If you want to open a bank account in Cyprus, there are several steps to complete. Below, our lawyers explain the procedure and the documents you need based on your nationality. Rely on us for support if you want the process to be faster.
| Quick Facts | |
|---|---|
| Types of bank accounts | Personal, employment, corporate, savings, offshore, |
Document requirements for natural persons | Valid ID/passport, application form, recent utility bill, Cypriot residence permit or other documents issued by the Cypriot authorities |
Documents requirements | Articles of Association, information about the company representative, proof of legal address in Cyprus, application form are required to open a bank account in Cyprus |
| Address requirements for foreign citizens (YES/NO) | YES, foreign citizens must submit a recent utility bill to open a bank account in Cyprus |
| Requirements to travel to Cyprus (YES/NO) | NO, a local representative can be appointed to create the account |
| Remote bank opening possibility (YES/NO) | YES, it is possible to open a Cypriot bank account remotely |
| Timeframe for opening the bank account (approx.) | Approx. 2 weeks |
| Legal representative requirement (YES/NO) | No, however, one can be appointed when the account is created remotely |
| Services attached to the accounts | Debit and/or credit card, access to financing and loans, money transfer |
| Types of banks to open accounts with | Local and foreign banks |
| Merchant bank account availability (YES/NO) | YES, e-commerce companies can open merchant accounts in Cyprus |
| Foreign currency availability (YES/NO) | YES, it is possible to open a bank account in another currency |
| Access to online banking services (YES/NO) | YES |
| Advantages of a Cypriot bank account | Quick set up procedure, access to numerous banks, possibility to open offshore bank accounts |
| Bank account opening service availability (YES/NO) | YES, we can assist with the creation of onshore and offshore bank accounts in Cyprus |
| Eligibility | Any individual or legal entity can open a bank account in Cyprus. |
Minimum deposit | The minimum deposit requirement varies depending on the bank and account type. |
Deposits and withdrawals | You can make deposits and withdrawals through bank transfers, ATMs, and debit cards. |
| Interest rates | Banks in Cyprus offer competitive interest rates on savings and fixed deposit accounts. |
| Fees and charges | Be aware of any account maintenance fees, transaction fees, or other charges that may apply. |
| Account protection | Deposits in Cyprus banks are safeguarded through the Deposit Guarantee and Resolution of Credit Institutions Scheme (DGS). |
| Foreign exchange services | Banks in Cyprus offer foreign exchange services for currency conversions. |
| Investment opportunities | Cyprus banks may offer investment products such as mutual funds or structured deposits. |
| Tax considerations | Understand the tax regulations and implications related to your bank account with the help of our lawyers in Cyprus. |
| KYC procedures | Banks follow Know Your Customer (KYC) procedures to verify the identity of their clients. |
| Financial stability | Cyprus has a stable banking system regulated by the Central Bank of Cyprus for financial stability. |
| Online security measures | Banks employ advanced security measures to protect online transactions and customer data. |
| Exchange control regulations | With the help of our Cypriot lawyers, familiarize yourself with any exchange control regulations that may apply to your transactions. |
| Possibility of account closure | You can close your bank account in Cyprus by following the bank’s specified procedures. |
| Additional services offered by our team of lawyers | Yes, assistance for creating merchant accounts or any other types of bank accounts. |
Table of Contents
Who can open a bank account in Cyprus?
Companies and natural persons, Cypriot and non-Cypriot.
Is it possible to open a bank account in Cyprus remotely?
Yes, there are banks that enable remote bank account opening. However, there are also banks that require at least one visit to complete the procedure. No matter the situation, our Cypriot lawyers can assist with the drafting of the documents.
What types of bank accounts can I open in Cyprus?
You can set up:
- current accounts;
- savings accounts;
- investment accounts;
- fixed accounts;
- corporate accounts, if you intend to start a business in Cyprus.
NOTE: You can open more than one type of account.
Are offshore bank accounts available for opening in Cyprus?
Yes. Such accounts are associated with the establishment of offshore companies and can be created with the help of our law firm in Cyprus.
You can read about how to open a bank account in Cyprus in 2026 in the infographic below:
What documents are required for personal bank account opening in Cyprus?
The documents one must submit for opening the bank account are:
- copy of a valid passport, identity card (some banks will require notarized copies of identification documents);
- an utility bill stating the residence address of the applicant (the bill cannot be older than 6 months)
- an application form issued by the bank;
Foreign citizens interested in opening bank accounts in Cyprus will need their valid passports as identification papers.
What are the documents required to open a bank account as a non-resident in Cyprus?
For non-residents, banks in Cyprus have specific documentation and compliance requirements. The usual prerequisites consist of:
- identification papers, such as a valid national ID or passport;
- a legal document with the residence address or a recent utility bill;
- evidence of the source of the funds (income from employment, business profits, or investment funds is accepted);
- bank statements from other banks (if available).
What are the documents required to open a corporate bank account in Cyprus?
In order for a company to open a bank account in Cyprus, the following documents must be submitted:
- the Articles of Association, the Certificate of Incorporation and the Share Certificate of the company;
- a certificate of good standing for foreign companies if they have been opened for over 2 years;
- the Certificates of Directors and Secretary, the Certificate of the Registered Office;
- a proof of the registered office issued by the Group Principal Trading Offices;
- an application form released by the bank (each bank has its own model of application).
Our Cypriot lawyers can open various types of bank accounts based on a power of attorney.
Are there specific steps to follow when opening a bank account in Cyprus?
You should:
- research 2 or 3 banks to make sure you made the right choice;
- make sure your ID/passport is valid;
- prepare other documents, as requested by the chosen bank, and submit them online or in person.
You can also watch our video on how to open a bank account in Cyprus:
Do I need to deposit a minimum amount when opening a bank account in Cyprus?
Each bank has its own requirements, so there may be banks that have such a condition. Also, when setting up a savings or fixed account, you will probably be required to deposit a minimum amount.
How long does it take to open a bank account in Cyprus in 2026?
Accounts for personal use can be created in 3 to 5 business days. Corporate accounts are set up in about one month.
If you want to set up a company and need advice about the banking system, you can contact our lawyers in Cyprus. You can also rely on us for assistance in registering a Cypriot business and setting up the corporate bank account attached to it.