Cyprus Banking and Finance

The Difference is Access
Michalaki, Pitsillidou & Co LLC > Practice Areas > Cyprus Banking and Finance

Cyprus Banking and Finance

Benefits of having a bank account in Cyprus

The benefits of having a bank account in Cyprus:

Personal Bank Account 

Tax Advantages

Cyprus has a favourable tax system for individuals and businesses, making it an attractive location for offshore banking. Cyprus operates a tax regime of 12.5% for corporate tax.

Strong Banking System:
The banking system in Cyprus is robust and well-regulated, providing a high level of security for customers’ deposits. Cyprus Banks are regulated by the Cyprus Central Bank which is also fully regulated by European Central Bank ECB.

Currency Options:
Banks in Cyprus offer a range of currency options, including the euro, US dollar, and British pound, making it easier for customers to manage their finances in different currencies.

Access to International Markets:
Cyprus has a strong network of international banks, providing access to a wide range of financial products and services. This makes it easier for customers to invest in global markets and manage their wealth effectively.

Efficient Banking Services:
Banks in Cyprus offer a range of efficient banking services, including online and mobile banking, making it easier for customers to manage their finances from anywhere in the world.

Opening a Bank Account can be a relatively easy procedure. We always advice our clients to use our banking department for opening a bank account in the Cyprus Banks because the daily involvement makes to procedure a lot easier.

Steps for the opening a Personal Bank Account:

  1.  Gather required documents: We will give you a list of documents required for the account opening
  2. Schedule an appointment: As soon as we have everything ready, we will schedule an appointment to sign the bank forms
  3. Complete account opening process: Follow the bank’s process to complete the account opening process
  4. Fund the account: Deposit money into the account to start using it
  5. Review account details: Review the account details and fees to ensure it meets your needs

Click on the Article Simplified Guide to Opening a Bank Account in Cyprus to get advice on what documents are needed for opening a Cyprus Bank Account.

Company Bank Account

Requirements for opening a company account:

  1. Company Documentation: You will need to provide proof of incorporation, such as a certificate of incorporation, articles of association, and a company registration certificate.
  2. Director and Shareholder Information: You will need to provide the names and addresses of the company’s directors and shareholders.
  3. Business Plan: A detailed business plan outlining the company’s operations and financial projections may be required
  4. Identification: You will need to provide government-issued identification, such as a passport or national ID card, for all directors and signatories
  5. KYC/AML Documentation: Banks in Cyprus are required to comply with anti-money laundering regulations, so you may be required to provide additional documentation, such as a due diligence report, to verify the company’s identity and business activities
  6. Initial Deposit: You will typically need to make an initial deposit to open the account. The amount required may vary depending on the bank and the type of account

For more information contact us directly.

Need Help?

If you need any assistance, please feel free to contact us through the following form and we will contact you within 24 hours.

Ioannis Michalaki

Ioannis Michalaki

CEO, Partner
Elena Pitsillidou

Elena Pitsillidou

Managing Director, Partner