Cyprus Banking and Finance

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