Banking in Cyprus
who want to open a company in Cyprus
will have to open a bank account
for the company to deposit the necessary minimum share capital. Individuals who work and live in Cyprus can also open a bank account for personal use
. Cyprus joined the Eurozone in January 2008 and the official currency is the euro. This means that foreign company owners can benefit from transferring money from other euro accounts to Cyprus
without being concerned about the foreign exchange rate.
Cyprus has certain advantages for investors such as an attractive taxation regime
and an easy incorporation procedure for the available types of legal structures
. Our Cypriot company formation specialists
can help you set up a business in Cyprus
and assist you in any legal procedures.
How to open a bank account in Cyprus for individuals
Some of the largest banks in Cyprus are Alpha Bank Cyprus, Bank of Cyprus
, the Co-operative Central Bank and Hellenic Bank. Foreigners who want to open an account in Cyprus
need to provide a basic set of documents that include:
- passport or other identification documents;
- the proof of an address in Cyprus (a recent utility bill no older than six months, title deeds);
- a bank reference letter from another banker;
- application form or opening a new account in Cyprus.
Some banks require the applicants to submit a preliminary evaluation of the request. This can be done online for some banks. Banks in Cyprus can reserve the right to decline an application and the reasons do not need to be justified.
How to open a bank account in Cyprus for companies
Investors who want to open an official bank account for business purposes must submit additional documents to the bank when making the application. However, it is recommended that investors verify with the bank what are the required documents, since the requirements can differ from one bank to another.
Some of the documents that need to be submitted by companies when opening a bank account are: the Memorandum and Articles of Association, the Certificate of Incorporation, Certificates for approving the directors, proof of a registered business office in Cyprus. Banks can also perform a preliminary evaluation of the requests submitted by companies or partnerships in Cyprus.
The fees necessary for opening a bank account can vary according to the selected services and the chosen bank. ATMs are widely available in Cyprus.