Who can open a bank account in Cyprus?

The Central Bank of Cyprus permits Cypriot and non-Cypriots to open a bank account in Cyprus – however you will need to submit ID and other documents to prove that you are a resident of Cyprus or have a valid reason to open an account in Cyprus.

Opening a personal bank account in Cyprus

The process for opening a personal bank account in Cyprus has changed over the last years. The recent amendment to money laundering laws and regulations, and the direction of the Central Bank of Cyprus, have made the process more demanding, however, anybody having the necessary documents and guidance will not have any issues. The documentation required is set below:

  • Proof of your ID such as your passport or valid ID card
  • Proof of local residency such as a utility bill in your name (less than 3 months old)
  • A credit statement or a reference letter from your previous/current bank in your home country
  • Proof of source of funds
  • Anticipated turn-over
  • Reason for opening an account – salary, savings, pension etc

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Help Desk

Do you need advice on matters relating to living, working or retiring in Cyprus?

Whether you already live on island or plan to move out to Cyprus, the Cyprus Residents Planning Group can help navigate you through the visa and residency permit procedures.