OPENING A BANK ACCOUNT IN CYPRUS

OPENING A BANK ACCOUNT IN CYPRUS

It takes an average of one day to open a bank account for an individual or a legal entity (company), and the account can be opened in any currency. Thus, individuals can apply for an individual account to use it for personal purposes – it can be employment, training and others, and a legal entity can apply to open a corporate account.

It is not possible to open an account remotely, so in order to open a bank account, personal participation is required. The applicant must come to the office of the selected bank and fill in all applications and provide biometric data and pass identification.

Benefits of opening an account in Cyprus?

Of course, Cyprus has been a member of the European Union since 2004, which is why the EU’s financial and budgetary system is expanding. It is stable. All banks offer electronic banking, and therefore perform any account operations can be performed remotely. Cyprus has also concluded many double taxation treaties, which is why double taxation provisions apply.

Opening and maintaining an account in a bank in Cyprus is one of the main activities of our lawyers and economists. Make an appointment for a consultation and see for yourself our professionalism.

What documents are required to open an account for a legal entity?

•  Memorandum of Association and company charter
• Certificate of state registration of the company
• Document confirming the positions of director and secretary – a certificate
• Document confirming the legal address of company registration (certificate)
• Additionally can set to provide a certificate of shareholders of the company

What documents are required to open an account for an individual?

• Identity card or passport
• Recommendation from another bank located outside Cyprus
• Document confirming the applicant’s place of residence
• Completed account opening form in Cyprus (according to the established form of a specific bank in Cyprus)
• Documents confirming the financial security of the depositor.

What are the deadlines for opening such a bank account?

On average, the whole procedure from start to finish takes about 1-2 months.

The best bank to open an account in Cyprus

• Bank of Cyprus
• AstroBank
• Hellenic Bank
• RCB Bank
• Eurobank Cyprus
• Expobank Cyprus Branch

Each bank has its advantages and disadvantages.

Assistance in opening a bank account in Cyprus includes advising a lawyer on the availability of appropriate documents for opening an account, account opening conditions, bank billing, bank support, assistance in filling out bank documents and other services that may be provided in the banking sector.

Some banks usually send a bank card to your address a few days after submitting the documents, and do not issue a bank card immediately.

Importantly! There are hotlines on the websites of many banks where you can call and find out all the information yourself, but you may encounter the problem of not understanding the Polish language or Polish banking terminology. That is why we recommend that you make an appointment with our lawyers before contacting the banks.