Expert Assistance for Business and Personal Bank Account Setup in Cyprus
Opening a Bank Account in Cyprus
In recent years, the procedures for opening personal and business bank accounts in Cyprus have undergone significant changes to ensure compliance with both local and European Union regulations regarding money laundering.
The Central Bank of Cyprus has imposed stricter rules, preventing banks from opening accounts for shell companies—those without physical offices or real business activities in their registered location. Additionally, banks are restricted from opening accounts for residents of countries on the OECD, EU, or FATF “black lists,” or for companies that fail to maintain proper accounting records.
Eligibility for Opening a Bank Account in Cyprus
Anyone over the age of 18, whether a natural person or a legal entity (company or other legal forms), can open a bank account in Cyprus. The process is simpler for individuals holding a Cypriot or European passport.
Physical Presence and Bank Account Opening
If a client is introduced by an approved introducer, physical presence is not required to open a bank account in Cyprus. At Dionysiou Legal, we act as your introducer, coordinating with both the bank and the client to expedite the account opening process and minimize unnecessary expenses and inconvenience.
Required Documents for Opening a Bank Account
- Passport Copy (valid)
- Bank/Financial Institution Reference Letter (preferably from an EU or European bank, issued within the last 3 months)
- Recent Utility Bill (electricity, gas, water, or landline phone bill, not older than 3 months)
- Detailed CV/Business Profile
- Personal Contact Details (email, Skype ID, business card)
- Tax Identification Number and/or Social Security Number
- Annual Income Information & Documents:
- Recent Tax Declarations or Capital Statements
- Payslips or Employer Letters
- Dividend/Profit Declarations and Proof of Payments
- Source/Value of Wealth Documents:
- Financial statements of owned companies with proof of ownership
- Personal and company bank statements
- Contracts for the sale of assets, inheritance documents
- Title deeds
All documents must be in English or officially translated and certified according to the bank’s procedures.
- Recent Certificate of Incumbency and Letter of Good Standing from the official registrar
- Full Company Address and Activity Description (website)
- Memorandum and Articles of Association
- Certificate of Good Standing / Incumbency (for foreign companies over two years old)
- Certificate of Incorporation-Registration
- Certificate of Directors and Secretary
- Certificate of Registered Office Address
- Certificate of Shareholders
- Ownership/Group Structure leading to Ultimate Beneficial Owners (diagram if applicable)
- Trust Deeds (if applicable)
- Identity Documents of authorized signatories, shareholders, directors, beneficial owners (valid passports)
- Recent Annual Audited Financial Statements and/or Management Accounts
- Contracts/Agreements with other counterparties (if available)
- Personal Documents for related individuals (directors, authorized signatories, ultimate beneficial owners)
All documents must be in English or officially translated and certified according to the bank’s procedures.
Our Legal Services
At Dionysiou Legal, we offer comprehensive assistance throughout the bank account opening process, including:
- Opening personal and business bank accounts in Cyprus
- Advising on required documentation
- Acting as an introducer between clients and Cypriot banks
- Providing bank signatory services
For more information or assistance, please contact us to discuss how we can support your banking needs in Cyprus.