Consultation on choosing the most suitable bank in Cyprus
Preparation of the required documents
Professional support at every stage of the bank account opening process
If you are in Cyprus and need our consultation or assistance with your case, send us a request or call the Feod Group office in Larnaca at +357 96 345 275 (Viber/WhatsApp/Telegram)
Opening a bank account in Cyprus
For foreign nationals planning to work, invest, purchase property, or register a company, opening a bank account—whether personal or corporate—is an essential step.
According to Cypriot legislation and EU regulations, both residents and non-residents can open a bank account in Cyprus, provided they comply with financial compliance procedures and submit a complete set of documents. Moreover, it is possible to open a bank account in Cyprus in 2025 without the applicant’s personal presence, and our lawyers in Cyprus will be pleased to assist you with this process.
Advantages of Opening a Bank Account in a Cypriot Bank
1. Stable Banking Sector
Cyprus’ banking system is considered one of the most reliable and regulated in the Eastern Mediterranean region. Cypriot banks currently comply with strict European standards concerning regulatory capital (Basel III), liquidity (LCR and NSFR), credit risk assessment, and financial reporting under IFRS. For example, the Common Equity Tier 1 (CET1) capital ratio in Cypriot banks reached 23.5% as of September 2024—well above the ECB’s minimum requirement of 8.75%—making it the highest among EU countries.
2. International Credit Ratings
The largest banks in Cyprus undergo regular inspections and stress tests under the supervision of the European Central Bank and demonstrate stable financial performance. Examples of ratings include:
Bank of Cyprus (2024): Long-term rating of B+ by Fitch with a positive outlook; B1 by Moody’s.
Hellenic Bank: Rated B by S&P Global Ratings; stable outlook.
These international ratings increase trust from partners, counterparties, and foreign investors, and demonstrate resilience to macroeconomic fluctuations.
3. Infrastructure for International Transactions
Cypriot banks are well integrated into the EU’s payment and financial infrastructure. Clients benefit from full access to the SEPA (Single Euro Payments Area) system, enabling fast, convenient, and low-cost euro payments across the Eurozone. Additionally, many banks in Cyprus offer:
Multi-currency accounts (EUR, USD, GBP, etc.);
Online account management;
Corporate and international debit/credit cards;
Direct SWIFT access for cross-border payments outside the SEPA zone.
4. Remote Account Opening
Foreign nationals and non-residents can open a bank account in Cyprus without needing to be physically present. Provided that the required documents are correctly prepared and online verification is successfully completed, the bank may open the account remotely.
5. Client Data Confidentiality and Protection
Since joining the European Union in 2004, Cyprus has implemented all major EU directives related to financial transparency and client protection, including:
GDPR (General Data Protection Regulation): Applies to all banks and financial institutions operating in Cyprus, ensuring strict control over the processing and storage of client data, and the right to access, correct, or delete personal information.
In summary, Cypriot banks are not only reliable financial institutions that meet high European standards—they are also a practical tool for conducting international business and managing personal assets effectively.
Stages of Opening a Bank Account in Cyprus
The core principle that all financial institutions are required to follow when dealing with prospective clients is KYC (Know Your Customer). Under this procedure, the bank must identify the client, determine their legal status, examine ownership structure (for companies), and assess the legitimacy of the source of funds.
It’s important to understand that each bank has the right to set its own internal standards and additional requirements for each stage of opening a bank account in Cyprus. The standard procedure generally consists of the following steps:
1. Choosing a Bank
Feod Group lawyers analyse banks based on the client’s profile, anticipated transactions, and business specifics. The main criteria include:
the bank’s client requirements;
availability of online banking;
account maintenance costs;
KYC and AML policy;
possibility of remote account opening;
acceptable currencies and types of transactions.
2. Collecting and Preparing Documents
Document preparation is one of the most crucial stages in the process. The accuracy and completeness of the document package directly affect the bank’s decision to open the account. Our legal team verifies all documents for completeness, relevance, proper certification, and compliance with the formal requirements of banking compliance procedures.
3. Obtaining Preliminary Bank Approval
The next step is obtaining preliminary approval from the bank. At this stage, a client file is created, which discloses:
the purpose of opening the account;
expected volume of transactions;
source of funds;
structure of income and beneficiaries (in the case of a corporate client). Based on this analysis, the bank may issue initial approval and provide a list of documents for final review.
4. Completing KYC and AML Forms
Know Your Customer (KYC) and Anti-Money Laundering (AML) forms must be completed with details including:
personal and contact information;
professional background;
nature and volume of financial operations;
ownership structure (for companies).
5. Interview with a Bank Representative
In most cases, this is conducted online via video conferencing. During the interview, the bank further verifies the provided data, confirms the client’s identity, and may request additional clarifications.
6. Receiving Account Details and Online Access
Once the compliance department gives final approval, the client receives official confirmation of the account opening, along with account details for international transfers, online banking access, and—if requested—issuance of a bank card.
How to Open a Bank Account in Cyprus for Foreigners Without Personal Presence
Foreign nationals are eligible to open a bank account remotely in Cyprus. This is particularly relevant for those planning to invest in real estate, start a business, obtain a residence permit, or carry out international transactions via the European banking system.
Opening an account without personal presence is possible provided that a complete, properly prepared, and duly certified set of documents is submitted. All copies of passports, incorporation documents, powers of attorney, and other relevant papers must be either notarised or apostilled (depending on the jurisdiction of origin). In some cases, banks may require further legalisation by a consulate or an additional notarised translation into English or Greek.
