We are glad to assist you with opening of personal and corporate bank accounts in one of the most well established banks in Cyprus.
Benefits of Banking in Cyprus with Our Partner-Bank
- High level confidentiality – bank secrecy in Cyprus is reinstated by statutes. Authorities have access to bank information in specific situations only for tax matters, where the tax treaty allows for) or where a court order is present;
- Multiple currency accounts – you can serve your transactions in USD, GBP and EUR, as well as in many other currencies (information is available at request);
- Full range of payment solutions – accounts in several currencies, Internet banking, international wire transfers, payment cards, cheques credit, trade finance, credit facilities;
- Full operative secure Internet banking facilities, with no need to install specific software on your personal computer;
- Wide choice of payment cards including prepaid debit cards with high spending limits;
- Multilingual customer service;
- Companies and clients from any country, including newly formed companies from lot-tax jurisdictions and tax havens are welcome;
- No personal visit to the bank in Cyprus is required to open a bank account;
- Free account application – the bank charges no fee for account opening;
- NO minimum initial deposit requirement;
- NO minimum balance requirement.
Country Profile (Cyprus)
Official name: The Republic of Cyprus.
Geographical location: an island country in Eastern Mediterranean, to the south of Turkey and west of Syria and Lebanon.
Time: Eastern European Time EET/GMT+2 (Summer or DST is EEST/GMT+3)
Language: Greek and Turkish.
Political status: independent state (since 1960).
Legal system: pluralistic – based on English common law with admixtures of French and Greek civili and public law, Italian civil law, Indian contract law, Greek Orthodox canon law, Muslim religious law and Ottoman civil law.
Member of: Australia Group, CN, CE, CFSP, EBRD, EIB, EU, FAO, IAEA, IBRD, ICAO, ICC, ICCt, ITUC, IDA, IFAD, IFC, IHO, ILO, IMF, IMO, Interpol, IOC, IOM, IPU, ITU, MIGA, NAM, NSG, OPCW, OSCE, PCA, UN, UNCTAD, UNESCO, UNHCR, UNIDO, UPU, WCL, WCO, WFTU, WHO, WIPO, WMO, WToO, WTO.
Offshore sector: represented by offshore banking facilities, offshore financial services companies (investment funds), international ship registry, offshore trust business, captive insurance companies.
Tax Treaties and exchange of information: DTC in force with 45 countries; European Convention (39 countries) on Mutual Assistance in Criminal Matters, including fiscal protocol; EU Savings Tax Directive.
Cyprus exchanges information with other EU Member States under EU Savings Tax Directive, as well as with other countries in the frames of DTC, providing there is mutual reciprocity between Cyprus and the other contracting state in this regard. Competent authority has no restrictions to access to bank information for tax information exchange purposes.
Banking Profile (Cyprus)
Supported languages: 24 languages including English, French, German, Spanish, Greek, Russian, Arabic, Farsi and most European languages.
Bank services: current personal and corporate accounts; term deposits; payment services (standing orders, cheque clearance, banker’s drafts and electronic funds transfer /SWIFT payments), cash transactions, credit facilities, trade finance, trust solutions, Forex trading facilities.
Credit/debit card facilities: wide choice of VISA and MasterCard payment cards is available (charge cards and debit/ATM cards, including prepaid debit cards).
Currency of accounts: banking facilities allow for operation of transfers in major recognized currencies. Upon opening of the account you are provided with your account details in USD, EUR and GBP (of which you may activate only those necessary at the moment), additionally or later you can add any other currency upon agreement with the bank.
Internet banking: full Internet banking facilities, with enhanced three level security, allowing for 24/7 access and operation of your account from any place in the world.
Initial deposit requirement: no specific requirement, a reasonable deposit is expected to activate your account, and issue a card, provide courier delivery and/or other services, if requested;
Minimum monthly balance: no requirement.
Account opening fee: FREE.
Monthly service fee: US $23.00 per quarter; US$ 5.00 Internet-banking monthly fee.
Transfer of funds (credit to your account): US$ 10.00
Transfer of funds (from your account, SWIFT): 0,1%, min US$ 21.00 plus correspondent bank charges (for example, US$ 35.00 for payments in US$ outside US; US$ 21.00 for payments to US; EUR 26.00 for payments in Euro, CHF 30.00 for payments in Swiss Francs, GBP 17.00 for payments in pounds).
Transfer of funds (from your account to payment card): free, but also depends on the card type. Please ask for details.
Undesirable types of activities: Online gaming and related activities; Dating agencies; Promotion of adult content websites and related industry; Trade of weapons and military arms; Trading of pharmaceutical products; Wholesale of mobile phones, electronic computer components, cigarettes and other tobacco products; Businesses that intend to raise funds from the public or promote multilevel marketing programs; Businesses that offer alternative payment systems, e.g. e-gold, e-cash, or plan to use the company and its bank account for offering unlicensed clearing services / third party settlements for investments and securities; Professional intermediaries that hold funds on behalf of clients; Regulated financial services (insurance brokerage, money transfer systems etc.) whereby a proper license has not been obtained.
Applications for banking from such business are considered on a case to case basis. Please always ask for pre-approval.
Account Opening Requirements (Cyprus)
- Duly certified* copies of certificate of registration, memorandum & articles of association, registers of directors and shareholders, registered address of company, certificate of good standing if the company is in existence for more than 6 months; company resolution and power of attorney to open account.
In case of corporate directors and shareholders, please contact us for exact requirements.
- a duly certified* copy of passport;
- an original recent utility bill;
- an original reference letter from your current bankers.
All documents must be in English or with official translation into English.
These documents are required from each authorized person, director and shareholder.
*contact us for certification requirements.
Personal visit to the bank in Cyprus: not required; at your discretion.
Our Services – We Provide
- Preliminary consultation on opening of accounts, bank services, fees and charges;
- Assistance with preparation of the corporate and personal documents and application forms for account opening;
- Obtaining a pre-approval from the bank on account opening, if required;
- Introduction to the bank;
- Guidance through the account opening process, mediation and communication with the bank until you and/or your company is assigned a bank account number.
Cost of Services
The application process is free of charge if you incorporate a company with our assistance, or if you are already our client for other corporate and/or consulting services.
We are glad to offer this service to all other customers for a fee of US$ 250.00. Please contact us to proceed with your account opening or obtain more information.