Last updated on May 25, 2025
Opening a bank account in Cyprus
Opening a bank account in Cyprus is one of the core services offered by Rightax. We maintain working relationships with nearly all major banks in Cyprus to offer clients efficient and comprehensive support throughout the process.
We handle the preparation of all required documents, assist with compliance requirements, and support you until the account is fully operational. This includes delivery of access credentials, and debit or credit cards, if applicable. For standard company structures, our service fee is €450.
Choosing the Right Cyprus Bank
We assist clients in selecting the most appropriate bank in Cyprus based on:
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Banking system used
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Online platform availability
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Fee structure
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Internal processes
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Suitability for the client’s business type and activity
Commonly Used Banks in Cyprus:
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Bank of Cyprus (recommended)
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Hellenic Bank (recommended)
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Alpha Bank Cyprus
Who Can Open a Bank Account in Cyprus?
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Individuals over 18 years old
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Legal entities, including Cyprus companies, foreign companies, and other corporations
Is Physical Presence Required?
No. Clients referred by a registered accountant or lawyer in Cyprus do not need to be physically present to open a bank account. Rightax handles the entire procedure. As a result, you save both time and unnecessary travel costs.
Haven’t incorporated your company yet?
If your company is not yet registered in Cyprus, we recommend completing the incorporation process first. This ensures you have all the required company documentation ready for banking due diligence.
👉 Read our full step-by-step guide on how to register a Cyprus company before opening a bank account.
Required Documents for Opening a Cyprus Bank Account
A. Company Information (New or Existing Cyprus Companies)
For New Companies:
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Business plan or detailed description of activities
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Expected annual turnover
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Source of funds (rental, sales, interest, etc.)
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Justification for opening the bank account
For Existing Companies:
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Relevant contracts
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Last year’s financial statements
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Certificate of existence (if over 1 year old)
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Details of assets and method of acquisition
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Tax residency confirmation (if applicable)
Group Structure:
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Business structure chart (if part of a group)
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Name of the group and group members (if applicable)
Incoming & Outgoing Transactions:
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List at least three expected business partners (for both inflows and outflows)
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Include company name, country, address, website, and brief business activity description
Account Signatories:
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Who will have access and under what signing arrangement (e.g., joint, any one of two)
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Limits for each signatory (if any)
Initial Deposit:
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To activate the account, a minimum deposit of €1,000 is typically required by the bank.
B. Documents for Each UBO, Shareholder, Director, Secretary, and Signatory
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Certified copy of ID or passport
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Certified utility bill (not mobile), max 3 months old
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If bill is in spouse’s name, include police statement confirming shared residence
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CV
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Bank reference letter (optional but recommended)
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Tax clearance certificate (if applicable)
Additional Information:
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Fixed and mobile phone numbers
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Mailing, accommodation, and business addresses
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Email
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Marital status
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Political exposure (PEP status)
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Father’s and mother’s names
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Profession
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Bank card requirement
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Online banking requirement
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Country of residence
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Tax Identification Number (TIN)
Compliance Checks: Shell Company Assessment
In compliance with regulatory requirements, Cyprus banks must verify that the applicant company is not considered a “Shell Company.”
👉 Read the official definition of a Shell Company Shell Company
👉 Download the full list of requirements for a Cyprus bank account opening. Full list of requirements for a Cyprus bank account
How We Can Help
Rightax can:
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Help select the right bank
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Prepare all documentation
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Handle the application process
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Liaise with the bank directly
📞 Tel: +357 22 340000
📧 Email: [email protected]
Disclaimer
This publication is for general guidance only. It does not constitute legal or tax advice. Please consult with a qualified professional to receive personalized advice tailored to your circumstances.