Cyprus bank account for your company: 4 to 12 weeks from a complete application
We prepare your application to a Cyprus bank and answer its questions until the account is open, from €1,500. A Wise or Revolut account takes your payments in the meantime.
Opening a bank account in Cyprus: who can, where and how long it takes
4 to 12 weeksA Cyprus bank, from a complete application
A Cyprus company owned by non-residents opens an account at a Cyprus bank, and its owners do not have to live on the island. We apply to Bank of Cyprus, Eurobank Limited and Alpha Bank Cyprus, all on the Central Bank of Cyprus register of credit institutions. A bank opens the account in 4 to 12 weeks from a complete application.
1 to 5Working days for a payment account to open
A payment account opens in days: Wise or Revolut take 1 to 5 working days, and you apply online with our help. Founders use one from the first week for invoices, supplier payments and currency exchange, and keep it afterwards as a second route for money.
€100,000Deposit protection for each depositor
Deposits in a Cyprus bank are protected up to €100,000 for each depositor in each bank, and the cover extends to companies. A payment institution or an electronic money institution (EMI) keeps its clients' money apart from its own, in a separate account at a bank.
A company that hires staff from outside the EU shows an investment of €200,000 from abroad in its account at a Cyprus bank. Founders with that plan start the bank application with the company.
Cyprus banks and payment accounts compared
Bank of Cyprus
- Opens in
- 4 to 12 weeks 10 to 12 for a new company with owners outside the EU
- Suits
- A company that wants the widest range of banking services
- How you apply
- Through us, with no trip to Cyprus
Eurobank Limited
- Opens in
- 4 to 12 weeks
- Suits
- A company with staff, an office or customers in Cyprus
- How you apply
- Through us
Alpha Bank Cyprus
- Opens in
- 4 to 8 weeks for owners outside the EU
- Suits
- A company with a short ownership chain
- How you apply
- Through us, with identification on a video call
Wise or Revolut
- Opens in
- 1 to 5 working days
- Suits
- Payments, invoicing and currency exchange from the first week
- How you apply
- Online, with our help
What clients write about Legarithm
4.8 on Google from 26 reviews.
…they handled my Cyprus company setup while I was still in London. Smooth remote process and great communication.
We set up a company in Cyprus. Nobody pushed extra services, everything was to the point. They explain things clearly, give a real timeline and help with the tax details.
Everything is well coordinated and clear. Half an hour of the first meeting was more useful than two weeks of trying to work it out myself.
What a Cyprus bank account application costs
The fee starts at €1,500 at each of the three banks and covers the documents, the application and the correspondence with the bank. Prices are before VAT.
Application to a Cyprus bank
from €1,500Get a quote- Wise account, help with opening
- included in Standard, €2,749
- Registrar certificate for the bank, each
- €200
- Apostille and certified translations
- in your quote
How we prepare the file for the bank's checks
We collect the evidence for each point and check it before the bank sees it.
Every director and every beneficial owner (UBO): a person with more than 25% of the shares or with control by other means. A chart shows the whole structure.
What it sells, in which markets and to whom, with the turnover it expects and the size of its usual payments.
The company's office, staff or directors in Cyprus. A resident director who takes part in the board's decisions is part of that, and nominee services in Cyprus covers the role.
The source of each owner's funds, shown with documents: a salary, the sale of a business, investment income.
A company in crypto-assets, gambling or payments adds its licence to the bank's file. The guide goes through each check: what a Cyprus bank checks.
Bank of Cyprus account opening through Legarithm
Official introducer
Legarithm is an official introducer, so your application goes from us straight to the bank's account opening department.
Without a trip to Cyprus
You send the documents and sign remotely. We arrange the certified copies, the apostille and the correspondence with the bank.
What the account includes
A Cyprus IBAN, online and mobile banking, a corporate Visa or Mastercard debit card, euro transfers by SEPA, international transfers by SWIFT, and balances in euros, dollars and pounds.
Opening a Cyprus bank account from abroad
No travel: the forms are signed remotely
Founders open the account without travelling. You sign the bank's forms remotely, and a notary or our lawyer certifies the copies of your passport and of your proof of address. Documents issued in another country carry an apostille, and those in another language come with an English translation.
