Opening a Bank Account in Cyprus
Updated: January 14, 2026
You do not need to be a resident to open a bank account in Cyprus. Both residents and non-residents, as well as local and foreign companies, are eligible to open accounts. A valid passport, national ID, or asylum confirmation is required.
The process is straightforward but requires compliance with documentation and anti-money laundering (AML) regulations.
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🪙Personal Bank Accounts: Required Documents
To open a personal bank account in Cyprus, the following are generally required:
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Copy of passport
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Recent utility bill (no older than 3 months) as proof of address
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Bank or financial reference letter (no older than 3 months)
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Detailed CV
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Documentation of annual income (tax declaration, company documents, payslips, dividends, etc.)
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Proof of source and value of wealth (bank statements, title deeds, etc.)
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Bank-issued application form
AML regulations require a utility bill as standard proof of residence, and documents verifying the source of wealth are necessary to confirm the origin of funds for the initial deposit.
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🏢 Company Bank Accounts: Required Documents
To open a corporate or business account in Cyprus, banks typically request:
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Recent Certificate of Incumbency and Letter of Good Standing from the official registrar
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Full company address, principal trading address, and description of activities (website)
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Certificate of Registration
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Certificate of Directors and Secretary
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Memorandum and Articles of Association
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Documentation of corporate structure leading to the Ultimate Beneficial Owner (UBO)
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Recent annual audited financial statements or management accounts
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Documents verifying the source of funds
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Good Standing Letter and bank reference letter (no older than 3 months)
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All documents required for the personal accounts of company owners
Identification of the Ultimate Beneficial Owner (UBO) is mandatory under Cypriot AML regulations. Banks must trace the corporate structure to determine the natural persons who ultimately own or control the company.
❗All documents must be in English or officially translated into English.
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🏦 The Cyprus Banking System
The Central Bank of Cyprus (CBC) licenses all credit institutions and reports to the European Central Bank (ECB).
Cyprus banks include both domestic and international institutions with local branches or subsidiaries, making the country an important financial hub.
Cyprus joined the EU Single Supervisory Mechanism in 2014 and has fully harmonised its banking legislation with EU directives and regulations.
🖥️ Types of Bank Accounts
For Individuals:
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Basic Account: Suitable for receiving and making payments, deposits, and card transactions. No employment, work permit, or residence is required. Can be opened by bankrupts, asylum seekers, or non-residents. Rejection is only allowed for serious reasons (e.g., national security) or if you already hold a basic account at another bank.
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Current Account: Functions like a basic account but may include overdraft and chequebook facilities.
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Savings Account: Similar to a basic account but earns interest.
For Businesses:
Corporate accounts provide facilities to manage business transactions, including loans, letters of guarantee, letters of credit, business credit cards, and specialised services for certain industries (e.g., shipping).
While there is no formal “European business account,” Cyprus corporate accounts comply with EU and ECB standards, ensuring safety, quality, and AML compliance.
🆔 Foreigners Opening Bank Accounts
Foreign nationals and non-residents can open bank accounts in Cyprus. Required documentation includes a passport, ID, asylum confirmation, or alien registration certificate.
Some banks allow remote account opening, provided applicants submit scanned documents via the bank’s app. Most banks offer online banking and mobile app services, with fees and charges detailed on their websites.