Cyprus is a popular destination for people looking to live, work, and invest. The country has a favorable climate, low taxes, and a diverse culture. Cyprus is also a member of the European Economic Area (EEA), which means that its currency is the euro and its banking system is regulated by the European Union. This makes it easy for foreigners to open bank accounts in Cyprus.
This article is a guide on how to open a bank account in Cyprus and will provide you with a list of best banks in Cyprus.
- 1 Why Open Bank Account in Cyprus as a Non Resident?
- 2 Opening a Bank Account in Cyprus
- 3 Can You Open a Bank Account in Cyprus as a Non Resident?
- 4 Can You Open a Bank Account In Cyprus Online From Abroad?
- 5 Online Bank Accounts in Cyprus
- 6 Best Banks in Cyprus for Foreigners
- 7 Opening a Bank Account in Cyprus as a Non-Resident or Foreigner
- 8 Bank Account in Cyprus FAQs
Why Open Bank Account in Cyprus as a Non Resident?
There are several compelling reasons for non-residents to consider opening a bank account in Cyprus:
- Investment Opportunities: Cyprus’s reputation as an investment hub makes having a local bank account is advantageous for efficiently managing investments.
- Relocation Purposes: If you’re moving to Cyprus for work or education, having a local bank account make it easier to access your money and pay for your expenses.
- Euro Account Access: If you are living outside the eurozone, a Cyprus bank account provides access to a Euro account, simplifying euro-denominated transactions.
- Attractive Corporate Tax Rates: Cyprus’s 12.5% corporate tax rate appeals to businesses seeking an appealing tax environment to establish their operations.
- Favorable Tax Benefits: Cyprus offers a number of tax breaks for non-residents, such as a 10% flat tax on dividends and interest.
Opening a Bank Account in Cyprus
The process of opening a bank account in Cyprus is straightforward, whether you are a resident or a non-resident. Most of the bank staff speaks English. You will need to present the following documents to open an account.
Documents Needed to Open a Bank Account in Cyprus
- Proof of identity by use of a passport or ID
- Reference letter from your home bank
- Source of funds documentation, such as a letter from your employer or a copy of your tax returns
- Proof of residency, in Cyprus or your home country, by use of utility bills
- In some cases, you may also need to provide a criminal record check
The minimum deposit required to open a bank account in Cyprus varies depending on the bank and the type of account you open. Some banks in Cyprus offer checking accounts with no minimum opening deposit. However, they may charge a monthly account maintenance fee.
In case you are opening a bank account for a company, you will also need to provide the incorporation documents and other documents by its shareholders.
Alternatively, if you open a bank account online in Cyprus, you’ll never need to visit a bank in person and need much fewer documents – with no loss of functionality, often a lot cheaper and a lot faster when you’re not a resident of Cyprus (yet).
Can You Open a Bank Account in Cyprus as a Non Resident?
Non-residents can also open a bank account in Cyprus. However, you will need to have a good reason for doing so, such as investing in Cyprus or relocating to the country for work or school. Some banks may also require you to complete a video call or telephone interview with a representative of the bank before your account can be opened. The approval process typically takes two weeks. You can also open a bank account at an online bank, which may be a more convenient option for non-residents.
Can You Open a Bank Account In Cyprus Online From Abroad?
It is possible to open a bank account in Cyprus online from abroad, but only partly. Most banks in Cyprus have online banking applications that allow you to start the process, but you will need to complete the remaining process in person when you arrive in the country.
However, there are also a number of online banks that allow you to open an account completely online, including Wise and Monese. These banks are a good option for people who want to open a bank account in Cyprus but are unable to travel to the country. If you live in the UK, the Bank of Cyprus has a branch in London and you can open an account while at home.
Online Bank Accounts in Cyprus
The Republic of Cyprus (to distinguish between the state and the part of this island annexed by Turkey) is EEA and Euro, so virtual bank accounts like Monese, Revolut, and Wise are no problem here. Unfortunately, N26 has yet to reach this island.
The beauty of online banks is that you never need to visit a physical bank building. The following online banks are available and functional in Cyprus and can be opened from abroad.
Revolut accepts customers that are resident of the European Economic Area (EEA, Australia, Singapore, Switzerland, Japan, the United Kingdom and the United States. They are working on expansion across the world, “soon”.
You can open an IBAN account as a foreign resident, free of cost. You only need an ID, an address to send card and documents and a phone. Only 2 withdrawals, totaling 200 Euro, are free each month (250 Euro from 03/01/2023). Above 200/250 Euro, it’ll cost 50 Eurocent per withdrawal plus 1.75%. But no monthly fee. And receiving money is free.
