Bank account in Cyprus
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Cyprus banks open personal, business, and joint accounts for foreigners and non-residents. Individuals will need a passport, proof of address and income, as well as documents confirming the source of their wealth; companies must additionally provide a complete corporate package with disclosure of information about the beneficial owner. Legarithm supports the entire account opening process, including at Bank of Cyprus, Hellenic Bank, and Alpha Bank.
Why Cyprus is on every founder’s shortlist
What do I need to open a bank account in Cyprus?
Banks differ in style, not in substance. Typical requirements include:
Passport or national ID (valid and clear)
Proof of address (recent utility bill, usually < 3 months)
Bank reference or relationship letter from your current bank (often < 3 months)
Source-of-wealth and source-of-funds evidence (CV, tax returns, payslips, contracts, audited accounts, title deeds, bank statements)
Completed application and FATCA/CRS self‑certification forms
Choosing a bank: Hellenic, Bank of Cyprus, Alpha, and more
The three names most people recognize are Bank of Cyprus, Hellenic Bank, and Alpha Bank. Ancoria, AstroBank, and a few niche players also serve personal and business clients. All provide euro accounts with SEPA, cards, online and mobile banking, and joint account options.
If you want to open online, compare their app onboarding journeys. Some will let you complete everything in‑app, then ask you to show originals on your first branch visit. Others allow fully digital for low‑risk profiles and basic accounts, but require a branch visit for higher limits or business banking.
| Bank (Cyprus) | Personal online onboarding | Business remote onboarding | Notes |
|---|---|---|---|
| Bank of Cyprus | App registration with ID scan and selfie; may require branch visit to activate | Often hybrid: remote file + in‑person sign/activation | Widest footprint and product set |
| Hellenic Bank | Start online, complete in branch for many profiles | Hybrid; strong for local SMEs | Good English support |
| Alpha Bank | Digital channels improving; branch support common | Hybrid; classic corporate KYC | Straightforward for clean, simple structures |
There is no single “simplest” bank. The simplest bank is the one that meets your needs and capabilities. A software startup with EU clients, a shipping company, and a consultant paid by American firms will all fit different templates. If a bank rejects your file, it is often because it does not fit your purpose, not because of its quality.
How to open step‑by‑step (personal)
Frequently Asked Questions
Still have questions?
How to open a bank account in Cyprus as a non-resident?
Start online, prepare clean KYC, be ready for one in‑person visit, and explain your EU ties.
Can I open from the UK?
Yes. Use apostilled documents, a UK address proof, and a bank reference.
What about a virtual IBAN?
Great for speed and invoicing. It’s not a bank. Pair it with a classic account if you need lending, card acquiring, or regulated comfort.
Do you need to “create an” onshore presence to open?
For business banking, local substance helps but is not always mandatory. For individuals, no local address is required in many cases.
What about the north/northern part of Cyprus?
For EU banking, open an account in the Republic of Cyprus. Northern banks are outside EU supervision and use different rails.
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