Opening a bank account in Cyprus in 2024 is a complex process that requires careful preparation and attention to detail. Several major banks operate in Cyprus, such as Bank of Cyprus, Hellenic Bank, and RCB Bank, which work with international companies. Each financial institution has its own specific features and requirements for clients.

What will be required from the applicant?

To open an account, the company will need to provide an extensive package of documents, including:

• Incorporation documents;
• Registration certificates;
• Documents identifying shareholders and directors in the company structure;
• Company's articles of association;
• Confirmation of the company's address (office);
• In addition, banks usually request a business plan, description of the company's activities, and information about the source of funds.

Cyprus banks conduct thorough customer checks as part of KYC and Due Diligence procedures. Companies should be prepared to provide detailed information about beneficial owners, structure, and activities. In 2024, as practice shows, all banks require the personal presence of a director or authorized person when opening an account.

It's important to note that since 2019, economic substance rules have been in effect in Cyprus. The company must prove that it conducts real activities on the island. Banks may also require a minimum deposit, the amount of which may vary.

The account opening process can take from several weeks to several months, depending on the bank and the completeness of the provided documentation.

High-risk activities

It should be noted that some types of activities, such as cryptocurrency operations or online gambling, may raise additional questions from banks or even lead to a refusal to open an account.

How to quickly open an account in a Cyprus bank?

Given the complexity of the process, many companies prefer to seek help from qualified consulting firms specializing in opening bank accounts in Cyprus; IT-OFFSHORE is such an organization. Our specialists will help optimize the process and increase the chances of successfully opening an account. Importantly, the situation in the Cyprus banking sector may change, and specific requirements may vary depending on the chosen bank and the specifics of your company.