How each bank identifies you
The bank identifies each director and owner itself, a check banks call know your customer (KYC). Alpha Bank Cyprus does it on a video call, and we represent you before Bank of Cyprus. When a bank invites a director to a branch, we arrange the visit.
A fuller record of funds for non-EU owners
Owners from outside the EU send the same documents and a fuller record of where their money comes from: tax returns, a contract of sale, bank statements. Our compliance officer reads the file the way a bank does and closes the gaps before it is filed.
How we open a bank account in Cyprus, step by step
- day 11
We choose the bank with you
We compare the 3 banks with your owners, your activity and your payment flows, and name the one where the business fits.
- first week2
You send the documents
You upload the documents of the company and of its owners in your account. We check them against the bank's list.
- 2 to 3 weeks3
We prepare the application
We complete the bank's forms, certify the copies and order the Registrar's certificates, which take 2 to 3 weeks to issue. You sign.
- 4 to 12 weeks4
The bank reviews it
We file the application and answer the bank's questions with you.
- then5
The account opens
You receive the IBAN, the online banking access and the card. Until then a Wise or Revolut account takes your payments.
Documents for a Cyprus bank account
Documents
The company
- Certificate of incorporation
- Memorandum and articles of association
- Certificates of directors, shareholders and registered office
- Certificate of good standing, for a company older than 12 months
- Chart of the ownership structure, signed by the beneficial owner
- Description of the business and its expected turnover
- First contracts or invoices
Each director and owner of more than 25%
- Certified copy of a valid passport
- Certified copy of a proof of address from the last 3 months
- Bank reference letter from the last 3 months
- CV
- Source of funds declaration
You send them in your account. We check each document the day it arrives and tell you what is missing.
See the platformAfter the account opens: what the bank asks each year
The bank reviews each company once a year and asks for its latest audited accounts. We prepare them as part of accounting in Cyprus and send them to the bank.
A new director, shareholder or address reaches the bank with the Registrar's updated certificates. We file the change and update the bank's records.
When the business needs a second route for payments, we prepare one more application, to another bank or payment institution licensed in the EU.
You pay the staff and the Tax Department from the account. With payroll in Cyprus you receive one payment file a month.
Questions about a bank account for a Cyprus company
Which bank in Cyprus is best for a foreign-owned company?
The one whose requirements your business meets. Bank of Cyprus has the widest range of services, and Alpha Bank Cyprus identifies owners from outside the EU by video.
At which Cyprus bank can a foreigner open an account?
Each of the 3 banks we work with. A foreign owner shows who holds the company, what it does and where its money comes from, and we document each answer.
Are deposits in Cyprus banks protected?
Yes. The deposit guarantee scheme covers up to €100,000 for each depositor in each bank, companies included.
Does a Cyprus company have to bank in Cyprus?
No. It can bank with any institution licensed in the EU. Founders open a Cyprus account for salaries, loans and the €200,000 investment that hiring from outside the EU asks for.
Can I apply for the account before the company is registered?
The bank asks for the certificate of incorporation first. We prepare the application during company formation in Cyprus and file it once the certificate arrives. The steps up to the certificate are in our guide to registering a company in Cyprus, and a ready-made company holds its certificate from the first day: shelf company in Cyprus.
What is the SWIFT code of Bank of Cyprus?
BCYPCY2N.
Get a quote for your Cyprus company
Book a 30-minute call about your company
Your consultant Vladyslav Babaiev Opens in a new tab Business Setup Specialist
- We email you the Google Meet link.
- 30 minutes, free, no obligation to order.
- After the call we email you the checklist of documents for your country.
We reply by the end of the next working day with the cost and the dates for your case. The first call is free and confidential.
Also for a company in Cyprus
Company formation in Cyprus
Three packages from €1,699, registered in 8 to 12 working days
OpenAccounting in Cyprus
Books and tax returns from €290 a month, and the yearly accounts your bank asks for
OpenNominee services in Cyprus
A resident director on the board, a shareholder and a secretary
OpenPayroll in Cyprus
Payslips, income tax and social insurance at 8.8%, filed each month
OpenGuides to a company in Cyprus
All guides to a company in Cyprus
Updated 21 October 2026. Reviewed by Vladyslav Drapii, Founder.
