Having a bank account in Cyprus is not a legal requirement, yet is time saving and cost effective to have one in Cyprus since you can do the majority of your daily payments online or through the ATM. To open a bank account it’s best to visit the bank of your choice in person to speak and meet your banker and request an account. Of course due to covid-19 you might be advised to send your documents electronically to the bank (email), and after they are examined the applicant should present the originals.
The majority of Banks in Cyprus are usually open from 7.30am until 2pm – Monday to Friday (Weekends and national holidays are closed). All branches of the Banks have English-speaking staff, so it is very easy for foreigners to communicate with their banker and open their account. It’s worth noting that most banks will require an age of 18 or above to open an account.
Can a foreigner non-resident in Cyprus open a bank account?
Yes, foreigners and non-EU citizens can open a bank account in Cyprus following a specific process. However, due to Anti-Money Laundering Laws and Regulations, some countries are considered as high risk countries and therefore the procedure to open a bank account in Cyprus is much more complex than the usual and sometimes impossible.
What documents are needed?
-copy of your passports (your passport should be presented to the Bank or should be apostilled or notarized as true copy)
-copy of your visa entry in the Republic of Cyprus
-copy of a Utility bill or copy of an e-Utility bill showing your residential address issued within 3 months
-Original Bank reference letter from another banking institution confirming that you maintain an account with them issued within 3 months
-Copy of your personal Bank statement for the last 6 months.
-Copy of your CV
-Copy of your last 3 payslips
-Copy of your personal Tax Clearance/Tax declaration for the last two years
-Copy from Land Registry showing if you are the Owner of land or building (if applicable)
-If you are partly or in full Owner of a company/ies, you should provide the names and the business activities of the entities
– The bank may request further documents if needed.
How long does it take to open a bank account
Usually a bank account when all documents are examined and approved is ready within 1-5 days. The time frame for the bank to examine the documents is not fixed, usually they need 5-10 days.
Can I open a bank account if I am abroad?
With some banks, you can start the process online, but you’ll need to go in person to verify your documentation. In case you are not able to sign the documents in person at the Bank, you may sign abroad the relative Bank forms but you have to verify your signature in any of the following ways:
-should be Notarized and then certified with Apostille.
-verified by an Embassy of a European Country or the Embassy of the USA or Canada.
*Please have in mind that the conditions are subject to change, depending on the state and the bank you’re dealing with. Always check with the specific bank beforehand, to make sure you don’t miss anything.
Our Lawyers can advice and help you on opening a bank account in Cyprus. Just call us now +00357 25359247 or email us to: alekoso@cytanet.com.cy!
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals.