The Procedure for Opening a Bank Account in Cyprus

Elena Georghiou
Founder and Managing Director
Reading time 5 minutes
No time to read?
30 08.2023

For many foreigners who have decided to immigrate to the Republic of Cyprus, engage in entrepreneurial activities, establish their own business, or acquire real estate, there arises a necessity to open a personal or corporate bank account in Cyprus.

The legislative system of this country provides extensive opportunities for both local residents and foreign citizens (non-residents) to open a bank account with one of the Cypriot banks depending on their plans and objectives. Furthermore, opening a bank account on the island of Cyprus can be done remotely and without the physical presence of the applicant, and our Cypriot lawyers will gladly assist you in this process.

Collaborating with local lawyers when opening a bank account in Cyprus guarantees professional support at all stages.

✅ Selecting the Optimal Bank

✅ Document Preparation

✅ Guidance at Every Stage

How to Open a Bank Account in Cyprus for a Foreigner (Non-Resident): Step by Step

Cypriot banks are obliged to strictly adhere to and comply with all requirements that apply in the banking sector of the European Union. One of the key aspects is the “Know Your Client” principle, according to which banks conduct a thorough examination of the information provided by the client and the legitimacy of the source of funds. Therefore, in order to successfully open an account with a Cypriot bank as a foreigner, it is necessary to legally prepare the required documents.

The standard procedure for opening a bank account in Cyprus includes the following steps:

1. Choosing a Cypriot Bank When selecting a bank, the following factors are taken into account:

    • The bank’s requirements for the client, the complexity of the account opening and client verification process
    • The list of services offered by the bank
    • The bank’s profile matching the planned account operations
    • The possibility of international money transfers
    • Service fees

2. Compiling and Preparing Documents for Account Opening

This stage requires the most effort, as it is necessary to meticulously prepare all the required documents for client reliability verification. During the collection and analysis of documents, our company’s Cypriot lawyers conduct a detailed review of each document, starting from dates and signatures and ending with the authenticity of notarizations.

3. Obtaining Preliminary Approval from the Chosen Bank

This stage confirms the correctness of your actions and the compliance of your information with the bank’s requirements.

4. Signing Bank Forms and Documents

Signing bank forms and documents is a legal action that confirms your agreement with the terms of the bank account and services.

5. Online Interview with a Bank Representative and Submission of Signed Forms to the Bank

An online interview with a bank representative is a modern way to verify your identity and provide an additional level of security in the account opening process. After a successful interview, you can submit the documents to complete the account opening procedure.

6. Accessing Online Banking and Receiving a Bank Card

Now, you can start managing your finances and banking transactions provided by your new bank account in Cyprus.

List of Required Documents for Opening a Personal Bank Account in Cyprus

The list of required documents may vary depending on the specific situation. Additionally, during the account opening process, the bank may request additional documents or information.

The standard list of documents to open a personal bank account in Cyprus includes:

  • Applicant’s proof of identity
  • Applicant’s professional portfolio (resume, diplomas)
  • Confirmed address in Cyprus (e.g., utility bills or lease agreement)
  • Documents verifying the legality of the source of income (including recent tax returns, income statements, or bank statements showing salary, payroll records, or letters from the employer confirming income or employment contract)
  • Foreigner’s Registration Certificate (Alien Registration Certificate – ARC), residence permit, or other documents confirming legal residence in Cyprus.

Trustworthy Banks in Cyprus

Hellenic Bank, Bank of Cyprus, and Eurobank Cyprus are the largest banking institutions in Cyprus that offer a variety of banking services. All of these banks provide modern technologies, including online banking and mobile applications, making it easier to manage accounts and finances. By choosing one of these reliable banks, clients gain access to high-quality services and a variety of financial tools that facilitate effective financial management in Cyprus.

Assistance in Opening a Bank Account in Cyprus

Opening a bank account on the island of Cyprus is an important step in relocation, investment, or real estate and business acquisition. Therefore, it is crucial to act prudently and legally. This is where our professional team in Cyprus comes to your aid.

Feod Group lawyers in Cyprus provide legal support when opening bank accounts without the need for client presence. They also meticulously verify all necessary documents confirming the source of income and assist in preparing a personal profile for client reliability verification.

Our experts are also ready to share their knowledge and help you make an informed choice of a bank, considering your needs and goals.

Feod Group specialists also assist in opening accounts in various parts of Europe. We provide the opportunity to open accounts in Italy, Spain, France, Portugal, Greece, Cyprus, and Malta.

If you are interested in the procedure for opening a bank account in Cyprus, please do not hesitate to contact us!

Book a consultation

    Read also:

    How useful was this post?

    Click on a star to rate it!

    Average rating 0 / 5. Vote count: 0

    No votes so far! Be the first to rate this post.

    Contact us

    For enquiries please fill in the form below. Our consultants will contact you with the details.

    Cyprus, Larnaca

    Griva Digeni 49, Chrystalla Court 1st Floor Office 11, 6036 Larnaca, Cyprus

    +357 96 345 275

    Ukraine, Kyiv

    11B Lyuteranska St., off. 23, 01024

    +38 044 383 90 30

      Book a free consultation