Cyprus bank account opening

One of our main services in Cyprus is to provide immediate service to our clients in matters of banking services such as Cyprus bank account opening. In order to serve fully our customers, we have developed a series of representations with almost all Cyprus banks.

Rightax prepares all documents necessary to open a bank account in Cyprus and provides assistance up to the moment the Cyprus bank account is fully in operation and up to the moment the client obtains full banking access codes and debit or credit cards when requested. For simple structures, our cost of assisting in opening a Cyprus bank account is 450 Euros.

Rightax can help you choose the right bank in Cyprus by explaining the culture of each bank in Cyprus, the systems used by each Cyprus bank, the fees of each Cyprus bank, and in general the advantages of each Cyprus bank as well as taking into account the needs of each client.

Cyprus banks list mostly used for opening a bank account in Cyprus:

Cyprus banks list for opening a Cyprus bank account
Bank of Cyprus	Recommended by Rightax
Hellenic Bank	Recommended by Rightax
CDB Bank	Recommended by Rightax
Astro Bank
Alpha Bank Cyprus
Eurobank Cyprus

Who can open a Cyprus bank account?

Any physical person over the age of 18 years and any legal person (Cyprus Company or corporation) can open a bank account in Cyprus.

Is your physical presence necessary for a Cyprus bank account opening?

Physical presence is not necessary for a Cyprus bank account opening especially when the client is referred to by a professional accountant or lawyer in Cyprus. Our firm can assist and fully undertake all the procedures for Cyprus bank account opening. This is important as it saves precious time, unnecessary expenses, inconvenience, and traveling in Cyprus.

Formalities needed for Cyprus bank account opening

The following are essential for opening a bank account in Cyprus

A PART – CYPRUS COMPANY DATA FOR THE PURPOSE OF BANK ACCOUNT OPENING

Cyprus bank account opening for new Cyprus companies

Report – Business plan of the Cyprus company or a full description of activities, it is recommended to explain the movements of the Cyprus bank account that will be opened in Cyprus (source of income – the destination of payments) and more generally a description of the use of the forthcoming Bank account in Cyprus of the Cyprus company.

where applicable:

Expected annual turnover (income) of the Cyprus company
Sources of income of the Cypriot company (rental activities, dividends, sales, interest, donations, grants)
Reason for the Cyprus bank account opening, deposits, payments, transfers, etc
In the case of an incoming capital source of origin

Cyprus bank account opening for existing Cyprus companies

Contracts – contracts between the Cyprus company and other companies if any.
Financial Statements of the Cyprus company (for the last year) if the Cyprus company exists for more than a year before the application to open a bank account in Cyprus.
The certificate that the Cyprus company exists by the Registrar of Companies of Cyprus (Applies only to Cyprus companies that exist for about one year or more)
Existing assets of the Cyprus company and method of acquisition (deposits, bonds, shares, movable property, real estate)
Name of Cyprus company and country where the company is a tax resident (if applicable)

For the purpose of Cyprus bank account opening, the following should be included for both new and existing Cyprus companies.

The business structure of the Cyprus company – Group Structure (If any) of the Cyprus company. Please indicate whether the Cyprus company belongs to or will belong to a group of companies and if so, please indicate the name of the group

Where applicable for Cyprus bank account opening, the following should be included in regard to the Cyprus company.

Where will the money come from?
In the case of full activities, at least three companies should be specified.
For each company the country owned by the bank, its website, address, and a brief description of its activities

Where will the money go?
In the case of full activities, at least three companies should be specified.
Each company must also specify the country of bank account opening. , its website, its address as well as a brief description of its operations

Details of signatories and access to the Cyprus bank account of the Cyprus company

Signatories indicate the method of signing i.e., only one, any of the 2 e.t.a

Provide details of limits adopted for each signatory

Cyprus bank account opening bank deposit

It is necessary for Cyprus companies once the bank account of the Cyprus company is opened to transfer the minimum amount of €1000,00, to the Cyprus bank account so that the Cyprus Bank can proceed with the issuance of net banking and business cards

B PART – DATA FOR EVERY BENEFICIAL OWNER, SHAREHOLDER, DIRECTOR, SECRETARY, AND SIGNATORY NEEDED FOR OPENING A BANK ACCOUNT IN CYPRUS

For the purpose of opening a bank account in Cyprus, each beneficiary, shareholder, director, secretary, and signatory should provide:

ID or passport certified
A recent copy of a utility bill (Electricity, water supply, etc. (excluding mobile phone account) certified (In case there is no account in your name and it is e.g., in the name of your spouse we would like certification by the Police that there is a common residence.
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Letter of recommendation from another bank (not mandatory but recommended)
Copy of tax clearance – where applicable – Recommended

Necessary personal information also needed to open a bank account in Cyprus

Fixed phone number
Mobile phone number
Mailing address (Please as mentioned by the Municipality)
Accommodation address (Please as mentioned by the Municipality)
Business address (if applicable)
Email
Family status
If you are a politician or are involved in politics
Father’s Name
Mother’s Name
Profession
If a bank card is required
If passwords are needed for online transactions
Country of residence
Beneficiary tax identification number

To download the full list of the requirements for a Cyprus bank account opening please click here

Cyprus banks before proceeding with the opening of a Cyprus company bank account will also ensure that Cyprus Company does not fall under the definition of a “Shell Company”

To read the definition of a “Shell Company” please click here.

How Can We Help

Please contact us to share any questions you have about the above topic

Contact details

Tel. +357 22 340000

Email: [email protected]

The authors expressly disclaim all and any liability and responsibility to any person, entity, or corporation who acts or fails to act as a consequence of any reliance upon the whole or any part of the contents of this publication.

Accordingly, no person, entity, or corporation should act or rely upon any matter or information as contained or implied within this publication without first obtaining advice from an appropriately qualified professional person or firm of advisors, and ensuring that such advice specifically relates to their particular circumstances.