Open an account in Cyprus
The Republic of Cyprus is very attractive for financial investments. This is due to the fact that the country's banking system offers many tax incentives, international cooperation, a wide range of account options for servicing.
For personal use, an individual can create an account, for example, training or employment. Legal entities, most often, are faced with the need to create a corporate account. Most banks can offer a fairly quick opening procedure from a couple of days to a week.
Among the Cypriot financial institutions, there are several main ones that provide account opening services:
Bank of Cyprus;
Expobank Cyprus Branch;
Hellenic Bank, AstroBank;
RCB Bank;
Eurobank Cyprus.
Professional legal assistance makes it possible to prepare all the necessary data in the proper form and competently draw up documents. When choosing a bank, remember that each of them has its pros and cons.
An individual account for opening is available to persons over 18 years of age. You can choose any bank, the conditions of which are more suitable. Individuals can submit documents online. While legal entities still need only a personal presence to open accounts.
There are several reasons why Cyprus banks are preferred:
A quick opening procedure takes 3-4 days on average, and details are most often issued the very next day.
Possibility of filing online. Documents are sent by e-mail or courier. All submitted certificates and documents must be translated into English and notarized.
Small interest and additional commissions.
Availability of different types of accounts.
Varieties of bank accounts
In 2022, Cypriot banks can offer several account options for individuals and legal entities:
Personal (debit). Available for private use only. They can be opened to receive wages and at the same time serve to accumulate funds. When wages are paid by a local company, there may be additional service benefits.
Deposit (savings) . Preference for such an account in the territory of this country is given by many non-residents. This is due to the fact that Cyprus does not tax interest income, as most European countries do. Deposits in banks are issued for a period of different duration. At the same time, two types of currencies are available: the dollar and the euro.
Credit. This option is available for individuals and legal entities. Often there is a need to obtain loans for business development. For this option, you need to prepare the following documents:
Photocopy of the passport.
A bank statement that confirms the absence of debts to other organizations.
Personal data - type of activity, education received, length of service and position, data on criminal record.
A letter from another bank with an existing account.
Credit history information.
An extract from an account opened with a bank in Cyprus.
The loan application is considered within 2-4 weeks. At the same time, the bank may require, in addition to the basic data, others. They may also invite you for an interview in person.
Corporate . The presence of such an account is necessary when opening a company in Cyprus. It is needed to contribute the authorized capital. The main difference when opening is that the company needs to provide more documents.
HOW TO OPEN A BANK ACCOUNT IN CYPRUS?
The procedure for opening a bank account is quite simple, even when filled out online by non-residents of the country. Banks pay special attention to verifying the identity and legality of the income of a potential client. That is why it is important to properly prepare all the necessary documents in advance.
You can open an account in a few simple steps:
Bank selection. Each financial institution of the country has its own characteristics - the timing and cost of opening, the complexity of the procedure. The number of services for different banks may vary.
Preparation of the necessary documentation for submission, if necessary, translation with notarization.
After submitting all the data, the bank issues its preliminary consent to open an account.
Filling in all bank forms and questionnaires.
If necessary, in some cases, banks may invite you for an interview.
Send signed documents by email or courier.
Opening an account, obtaining a card and access to a personal account.
All Cypriot banking structures operate in accordance with the basic rules of activity in the EU. Therefore, banks carry out a thorough check of the identity and data provided, as well as the legality of the client's income and the origin of funds. In this regard, non-residents who want to submit documents online from another country need to pay special attention to the professional preparation of the entire package of documents.
CyprusPropertyGallery will help you with opening a bank account in Cyprus and the correct preparation of documents.
OPEN AN ACCOUNT IN CYPRUS FOR AN INDIVIDUAL
Any natural person over the age of 18, with the presentation of the required documents and the payment of a fee of 200-400 euros, has the right to open an account with a bank in Cyprus.
To create a bank account, you need to prepare the following:
Passport or other identity document, as well as photocopies with notarization.
Certificates and extracts confirming the place of residence, for example, receipts for payment of utility bills.
A letter of recommendation from a bank that already has an account with a positive credit history.
A completed application form in the form of a specific bank.
Indication of the purpose for opening a bank account in Cyprus.
