Opening an Account

Understand what is needed to open a bank account in Cyprus: what you need and where to go. Also information on online banking...

Permanent residents of Cyprus need a bank account in Cyprus when making a residency application; non-residents do not have to have a Cyprus bank account, but those who own property on the island may find an account convenient for making regular payments of utilities.

No appointment is necessary to open an account; the following documents are needed:

  • Passport or proof of identity
  • Proof of address (recent utility bill, title deeds)
  • Bank reference letter from previous banker (required by some banks)

Services

All major banks offer a full set of banking services for individuals and businesses.

  • Current and savings accounts
  • Debit and credit cards
  • Direct debits and standing orders
  • Foreign currency exchange
  • Long terms savings and investment accounts
  • Phone banking

Many also offer:

  • Insurance
  • Loans and mortgages
  • Investment and consulting services

Internet banking

Almost all banks offer full Internet banking services allowing all transactions to be made online. The account holder will be issued a password to access the account.