Open a Bank Account in Cyprus. Fast and Simple.

Questions and Answers

How to Open a Bank Account in Cyprus: Opening a bank account nowadays in many countries either personal or corporate has become a “major affair”! Banks, since the world crisis begun, have placed so many terms and have become so strict about opening a bank account. This probably after the USA, the EU, and many other countries have demanded from them, to control the use of banks for laundering money! It could take weeks, even months to open a bank account in many countries and probably, it could prove impossible for many people to have a bank account at all. Opening a Bank Account in Cyprus on the other hand is not difficult or complicated and certainly it does not take that long.

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

High Quality Services By Cyprus Banks

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. Opening a Bank Account in Cyprus in now a pleasure not an unpleasant chore. Our firm can open a personal or a Cyprus Company Bank Account for you in a matter of hours! Cyprus Internet Banking offers you full i-banking from the comfort of your office armchair, or the privacy or your home. Fast cheap swift transfers for the payment of your provider`s bills your travelling tickets, your hotels, your shopping. Your visa card also is valid all over the world with cash withdrawals from any ATM machine. Who can then have a Bank Account in Cyprus:

  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

What Do I Get With My 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:

  1. 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.
  2. Digipass / token machine: From this small machine you get a code number every time you want to transfer money from your Cyprus Bank Account to that of a third party for safety reasons. This way you can transfer money from your Cyprus bank account to any creditor, associate or client from the comfort of your office and your personal p.c. you save precious time and inconvenience and travelling costs. It only costs you between 40 and 70 euro to buy, and you can use it for free after that, for as long as you like.
  3. 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!
  4. 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.
  5. No minimum deposit terms.
  6. 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.
  7. A Bank Account in Cyprus can be opened without your presence or visit. Your save your precious time and money.

Costs of Opening a Bank Account in Cyprus

No Hidden Costs

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 digipass and the visa card and the courier fees for dispatch of the bank materials to your door.

How About Forex for My Cyprus Bank Account

Through your Cyprus bank account, and any of the Cyprus banks, you can have any currency exchange facilities. You can trade currencies, or change your Euro or US Dollars, into any world currency quickly and with standard currency values, at reasonable “pip costs”.

How to Open a Bank Account in Cyprus

Documents and Formalities

Opening a Bank Account in Cyprus is simple and cheap,quick and fuss free. The formalities required are basic. Generally what you need in the way of formalities if you are Opening a Bank Account in Cyprus are:

  1. A copy of your passport.
  2. A utility bill, e.g. for telephone.
  3. To fill in our legal due diligence.
  4. Some banks require a Bank reference letter, some others don`t.
  5. For a Cyprus Company Bank Account a set of the company formation certificates are needed! Some Banks require them to be appostilled some others don`t.
  6. Your presence is not required. Everything is done by fax, email and courier.

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/ digipass /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. It is understood that if you have any money in your Cyprus bank account, it will be returned to you or if you owe money, it will be paid to them first.


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