Opening a bank account in Cyprus

The process for opening a personal bank account in Cyprus has changed over the last years. The recent amendment to money laundering laws and regulations, and the directions of the Central Bank of Cyprus have made the process more demanding, however, anybody having the necessary documents and guidance will not have any issues.

It is possible to open a Cyprus bank account both for residents or non-residents and for local or foreign companies.

Documents required to open a bank account

Personal Bank Account

Passport Copy
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 & documents concerning source/value of wealth and relevant supporting documents (bank statement, title deeds etc.)

Business bank account

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 clearly presented in case of complex structures
Recent Annual Audited Financial Statements &/or Management Accounts
Information & other documents regarding the source of funds
Good Standing Letter, Bank reference letter not older than 3 months
All the above documents required for personal bank account for the owners of the company

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

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