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Opening a bank account in Cyprus

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How to open an account with a foreign bank in Cyprus

Cyprus is a popular destination to hold your business in, but not many people know that it also has a variety of reliable banks to choose in. Which also makes Cyprus attractive. It is possible to open a bank account as a non-resident, but it is likely that you will need a good reason to do so, such as investment, employment and plenty of references. 

Types of banks Cyprus

It is one of the largest credit institutions in the country. A 1,5 billion euro disbursement was released for the recapitalization of the bank in 2014 which was then approved by the European Commission. The bank supports every household and offers its clients affordable, accessible banking services and products.

It is a commercial bank which provides products and services to corporate clients, offering a wide range of standard procedures such as local and worldwide payments, money transfers, loans, deposits, equity funds etc.

This financial institution offers specialized service centers for the business clients based on their scale. There are two divisions existing within its premises – the Business Services Division and a Corporate Banking Division, offering up-to-date banking services and products for small, medium and large enterprises as well as their managing employees and shareholders. Hellenic Bank faced a healthy growth while being recognized as one of the most liquid banks in Europe.

Founded in 1995, today it is one of the largest financial institutions in the country. It is an EU bank, offering corporate retail products and services internationally and reaching clients from about 50 countries. It has departments or branches and representative offices in London, Moscow, Nicosia, Luxembourg, Pafos and Limassol. The bank was ranked as the Safest Bank in Cyprus 2016 by the Global Finance Magazine, having banking operations in Cyprus for over 20 years as well as joining forces with the European Investment Bank (EIB).

Documents needed to open a bank account

For the individuals:

  • Identification documents such as passport or residence permit;
  • Proof of address, which may be a local utility bill or a bank statement from your local bank;
  • Information on why you need the account, purpose of use, nature of business;

 
For the company’s bank account:

  • Memorandum and Articles with the Apostille;
  • Certificate of the Incorporation;
  • Certificate of Incumbency for foreign companies (not older than 3 months);
  • Certificate of directors/shareholders/secretary/registered office – or certificate from country’s registrar’s body outlining all officials;
  • Share Certificate;
  • Description of the business activity.

 
Advantages of having a bank account in Cyprus:

  • You don’t need to be present during the procedure of opening a bank account, it can be made remotely;
  • In most banks no special terms for a minimum deposit or monthly balance;
  • Cyprian debits or credit cards are valid all around the world;
  • All banks already provide an online banking which allows fast and unlimited transfers at any time

 

Why should you choose SIGTAX?

We are here to assist and provide support for the bank account opening. What we offer:
  • A free consultation and expert advice;
  • We will help in the collection of all the required documents;
  • We will accompany you during the entire process.
The company will help you with all the necessary steps, and you will be able to focus on other important duties.

 

 

FAQ

Yes, in Cyprus you can open a bank account remotely.

Yes, it is possible to open a bank account as a non-resident. 

It usually takes around 1 or 2 working days.

 

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