Register bank account in Cyprus
Opening an account in Cyprus in 2023 has many advantages. Banks strictly enforce bank secrecy and confidentiality requirements. Local authorities do not have direct access to customer accounts and need a court order to do so. Also, Cyprus has agreements on avoidance of double taxation with many countries around the world, which allows customers of local banks to plan the payment of taxes intelligently.
How to open a personal account in Cyprus
The banking system in Cyprus is stable, so depositors may not worry about their money. One does not require a residence permit to become a bank customer. Usually, you have to submit:
- Application to open an account;
- A certificate from a bank in your country, that confirms a positive credit history;
- Proof of address, e.g., a utility bill not older than six months (the address may be in a different country).
Some institutions may ask for a document that proves legal income. A foreigner registration card or another similar paper may be required if the person is not an EU resident.
How to open a corporate account
A local business account is mandatory when registering a firm in Cyprus. First, the share capital is deposited there and then used for various operations. As of 2018, the Central Bank of Cyprus has banned opening accounts for pacifier firms.
As with opening a personal account, each bank has its requirements. Often, a company must provide documents such as:
- A certificate of incorporation;
- Articles of incorporation;
- A memorandum of association;
- Registers of directors, shareholders / participants;
- Business plan;
- Certificate of registered office.
Officials must submit a certified copy of their passport with a photo, utility receipt, a letter from the bank confirming their professional reputation, and brief report on education, qualifications, and experience. The documents must be translated and notarized if they are not in English.
Online companies must provide the following:
- A website address;
- Details of the provider through which the payments will be made;
- Specify the protocols that ensure the security of customers' personal data in accordance with GDPR.
Foreign companies can start with account opening procedures before arriving in Cyprus. The receipt can be completed online at some banks, while others require the company owner to sign the documents.
The best banks in Cyprus
There are three major banks in Cyprus offer a wide range of services to foreigners. They are Hellenic Bank, Bank of Cyprus and Alpha Bank.
Hellenic Bank has been operating since 1976 and has more than 70 branches in Cyprus. There are also branches in Greece and other countries around the world. The staff has more than 2 thousand people, and many managers speak English. You can open an account with Hellenic Bank by visiting the branch in person or through an attorney. An initial deposit of 500 euros is required to activate the account.
Bank of Cyprus
It is the largest bank in the country, founded in 1899. Its advantage is that a foreigner can open an account at the Bank of Cyprus in one of its branches abroad. There are branches in Great Britain, Australia, Greece, Romania, and other countries.
The bank offers various services, including current and savings accounts, credit, insurance, and financial advice. It also opens accounts for offshore companies. Many managers speak English and Russian.
Alpha Bank Cyprus Ltd is a member of Alpha Bank Group, a large international group. It has branches in all cities of Cyprus and abroad, and employs English- and Russian-speaking staff. The bank opens accounts for individuals and corporations.
No personal visit is required to open Alpha Bank Cyprus Ltd account. The bank has no requirements regarding the amount in the account. However, the account can be closed if there is no money in the account within three months.
How to quickly become a customer of a bank in Cyprus
It is important to note that Cyprus is an EU member state, and therefore, its banking sector is regulated by EU laws and regulations, providing a certain level of security and consumer protection.
Opening a bank account in Cyprus offers several benefits, including access to a stable banking system, competitive interest rates, multi-currency accounts, and potential tax advantages. However, it is essential to consult with a financial advisor or lawyer who specializes in international banking to ensure that opening an account in Cyprus aligns with your specific financial goals and requirements. Contact our specialists