. Therefore, in order to open an account in Cyprus for a non-resident remotely and without personal presence, it is necessary to professionally prepare documents

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

1. Choosing a Cypriot bank

When choosing a bank, we pay attention to the following:

2. Collection and preparation of documents for opening a bank account

This is the most time-consuming stage, since it is very important to collect all the information together that the bank needs when checking the client’s reliability.

During the preparation and analysis of a package of documents, Cypriot 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 Cypriot bank

At this stage, the client provides basic information about himself or his company, explains the purpose of opening the account and discusses the general details of the transactions that are planned to be carried out through the bank account. After discussing the details, the client requests preliminary consent from the bank to open an account. This agreement confirms that the bank is interested in cooperation with the client and is ready to move forward in the account opening process. Depending on the type of activity of the client, the bank may request additional documents or explanations to confirm the legality and transparency of the proposed financial transactions.

4. Signing bank forms and KYC and AML forms

The client provides detailed information about himself or his company in a special form provided by the bank.

5. Interview with a bank representative and send signed forms to the bank

Arranging an interview with a bank representative to discuss details and sending signed documents to the bank.

6. Access to online banking and obtaining a bank card

After successfully opening a bank account, the client registers in the online banking system and can set up a notification system to receive alerts about transactions, balance changes and other important events related to his account.

We provide a full range of services and customer support at every stage of the process of opening a bank account in Cyprus, striving to ensure maximum comfort and efficiency in all aspects!

Documents for opening a bank account in Cyprus

The package of required documents may differ in each specific case. Also, at any stage of opening an account, the bank has the right to request additional documents or information.

How to open an account in Cyprus for an individual?

Standard list of documents for individuals to open a personal account in a bank in Cyprus:

Documents for opening a corporate bank account in Cyprus

It is necessary to take into account that the bank’s requirements can be expanded depending on the operating time, organizational and legal form and other factors.

Minimum list of documents for opening a bank account in Cyprus for a legal entity:

Best banks in Cyprus

In Cyprus, the largest banks that offer a large number of banking services, online banking, have many branches and ATMs are Hellenic Bank, Bank of Cyprus and Eurobank Cyprus.

Customers by choosing any of these trusted banks will have access to high quality services and a variety of financial instruments to help them manage their finances more effectively in Cyprus.

Opening an account in Hellenic Bank

Hellenic Bank was founded in 1976 and in a short period of time the company has successfully expanded its presence throughout the world. Currently, it is a group of banks operating in various European countries and providing services through 70 of its branches in Cyprus.

Hellenic Bank is popular among residents and legal entities registered in Cyprus.

Opening an account in Bank of Cyprus

Bank of Cyprus is one of the largest banks in Cyprus with a rich history dating back to 1899. Currently, it has grown into a large-scale holding, including 588 branches. Most of the banking capital in Cyprus is concentrated in this bank.

The Bank provides services to both individuals and corporate clients, providing a wide range of financial services, including financing, investments, brokerage, financial management, private banking and insurance.

Bank of Cyprus provides its customers with access to Internet banking, offering convenient and modern ways to manage their finances online.

Bank of Cyprus customer service is organized in several languages, which ensures maximum comfort.

Opening a corporate account in Bank of Cyprus

To initiate the process of opening an account with the Bank of Cyprus, it is necessary to provide copies of personal documents of each director and shareholder, a set of statutory documents of the company. In addition, the bank may request copies of agreements with partners, information about the company structure and other necessary documents to successfully complete the account opening procedure.

The process of reviewing documents and making a decision to open an account with Bank of Cyprus depends on the nature of the business, transactions and usually takes approximately three to four weeks from the time the bank’s head office provides the signed forms and necessary documents.

To open a personal account, you must prepare the following documents:

Bank of Cyprus also adheres to the know-your-customer principle and may request additional information or documents, which may increase the time it takes to open an account.

Opening an account in Eurobank Cyprus

Eurobank was founded in 1990 and is a European banking organization with total assets of €60.8 billion. The main activity of Eurobank Cyprus is servicing international companies. The bank has opened its business centers in Nicosia, Limassol and Larnaca, and has plans to further expand its network.

To open a corporate account in Eurobank Cyprus, legal entities must provide the following documents:

After receiving all documents, the bank reserves the opportunity to review them within 1-3 weeks.

Assistance in opening a bank account in Cyprus

Feod Group lawyers in Cyprus provide legal assistance in opening bank accounts remotely, without the applicant’s personal presence, in verifying all documents confirming the source of income, as well as in preparing the applicant’s personal profile to pass the client’s due diligence check.

Feod Group specialists also help open accounts throughout Europe. With us you can easily open an account in Italy, Spain, France, Portugal, Greece, Cyprus and Malta!

If you are interested in how to open a bank account in Cyprus in 2024, please contact our lawyers!

We will be glad to see you in our office in Cyprus!

Leave us a request or call the Feod Group office in Larnaca

 

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    Why clients choose Feod Group

    Since 1992, Feod Group has been providing a wide range of legal, business and immigration services in Europe, the USA and other countries of the world.

    The company has accredited western lawyers, experts in various fields of law and jurisdictions of the world.

    Having offices in Europe and the USA, Feod Group provides rapid paperwork and maximum customer comfort.

    We provide our clients with related services, such as relocation and adaptation abroad, organizing family relocation abroad, enrollment of children in schools and many other services.

     

    Article author

    Anastasia Taran Head of Corporate Services
    Ukraine
    In 2013, she graduated in law from the National University «Odessa Law Academy» with honors and received a Master of Law degree. Anastasia Taran has experience in international and contract law, as well as corporate and tax law in Europe. Within the framework of Feod Group, she specializes i...
    In 2013, she graduated in law from the National University «Odessa Law Academy» with honors and received a Master of Law degree. Anastasia Taran has experience in international and contract law, as well as corporate and tax law in Europe. Within the framework of Feod Group, she specializes in immigration and corporate law of European countries, particularly:
    • family and corporate immigration solutions.
    • establishing a business in Europe.
    • personal and corporate taxation in Europe.
    • opening accounts in European banks.
    • obtaining a tax resident status.
    read more
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    Opening a bank account in Cyprus - FAQ
    What are the best banks in Cyprus?

    The largest banks in Cyprus, such as Hellenic Bank, Bank of Cyprus and Eurobank Cyprus, provide a wide range of banking services, including online banking facilities, an extensive network of branches and ATMs.

    How long does it take to open a personal bank account?

    Typically, the process of opening a personal bank account for a resident of Cyprus takes about ten days after submitting documents to the bank.

    How long does it take to open a corporate bank account in Cyprus?

    Opening a corporate account may take significantly longer, ranging from one to two months.

    How much does it cost to open a bank account in Cyprus?

    The final cost depends on various factors, such as: type of account, choice of bank, nature of business activity, etc. To find out the exact cost of opening an account in Cyprus banks, please contact our specialists.

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