Opening a bank account in Cyprus for foreigners and companies

You do not need to live in Cyprus to open an account here. Consumers who are legally resident anywhere in the EU, including asylum seekers and people with no fixed address, have a legal right to a basic payment account.

A bank can refuse that application only on narrow grounds, such as anti-money-laundering checks or the fact that you already hold a basic account at another Cypriot bank. Applicants from outside the EU can still open accounts, but acceptance rests with the bank once its checks are complete. In every case, you will need a valid passport, ID or asylum confirmation.

It is possible to open a Cyprus bank account for residents or non-residents and local or foreign companies. The process is simple, but documentation and compliance with anti-money laundering (AML) requirements are necessary.

What documents are needed to open a bank account in Cyprus?

To open a personal bank account in Cyprus, you do not need to be a resident of Cyprus, but you will need:

• Passport copy
• A recent utility bill as proof of address, not older than 3 months
• Bank/Financial institution reference letter not older than 3 months
• Detailed CV
• Information & documents concerning annual income (tax declaration if applicable, company documents, income/payslips, profits/dividends, etc.)
• Information and documents concerning the source/value of wealth and relevant supporting documents (bank statement, title deeds, etc.)
• Application form issued by the bank

Under Cypriot AML regulations, a utility bill is required as standard proof of address. Source-of-wealth documentation is necessary to verify how the applicant accumulated their overall net worth, particularly the funds intended for the initial deposit.

What documents are needed to open a company bank account in Cyprus?

To open a business or corporation bank account in Cyprus, you will need:

• Recent Certificate of Incumbency and Letter of Good Standing from its official registrar
• The full address of the company/principal trading address and description of activities(website)
• Certificate of Registration
• Certificate of Directors and Secretary
• Memorandum and Articles of Association
• The documents showing the corporate structure of the legal entity leading up to the UBO should be provided and presented in case of complex structures
• Recent Annual Audited Financial Statements &/or Management Accounts
• Information and other documents regarding the source of funds
• Good Standing Letter, Bank reference letter not older than 3 months
• All the above documents are required for personal bank accounts for the owners of the company

Identifying the Ultimate Beneficial Owner (UBO) is a non-negotiable requirement of Cypriot AML frameworks. Banks must look through corporate structures to identify the natural persons who own or control the entity.

All documents must be in English or, if in another language, must be officially translated.

The Cyprus banking system at a glance

• Banks in Cyprus are authorised by the European Central Bank (ECB), acting on an assessment and proposal from the Central Bank of Cyprus (CBC) as the national competent authority. Under the Single Supervisory Mechanism, the ECB directly supervises the larger Cypriot banks, and the CBC supervises the smaller ones under ECB guidelines. The CBC publishes the register of licensed credit institutions on its website.
• The banking sector in Cyprus comprises domestic and international banks with Cyprus-based branches and subsidiaries. It is a core part of the Cyprus economy, carrying out domestic transactions and enabling Cyprus to act as a global business and financial centre.
• In 2014, Cyprus became a participating country in the EU Single Supervisory Mechanism. It has enacted all necessary legislation to harmonise banking with the relevant EU Regulations and Directives.
• Eligible deposits at every licensed Cyprus bank are protected up to €100,000 per depositor, per bank, under the Deposit Guarantee and Resolution of Credit and Other Institutions Scheme.
• Bank of Cyprus and Eurobank, which took over Hellenic Bank in 2025, are the two largest banks, with Alpha Bank Cyprus and a number of smaller and international banks alongside them. The full, current list sits in the CBC register linked above.

Types of bank accounts in Cyprus

For individuals

Cyprus has three main types of bank accounts: basic, current and savings. Banks may offer variations of these accounts, such as a youth account, but this depends on the bank. Most banks also have the option of a joint account.

The basic account allows you to carry out all the necessary transactions: receiving and making payments, buying goods and depositing money. It also gives you a card with which to make payments, but which does not have credit. You do not need employment, a work permit or a Cyprus permanent residence to open a basic bank account. You may be a bankrupt, an asylum seeker, or a person without a residence permit.

A bank can refuse a basic account only on narrow grounds: you already hold a basic account at another Cypriot bank, or a refusal is required by national security, public order or anti-money-laundering law. The bank must open the account or refuse it within ten working days of receiving a complete application. A refusal has to be given in writing with reasons, except where stating those reasons would conflict with national security or public order.

The current account may or may not have an overdraft facility. It allows you to do the same things as a basic account and gives you a chequebook and overdraft facilities.

The savings account operates like a basic account but gives you the right to interest.

For businesses – Corporate bank account

Most banks give you a corporate or business account with various facilities that allow you to carry out business transactions effectively and conveniently. These facilities include standard products like loans for firms, letters of guarantee, letters of credit, and more specialised services like business credit cards and unique features for shipping companies.

European business bank account

Cyprus offers highly efficient business accounts with specialised products and services. Though there is no type of account called a European business account, all services and products of Cyprus banks comply with the detailed requirements of the EU and the ECB, which guarantee safety, quality and protection against money laundering and fraud.

Can a foreigner open a bank account in Cyprus?

The answer is yes. Foreigners and non-residents can open bank accounts in Cyprus. You will need documentation, like a passport, ID, asylum confirmation, or alien registration certificate.

Process of opening a bank account in Cyprus

For most banks, the process runs in two parts: you complete an application by hand at a branch or through the bank's online channel, and you hand over the supporting documents the bank needs to verify your identity, address and source of funds. The bank then runs its checks before the account goes live.

Opening a Cyprus bank account online or remotely

Some Cypriot banks let you start, and sometimes finish, the process without coming to a branch. The usual route is to download the bank's app or register for its digital banking service, then scan your passport or ID and confirm your identity with a short video or selfie check. After that, you receive your account details and card.

Other banks accept applications online but require you to visit a branch once to present original documents and activate the account. Non-residents are more likely to be asked for that single in-person visit, because the bank has to complete stricter checks on the source of funds and the purpose of the account. It is worth asking your chosen bank which steps it allows remotely before you start.

Online banking and a mobile app come as standard once the account is open, and each bank publishes its table of charges on its website.