Opening a bank account in Cyprus in 2023
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, they 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 intelligently plan the payment of taxes.
How to open a personal account in Cyprus
The banking system in Cyprus is stable, so depositors may not worry about their money. To become a bank customer does not require a residence permit. Usually you have to submit:
- application to open an account;
- passport;
- a certificate from a bank in your country, which confirms a positive credit history;
- proof of address, e.g. a utility bill not older than 6 months (the address may be in a different country).
Some institutions may ask for a document that proves legal income. If the person is not an EU resident, a foreigner registration card or other similar document may be required.
How to open a corporate account
The existence of a local business account is a mandatory requirement when registering a firm in Cyprus. First, the share capital is deposited here, and then it is used for various operations. As of 2018, the Central Bank of Cyprus has banned the opening of accounts for pacifier firms.
As with the opening of a personal account, each bank has its own requirements. Often, a company must provide documents such as:
- certificate of incorporation;
- Articles of Incorporation;
- memorandum of association;
- registers of directors, shareholders / participants;
- business plan;
- certificate of registered office.
Officials must submit certified copy of passport with photo, utility receipt, letter from bank confirming professional reputation, brief report on education, qualifications, experience. If the documents are not in English, they must be translated and notarized.
Online companies must provide:
- 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. At some banks, the receipt can be completed entirely online, while others require the company owner to sign the documents.
The best banks in Cyprus
In Cyprus, there are three major banks which offer a wide range of services to foreigners: Hellenic Bank, Bank of Cyprus and Alpha Bank.
Hellenic Bank
Hellenic Bank has been operating since 1976 and now 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, many managers speak English. You can open an account with Hellenic Bank by visiting the branch in person or through an attorney. To activate the account, an initial deposit of 500 euros is required.
Bank of Cyprus
This 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 Britain, Australia, Greece, Romania, some other countries.
The bank offers a wide range of services, including current and savings accounts, credit, insurance, financial advice. It also opens an account for offshore companies. Many managers speak English and Russian.
Alpha Bank
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, employs English- and Russian-speaking staff. The bank opens accounts for individuals and corporations.
No personal visit is required to open an account with Alpha Bank Cyprus Ltd. The bank has no requirements regarding the amount that must be in the account, but if there is no money there within 3 months, the account can be closed.
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To open a bank account in Cyprus, contact IT-OFFSHORE experts.