Open a Bank Account in Cyprus. Low Cost – 2022

Updated 01 June 2022

How to Open a Bank Account in Cyprus in 2022?  What are the requirements for opening a bank account? 

Documents You Need to Provide

1. Your Passport.
2. A Utility Bill in your name or proof of address.
3. A CV .
4. A Bank Statement of one of your bank accounts.
5. Any other document the bank may request.

How to Open a Bank Account in Cyprus:  A Bank Account in Cyprus offers great professional tools and advantages to the international entrepreneur or the international businessman. Cyprus Internet Banking has advanced so much lately that if you need to Open a Cyprus Bank Account it has become a pleasant surprise and not a chore.

A Cyprus Corporate Bank Account can be opened for any company of most jurisdictions fast and fuss free at very reasonable fees. Cyprus Bank Accounts can be opened for any legal or physical person for business a profession or for private purposes.

There are many types of Cyprus Bank Accounts. If you need to read more info on Cyprus Internet Banking or on Bank Accounts in Cyprus please follow this link: Bank Account in Cyprus. So if you are still wondering how to open a bank account in Cyprus read on below.

How to Open a Bank Account in Cyprus – 2022

How to Open a Bank Account in Cyprus:  Questions are often asked as to how easy it is to Open a Cyprus Bank Account, or as to how stable Cyprus Banking is or even if Banking in Cyprus is of a professional standard and they can have fully professional Cyprus Bank Accounts. The answer is that Cyprus Banking is very professional and it offers to the bank account holder all the professional tools needed by him to carry out his Banking in Cyprus in an efficient, fast and fuss free way.

1. Anyone who is over 18 years old and of sound mind, who is not a bankrupt, can open a Bank Account in Cyprus. He can be the signatory(manager) of his Bank Account in Cyprus or he can appoint someone else to manage it, by using a power of attorney.
2. A private company can also have a Cyprus bank account, whether it is a Cyprus company, or that of any other jurisdiction. A public company, a charitable company, a partnership, a branch, a re-domiciled company, or any institutions, can all have a Cyprus bank account.

Facilities of a Cyprus Bank Account

Everything that is offered by any bank in world. Cyprus Banking is one of the most advanced in the world fast, efficient, fuss free and professional. Some of the most important facilities offered by the Cyprus Bank Accounts are:

E-banking: This is internet banking, through which you can have full control, and overseeing of your account from your own personal p.c. or laptop! At the touch of a button your account is in front of your eyes. Thus your Cyprus bank account offers you the opportunity to check at any moment its movement, to get copy of your statement, to get statistics of balances, interests etc.

Credit / debit card: The use of a card is now imperative. It is unusual for a serious business man to carry a lot of cash on his person. It is dangerous, and in some countries it takes hours to declare it! Your Cyprus bank account offers you the choice of credit or debit card use, for little cost! You can, use it to shop, to rent a car, to withdraw cash for ATM and so much more!

And often you get presents for using it, from the banks! A credit or debit card of your Cyprus bank account will not cost you anything! Except of course some interest if you overdraw your balance!

Multi Currency: A Cyprus bank account will offer you the possibility of having it in many currencies without any extra cost. You can have a euro bank account or a Dollar bank account all in one bank account.

No minimum deposit terms.

No Cyprus Bank Account Tax. All moneys in your account are not taxed in any way. Nor are the interests earned by you taxed in any way.

Costs of Opening a Bank Account in Cyprus

The main costs for opening a Cyprus Bank Account are the fees of the lawyers who will do the introductions and oversee the Cyprus Bank Account Opening. On the Bank`s side the opening of a Cyprus Bank Account is free to set up, and it`s maintenance costs are minimal and on top of that you have an unreserved quality service by all the Cyprus banks. The only costs Cyprus Banks will charge for Opening a Cyprus Bank Account are for buying  the visa card and the courier fees for dispatch of the bank materials to your door.

Time Required for Opening a Bank Account in Cyprus

Generally, opening a Cyprus bank account does not take long. From the day we have the documents and information needed from you, the same day we will have the bank account details such as the account number, the swift no, and the IBAN no etc. In 3 days the account will be complete with digipass/ debit/ credit card etc. The day you deliver to the bank the signed letter that you received you codes/ card, the account is activated!   So mostly it depends on you, how many days it takes.

Closing a Cyprus Bank Account

Closing your Cyprus bank account is very simple. As we said in the beginning a Cyprus bank account, depends on agreement between any of the Cyprus banks, and a private individual or company. All you have to do is tell your Cyprus bank, to close the account. You sign the necessary order and the bank closes the account and issues you with a last statement, showing a 00 balance.