Opening a Bank Account in Cyprus

At IBCCS TAX we are experienced international tax planning advisers offering legal
& tax advisory assistance both on an international and local scale.

Opening a Bank Account in Cyprus

Opening a bank account is the straight forward procedure for local residents and companies. The Cypriot banking system provides various bank accounts including personal, corporate, savings, offshore and merchant accounts to residents and non-residents. The most common ones are personal and corporate ones.

Benefits of a Cypriot bank account: 

Planning, implementation, & compliance

Planning, implementation, & compliance

Frequently Asked Questions


For an individual is quite simple and easy to set up a personal bank account in Cyprus. The documents one must submit for opening the bank account are:

  • copy of a valid passport, identity card (some banks will require notarized copies of identification documents);
  • an utility bill stating the residence address of the applicant (the bill cannot be older than 6 months)
  • an application form issued by the bank;

Foreign citizens interested in opening bank accounts in Cyprus in 2023 will need their valid passports as identification papers.  


In order for a company to open a bank account in Cyprus the following documents must be submitted:

  • the Articles of Association, the Certificate of Incorporation and the Share Certificate of the company;
  • a certificate of good standing for foreign companies if they have been opened for over 2 years;
  • the Certificates of Directors and Secretary, the Certificate of the Registered Office;
  • a proof of the registered office issued by the Group Principal Trading Offices;
  • an application form released by the bank (each bank has its own model of application).

No, IBCCS TAX can be appointed to create the account.

Foreign currency availability:

Yes, it is possible to open a bank account with another currency.

IBCCS TAX can assist you with the setting up of accounts, either for professional or personal use.

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