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Open a Cyprus Bank Account


Cyprus is the gateway to EU banking for International Businesses incorporated outside the EU.Corporate and personal accounts are available, including banking services such as debit and credit cards, a broad range of currencies available, online and mobile banking, trade finance, credit notes, among others.Cyprus is part of the Single Euro Payments Area and provides International Bank Account Numbers (IBAN), meaning that businesses and individuals banking in Cyprus may enjoy low transaction fees on transactions within the European Union.In Cyprus there are no withholding taxes on interests paid to non-residents and there are no minimum account deposits.All in all, Cyprus is an ideal option for EU and offshore companies that wish to access EU banking services and do business within the EU. For wealth management structures, Cyprus banks are also familiar with foundations and trusts incorporated in offshore jurisdictions.
Bank Account Key details
Currencies: EUR, CZK, USD, GBP, RUB
Minimum deposit to open Bank Account: N/A
Good For: SEPA, Credit Card Processing, Trade Finance, RUB Accounts
Eligibility: Resident companies, Non resident companies
Personal Visit: Not required
We will assist with up to 3 different banks
Corporate Bank Account Fee: £649

Documents Required to open your Bank Account

Company documentation
  • Certificate of incorporation
  • Memorandum and articles of association.
  • Share certificates.
  • Certificate of incumbency, or certificate of good standing if the company is more than 12 months old.
  • Corporate structure identifying the ultimate beneficial owners.
  • Business license (if applicable for some industry like Financial Services).
  • Power of attorney (if applicable).
  • Declaration of trust (if applicable).
Personal documents of each director, shareholder, appointed secretary, authorized signatory and ultimate beneficial owner.
  • Proof of identity: copy of valid passport (The passport must have the passport holder’s signature and it must match the signature in the application form, certification required however we can support you on this).
  • Proof of residential address: original or certified copy of utility bill/bank statement dated within previous 3 months.
  • Proof of banking history: original or notarized copy of bank reference letter, dated within the previous 3 months, or 6 months’ statements (depending on the chosen bank).

     *Certification can be done by a bank, a attorney at law, a notary or public officer however we can assist you on this.

Business evidence (upon bank request)
  • Invoices, contracts, agreements of your existing company.
  • Service Provider Certification with your prosperous partners/ suppliers.
  • Any documents proving your qualifications in the business scope.

Country General Information

Banks in Cyprus are well known for holding accounts for some of the most wealthy individuals worldwide. For many years, Cyprus has cultivated a high quality banking sector with favorably high rates awarded to depositors. Whats more, deposits of up to EUR 100,000 are guaranteed by the European Union.
The earliest known reference to Cyprus is made in Mycenaean Greek 15th-century BC. The island derives its modern name through overseas trade, in reference to the Classical Latin word for copper via the phrase aes Cyprium, on translated in English, “metal of Cyprus”. This was later further shortened to “Cuprum”.Cyprus is at an important strategic location in the Middle East, ruled by a number of diverse significant empires. Former rulers of Cyprus include Assyria, Egypt, Persia, Greece, the Ottoman Empire and the Achaemenid Empire. Alexander the Great conquered Cyprus in 333 BC, and following his death, Cyprus became part of the Hellenistic empire of Ptolemaic Egypt. 58 BC saw Cyprus acquired by the Roman Empire, and was subsequently conquered by the Byzantine Empire. In 1191, Richard of England conquered Cyprus and bestowed it upon the Knights Templar. In 1473 the Republic of Venice assumed control of the island, and in 1570 it was taken over by the Ottoman Empire, before being returned to England in 1878. Cyprus gained its independence in 1960. The Turkish invasion of Cyprus in 1974, left a northern part of the island seized and annexed by Turkey.The Cypriot economy is well diversified. Banking, along with tourism and shipping, buoyed economic growth. Its financial sector remains an important pillar of its economy. Cyprus is a well-known banking centre for high net worth individuals the world over. Many citizens from Eastern Europe and Russia, particularly, are using the Cypriot corporate and banking system as a safe haven for their assets. After having been hit severely by the international economic crisis, Cyprus has made a much faster rebound than the crisis economies of Greece, Portugal, Spain and Italy.
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Pearlem Capital LLC

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