Cyprus Banking Guide

Q: List of documents to open corporate account in Cyprus

a company chartera registration certificatea company share certificatea certificate of good credit history. For foreign companies if they have been open for more than 2 yearsa director and secretary certificatea confirmation of the actual address — location of the officea confirmation of the legal address.

Q: What services are needed to open a bank account

Initial documents reviewPreparation of application formsSubmission of applicationProvision of a correspondence addressBank liaison servicesGuidance for account management

Explore the leading banks in Cyprus, offering personal banking, corporate solutions, or wealth management

Most popular Cyprus banks

Cyprus’s Banking Sector Overview

Currency Options

The primary currency used in Cyprus is the euro, making it the default for all transactions. However, Cypriot banks also facilitate operations in other major currencies, such as the US dollar, Canadian dollar, and Swiss franc, providing flexibility for international clients.

Regulatory Framework

Regulated by the Central Bank of Cyprus, the banking system adheres to stringent EU laws and standards, ensuring a high level of security and compliance. Since 2014, the Central Bank of Cyprus has been part of the European System of Central Banks, further aligning it with European financial regulations.

Products and Services

Cypriot banks offer a wide array of products and services catering to both citizens and foreigners. Clients can open various types of accounts, apply for loans or mortgages, invest, obtain insurance, and utilize advanced mobile banking platforms for convenient account management.

TOP payment systems in Cyprus

Benefits and specialization of payment systems in Cyprus

Cyprus is becoming a key hub for IT, B2B, and gaming companies, thanks in part to its advanced payment systems. These systems are designed to handle the unique needs of these sectors, offering secure, efficient, and scalable solutions for processing large volumes of transactions. For IT companies, seamless integration with various platforms ensures smooth financial operations, while B2B firms benefit from tailored payment solutions that support complex business transactions. The gaming industry, with its high demands for fast and secure payments, finds Cyprus’s payment systems particularly reliable. Overall, Cyprus provides a robust and flexible payment infrastructure that supports the growth and success of IT, B2B, and gaming businesses on a global scale.

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Frequently asked questions about banks in Cyprus

Who owns the Central Bank of Cyprus?

The Central Bank of Cyprus is an independent institution owned by the Republic of Cyprus. It operates under the framework of the European Central Bank (ECB) and the European System of Central Banks (ESCB). Its primary function is to maintain price stability and support the economic policies of the EU. The Central Bank of Cyprus manages monetary policy, financial stability, and supervises financial institutions within Cyprus.

Can i open a bank account in Cyprus?

Yes, with JFDI you can open a bank account in Cyprus. Both residents and non-residents can open accounts with Cypriot banks. The process typically involves choosing a bank, submitting an application, and providing the necessary identification and documentation such as a passport, proof of address, and possibly proof of income. It’s advisable to check with the specific bank for detailed requirements.

List of documents to open corporate account in Cyprus

a company charter
a registration certificate
a company share certificate
a certificate of good credit history. For foreign companies if they have been open for more than 2 years
a director and secretary certificate
a confirmation of the actual address — location of the office
a confirmation of the legal address.

What services are needed to open a bank account

Initial documents review
Preparation of application forms
Submission of application
Provision of a correspondence address
Bank liaison services
Guidance for account management

What do i need to open a personal bank account

To open a bank account in Cyprus, you’ll need to provide various documents. Typically, you will need a valid passport, proof of address (such as utility bills or rental agreements), a bank reference letter, and possibly proof of income or employment. Additional documents may be needed depending on the bank’s specific requirements. It’s advisable to contact the bank directly to confirm their particular requirements.

How to open a bank account in Cyprus as non-resident

To open a bank account in Cyprus as a non-resident, you will need to choose a bank and submit an application along with various documents. Typically required documents include a valid passport, proof of address (such as utility bills), a bank reference letter, and possibly proof of income or employment. Some banks may require in-person verification, while others might allow online applications.

How to open an offshore bank account in Cyprus?

To open an offshore bank account in Cyprus, you need to select a bank that offers offshore services, fill out an application, and submit the required documents. Typical documents include a notarized copy of your passport, proof of address, bank reference letter, and possibly proof of income. Some banks may require an initial deposit. The process can often be initiated online, but some banks may require in-person verification.