Bank accounts in Cyprus

Bank name Account type Account Opening Period Price
Piraeus Bank
Corporate account 3-4 weeks 700 EUR
Alpha Bank Cyprus Ltd
Corporate account 3 weeks 700 EUR
Hellenic Bank
Corporate account 3-4 weeks 700 EUR
Eurobank EFG Cyprus
Corporate account 2-3 weeks 700 EUR
Bank of Cyprus
Corporate account 2-3 weeks 700 EUR

Cyprus is considered one of the most loyal jurisdictions to business people whose activities extend far beyond the European region. Opening a bank account in Cyprus does not involve excessive bureaucratic formalities but, at the same time, is associated with compliance with basic industry standards. As a result, opening a Cypriot foreign bank account can be profitable in most business cases.

Advantages of opening a Cypriot foreign bank account

If you plan to open a Cypriot foreign bank account, the decision can have the following benefits for business:

  • advantageous European location;
  • the high level of confidentiality of the transactions carried out on the accounts and the deposits kept with them;
  • ease of opening and maintaining Cypriot bank accounts;
  • low tax and commission rates;
  • remote account opening and management options.

The list of benefits that can be obtained through an open and active account in Cyprus depends on the chosen bank and the specifics of the business case. Prifinance lawyers will be glad to select advantageous options for opening bank accounts and provide the necessary consulting support in this matter.

Procedure for opening an account in a foreign bank in Cyprus

It is possible to open a bank account in Cyprus after fulfilling the requirements of the relevant legislation and the bank's specific needs. The list of data and documents depends on the particular bank chosen, but the general data and documents that are provided in the case of legal entities are as follows:

  • documents that confirm the registration and current status of legal entities;
  • personal and passport data of the beneficiaries, shareholders, and managers of the company;
  • letters of recommendation from banks in which bank accounts have already been opened;
  • documents with signatures of persons authorized to sign payment documents.

The submitted information for review must be current as of the submission date and updated in case of further changes. The submitted documents for review must be properly executed, including notarization. If the documents come from a signatory country to the 1961 Hague Convention, an apostille will be sufficient, and in other cases, consular legalization is required.

Individuals submit personal and passport data for consideration. Utility bills must confirm the address of residence. Requirements for paperwork are the same as in the case of legal entities. In all cases, registration forms must be prepared by the bank's standards. In addition, individuals and legal entities must provide information about the types of activities and the origin of funds - confirmation of legality.

The document review process is simple for Cypriot banks. First, applicants must form a package of documents for opening an account, transfer a small amount for bank card processing, and provide additional information requested by bank officials. After that, Prifinance lawyers are ready to advise in detail on how to open an account with banks in Cyprus.

How Prifinance lawyers can help

The lawyers are ready to give you detailed advice on how to open a bank account in Cyprus, how it corresponds to your business priorities, which banks will best meet the business goals of the project, as well as how to form a package of documents appropriately. Among other things, the lawyers are ready to perform the following actions:

  • advise on the nuances of selecting and opening Cypriot bank accounts;
  • choose 2-3 options for opening an account;
  • collect and prepare the necessary data and documents;
  • to fully support the process of negotiations with representatives of state authorities and bank officials;
  • provide full legal support in situations that may arise and be associated with the operations on the account.

Prifinance lawyers are also ready to help with other issues related to bank accounts in Cyprus. So submit your withdrawals for detailed advice on the matter.

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