Additionally, most Cypriot banks require remote identity verification, which is carried out through a video interview with a bank representative and cross-checking of visual identity with the submitted documents. This method of identification is allowed under internal bank procedures approved by the Central Bank of Cyprus.
With proper preparation and legal support, a non-resident can open a bank account in Cyprus without a personal visit, in full compliance with the applicable requirements of EU and Cypriot law.
Feod Group specialists provide comprehensive legal support for the bank account opening procedure in Cyprus, including initial consultation, document preparation and verification, communication with the bank throughout all compliance stages, and client assistance until the account is successfully opened.
Documents Required to Open a Bank Account in Cyprus
The list of documents required to open a bank account in Cyprus varies depending on the legal status of the applicant (individual or legal entity), the purpose of the account, and the internal policy of the specific bank. It’s important to note that during the application review process, the bank has the right to request additional documents or clarifications at any time, especially under KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures.
How to Open a Personal Bank Account in Cyprus as an Individual
To open a personal account in the name of a foreign national, the standard document package includes:
Proof of identity – a copy of a valid international passport or another official identity document;
Professional background – CV, diplomas, or qualification certificates (if required);
Proof of residence in Cyprus – for example, a recent utility bill (not older than 3 months) or a rental agreement;
Proof of source of funds – depending on the income source, this may include recent tax declarations, income certificates, bank statements showing salary inflows, payslips, employer reference letters, or employment contracts;
Immigration documents – a valid residence permit, temporary residence certificate, Alien Registration Certificate (ARC), or other confirmation of legal stay in the Republic of Cyprus.
All documents must be current and, if required, translated into English or Greek and notarised or apostilled (depending on the bank’s requirements).
Opening a Corporate Bank Account in Cyprus
Opening a corporate account in a Cypriot bank requires a more extensive document package to verify the company, its beneficial owners, directors, and the source of funds. The minimum package typically includes:
Passports/ID documents of all parties involved – directors, shareholders, and ultimate beneficial owners (UBOs);
Company incorporation and registration documents, including: Memorandum & Articles of Association; Certificate of Incorporation; Certificates confirming: Registered Office Address, Appointment of Directors and Secretary, and Shareholder Structure;
Proof of residential address for all individuals involved in the ownership and management of the company (e.g., utility bills);
Reference letters or bank statements from existing banking institutions;
Financial information proving the company’s solvency and business credibility, such as: Recent bank statements; Financial statements for previous periods; Contracts, invoices;
Bank account application form – filled out according to the bank’s prescribed format.
The bank’s compliance department has the right to request further supporting documents, including those that disclose the ownership structure, funding sources, client or supplier contracts, and details about business operations.
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.
Possibility to apply for opening an account online.
Variety of loan offers.
Possibility of 24/7 account management via Internet banking
Availability of a mobile application.
Each client is provided with a personal manager for individual service.
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:
completed, printed and signed copies of bank forms;
proof of residence, presented in the form of a utility bill or rental agreement;
letters of recommendation from an official financial institution;
documents confirming the legality of the source of personal funds, such as a tax return or salary certificate from the employer.
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:
Completed questionnaire and bank forms.
Originals of the company’s statutory and registration documents.
Copies and originals of passports of shareholders, directors and attorneys of the company.
Document confirming the address.
Certificate of Good Standing, if the company is more than 12 months old.
After receiving all documents, the bank reserves the opportunity to review them within 1-3 weeks.
Assistance with Opening a Bank Account in Cyprus
The lawyers at Feod Group in Cyprus provide comprehensive legal support throughout the process of opening a bank account for both individuals and legal entities. We guide clients through every step — from selecting the appropriate bank to gaining access to online banking.
Our account opening support services include:
Analysis of the client’s goals and selection of a bank that matches the applicant’s profile;
Preparation and submission of the account opening application;
Organisation of remote identification (video interview with a bank representative);
Liaising with the bank throughout the compliance check process;
Receipt of bank account details and access to internet banking;
Ongoing consultation regarding account usage and compliance with the bank’s requirements.
Can I open a bank account in Cyprus without being physically present?
Yes, in most cases, foreign nationals can open an account remotely without the need for a personal visit to the bank branch. This is possible provided that a complete, properly certified set of documents is submitted and remote identity verification via video call is successfully completed.
What documents are required for a non-resident to open a personal account?
The standard package includes a copy of your passport, proof of residential address, documents confirming your income (e.g. tax return, salary certificate, bank statements), a professional profile (CV, diplomas), and, if applicable, documents confirming legal residence in Cyprus (residence permit, ARC).
How long does it take to open an account?
On average, the process takes 3–5 weeks from the moment the full set of documents is submitted. The timeframe may be extended depending on the complexity of the client’s structure, company profile, and the bank’s internal policies.
Which banks are the best in Cyprus?
Leading banks in Cyprus, such as Hellenic Bank, Bank of Cyprus, and Eurobank Cyprus, offer a wide range of banking services, including online banking capabilities and an extensive network of branches and ATMs.
How much does it cost to open a bank account in Cyprus?
The final cost depends on various factors such as the type of account, choice of bank, nature of business activity, and others. To receive an accurate estimate for opening a bank account in Cyprus, please contact our specialists.
Elena Georghiou is the founder of Feod Group, a company that has been successfully operating since 1992. With over 30 years of experience, she specializes in corporate law, international taxation, immigration law, investment, and financial consulting....
Elena Georghiou is the founder of Feod Group, a company that has been successfully operating since 1992. With over 30 years of experience, she specializes in corporate law, international taxation, immigration law, investment, and financial consulting.
