Simplified Guide to Opening a Bank Account in Cyprus
Opening a personal bank account in Cyprus has evolved in recent years due to changes in money laundering laws and Central Bank Regulations. While these changes have added some complexity, anyone armed with the necessary documents and guidance can navigate the process with ease.
Whether you’re a resident or non-resident, or represent a local or foreign company, opening a bank account in Cyprus is possible and always governed by the Cyprus Banking and Finance.
Here are the documents required:
Personal Bank Account
- Detailed CV
- Passport Copy
- Recent utility bill (proof of address, not older than 3 months)
- Information & documents regarding annual income (including tax declarations if applicable, company documents, income/payslips, profits/dividends, etc.)
- Bank/Financial institution reference letter (not older than 3 months)
- Information & documents concerning the source/value of wealth, along with supporting documents (bank statements, title deeds, etc.)
Business Bank Account
- Full address of the company/principal trading address and description of activities (website)
- Recent Certificate of Incumbency and Letter of Good Standing from the official registrar
- Certificate of Registration
- Certificate of Directors and Secretary
- Memorandum and Articles of Association
- Documents outlining the corporate structure leading up to the Ultimate Beneficial Owner (UBO), especially for complex structures
- Recent Annual Audited Financial Statements &/or Management Accounts
- Information & other documents demonstrating the source of funds
- Good Standing Letter and Bank reference letter (not older than 3 months)
Please note that all documents must be in English or, if in another language, officially translated.
We offer comprehensive services for opening a bank account in Cyprus, including:
- Guidance on the required documents
- Cyprus company formation, complete with a bank account
Contact us today for a free personal consultation and discover our competitive fee-based services.