How to Open a Bank Account in Cyprus as Non-resident

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.

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.

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.

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.

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.