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Open bank account in Cyprus
It is evident that Cyprus has an excellent environment for investment. With its surprisingly low tax rates Cyprus jurisdiction is well-favored by investors and individuals wishing to do business and move to Cyprus. Besides, it is a country of cultural diversity and pleasant Mediterranean climate.
Unlike other jurisdictions, the process of opening a bank account in Cyprus is simple. For this reason, many individuals and companies choose this jurisdiction for settling their assets. Cyprus banks offer great banking services for international students, high-net individuals, business persons and retirees. If a potential customer follows bank policies and procedures, then it takes just a few weeks to open a bank account in Cyprus.
In this article we want to share our experience working with Cyprus banks when opening bank accounts for our clients.
What are the requirements of opening a bank account in Cyprus?
Since Cyprus has a few restrictions in connection with opening requirements, it is quite easy to become a Cyprus bank customer. Cyprus banks welcome local and foreign clients. The bank staff can speak different languages, so it is very easy to communicate with your bank using your native language. Besides, the clients are served online and physically in a local office.
Cyprus banks usually require that an individual or one of the company’s director is personally present for opening a bank account. However, many banks have its branches worldwide and you don’t need to travel to Cyprus.
The exact set of documents may vary from bank to bank. The usual requirements are as follows:
- Individual customers are required to present a proof of ID (passport, driving license and national ID) and a proof of address (utility bill, recent bank statement and tax statement).
- Companies are required to prove identities of its directors, shareholders and beneficial owners and present corporate documents, including articles of association, certificates, certificate of good standing.
- It is a usual practice that banks may require a proof of assets origination.
Foreign customers are required to translate and certify documents with the notary public. Please also note that notary certification is valid for one month.
The documents are accompanied by questionnaire in which the customer provides details about the company, estimated annual turnover, number of employees, details and nature of its business. You should keep in mind, that certain businesses are required to have licenses and permissions for business activities. If your business is connected with online payment services, fintech industry, virtual currencies and other innovative technologies, you will need to have a permission obtained with financial authorities. Otherwise, a bank refuses to open a bank account for you.
Can a non-resident open and operate an account in Cyprus?
It is possible to own a bank account in Cyprus even if you are not a resident. It is not common but possible that a bank may request a reference from your local bank and an explanation of why you need an account with a Cyprus bank. In the latter case, you need to prove that you have economic or other connections with this country. We also recommend our clients to inform the bank that you aim to invest your assets or consider being employed in Cyprus. At times, you may need to visit the bank in person or its branch in your country. Moreover, you may need to have a minimum balance at your account as part of the approval process. But don’t be scared, the process is smooth and rather quick, if your documents are prepared well.
What are the major banks in Cyprus?
Major Cypriot banks focuses on private wealth management as well as business investments. It is possible to open a bank account with popular currencies. Whether the client wants to establish long-term relationships or access money quickly, the banking services in Cyprus are customized for any client’s needs. There are several well-known banking players in the industry as described below:
- Alpha Bank
The bank has English website and offers plenty of banking products as well as services for individuals, businesses and international clients. Among the products are investment schemes, cards, loans, etc. You can get online banking, cards with cash back, ATM services and investment options.
Eurobank offers corporate banking, international banking services and effective management solutions for investment options. This bank welcomes resident and non-resident customers, for which purpose the bank established a straightforward procedure. The website is translated into English and Russian.
- Hellenic Bank
Hellenic Bank is a full service bank with banking options for any client’s need. This bank is favored for its advanced technologies and excellent banking services.
- Bank of Cyprus
Bank of Cyprus is a retail bank and gives a wide spectrum of services that includes savings, multicurrency accounts and current accounts, insurance, and loans. Its experts will provide you with the financial advice on investments and offer relevant banking services.
The banks listed above are the most common among residents and nonresidents chosen for their incredible services. However, there are other banks that you may consider such as Astro Bank and National Bank of Cyprus.
How can I close an account in Cyprus?
In order to initiate a closure of your bank account, you need to send a termination notice to your bank manager. After clearance, you can withdraw remaining assets from your account. Finally, your account is closed.