Best Banks in Cyprus for Foreigners
In addition to the online banks mentioned above, here are some of the top banks in Cyprus that you can open an account with in person. These banks offer common banking services such as IBAN numbers and SEPA.
1. Bank of Cyprus
Bank of Cyprus is the largest bank in Cyprus. It has 121 branches in Cyprus, 4 in the UK and 1 in Romania; besides, it has representative offices in the UK, Greece, China, and Ukraine. It is one of the leading banks for expats in Cyprus. Some of the products it offers include:
- Online banking
- Mobile, app and SMS banking
- Current and savings accounts
- Investment accounts
2. Hellenic Bank
Hellenic Bank is the second-largest bank in Cyprus with 68 branches. It offers the following services to its customers.
- Current, deposit, student, and joint accounts
- Credit cards, debit cards, and prepaid cards
- Wealth and investment services
3. Eurobank Cyprus
Eurobank offers specialized services and provides all account types and cards. It has the following services.
- Corporate banking
- Online banking services, SMS alerts, and e-statements
- Investment and wealth management
- Travel insurance
- International business banking
4. Astro Bank
Astro Bank changes its name from Piraeus Bank. It offers the following products and services to its customers.
- Current, savings, junior, and notice accounts. With a notice account, you can save money and earn some interest.
- Consumer and housing loans
- Youth accounts for people between 14 and 26 years. The account has free cash withdrawals and no annual fees
- Portfolio management and advisory services
5. Alpha Bank
Alpha Bank has plenty of branches and ATMs in Cyprus. Most of its services are available in English. You can start opening your account as a foreigner in Cyprus before you arrive.
Among the services it offers its customers include:
- Online banking and various accounts such as savings and current accounts.
- Mutual funds
- Credit cards and debit cards
- International banking
- Corporate banking
6. HSBC Expat
You can open a bank account in Cyprus as an expat using HSBC Expat, a banking service offered by HSBC Bank to people who live outside their home country. This expat account in Cyprus offers a number of benefits, including:
- Multi-Currency accounts allows you to maintain a connection between your life abroad and finances in other parts of the world
- Open and pre-fund your account before you move
- Available in GBP, USD, and EUR
- Link all your HSBC accounts in different countries and transfer between them instantly without a fee with Global Transfers
- Check the balances of globally held HSBC accounts with Global View
- Open additional savings accounts in up to 19 currencies
Opening a Bank Account in Cyprus as a Non-Resident or Foreigner
Opening a bank account in Cyprus as a non-resident or foreigner is a relatively straightforward process, although certain essential documents and prerequisites need to be fulfilled. It’s important to understand the available types of bank accounts and associated fees. Required documents generally include a valid passport, proof of residence, bank reference letters, and source of funds documentation. Various account options are accessible, including current, savings, deposit, investment, mortgage, and personal loan accounts. Fees for account opening and maintenance, along with transaction charges, can differ based on the chosen bank and account type.
Bank Account in Cyprus FAQs
Can you open a bank account in cyprus as non-resident
It is generally possible for non-residents to open bank accounts in Cyprus.
Can I Open a Bank Account In Cyprus Online
Yes, it is possible to open a bank account in Cyprus online. However, not all banks in Cyprus offer this service, and the requirements for opening an account online may vary from bank to bank.
Are there banks in Cyprus for foreigners?
Yes, it is possible to open a bank account in Cyprus for foreigners. Some of the most popular banks for foreigners in Cyprus include: Bank of Cyprus, Hellenic Bank, Alpha Bank Cyprus, Eurobank Cyprus, Investec Bank Cyprus, and Lombard Odier Bank (Cyprus) Ltd.
Can I open an offshore account in Cyprus?
Cyprus is not considered an offshore jurisdiction. It is a member of the European Union and the Eurozone, which means that it is subject to the same regulations and laws as other EU countries, which has reduced its attractiveness as an offshore destination. This includes regulations on financial services, which make it difficult to use Cyprus as an offshore tax haven.
Can I open a Cyprus bank account from the UK?
Yes, it is generally possible for UK residents to open a bank account in Cyprus as a non-resident.
Can a Lebanese open a bank account in Cyprus?
Many Lebanese find Cyprus an attractive destination for residency and banking due to its proximity. The flight from Lebanon to Cyprus takes only 45 minutes. Lebanese citizens can open bank accounts in Cyprus, just like many other non-residents. However, it is becoming increasingly difficult for them following the financial crisis in the country. If you are interested in opening a bank account in Cyprus from Lebanon, it is recommended that you contact the banks you are interested in directly to inquire about their current account opening procedures, documentation requirements, and any restrictions that may apply.