Opening a Bank Account in Cyprus: A Guide for Non-Residents and Expats

Cyprus occupies a distinctive position in the European financial landscape. It is an EU member state with full access to the eurozone and SEPA payment infrastructure, yet it sits at the crossroads of Europe, the Middle East, and the former Soviet states — a geography that has long made it attractive for internationally mobile business owners, shipping operators, and HNW individuals structuring their affairs across multiple jurisdictions.

Understanding the Cypriot banking sector means understanding its history. The 2012–2013 banking crisis was among the most severe suffered by any EU state. Bank of Cyprus and Laiki Bank were both critically undercapitalised following massive losses on Greek sovereign debt. The EU-IMF bailout package included a bail-in — depositors above the €100,000 guarantee threshold at those banks had a portion of their deposits converted into bank equity or written off. This was the first use of the bail-in mechanism in the EU and caused significant losses, particularly to Russian depositors who had made substantial use of Cyprus as an offshore banking centre. The sector contracted sharply.

Since then, Cyprus has rebuilt. Bank of Cyprus has materially improved its capital ratios and is now supervised directly by the ECB under the Single Supervisory Mechanism (SSM). Regulatory and compliance standards have been dramatically tightened.

The current Cypriot banking landscape

The sector is now smaller and more concentrated than before 2013. The main institutions serving international clients are:

Bank of Cyprus — the largest bank in the island, with the broadest retail and corporate network. It has emerged from the post-2013 restructuring as a better-capitalised institution and is the default choice for many corporate accounts.

Hellenic Bank — the second major domestic bank. It came under the control of the Greek Eurobank group, which built a majority shareholding from 2023, and in 2025 completed the acquisition of CNP's Cypriot insurance business to expand its bancassurance offering. It is particularly active in business banking for international clients.

Eurobank Cyprus — the Cypriot subsidiary of the Greek Eurobank group. Focused on private banking and corporate clients with a more selective approach to client onboarding.

Alpha Bank Cyprus — the Cypriot subsidiary of Alpha Bank Greece. Operates selectively, with a focus on business and private clients.

FBME Bank — was closed by order of the Central Bank of Cyprus in 2015 following a US Treasury advisory designating it as a money laundering concern. It no longer operates. This history is why international clients face intensive due diligence today.

RCB Bank — had Russian state-linked ownership through VTB Bank. Following sanctions imposed on Russia in 2022, RCB Bank announced voluntary liquidation in 2023. Depositors were covered up to €100,000. This episode illustrates the counterparty risk of banks with opaque or sanctioned ownership structures.

AML and KYC requirements

Post-2013 regulatory reform has made Cypriot banks some of the most demanding in the EU for due diligence. International clients — particularly those from higher-risk jurisdictions as defined by the EU — should expect thorough scrutiny.

The standard documentation required for non-residents opening personal accounts includes:

• Valid passport (certified copy)
• Proof of residential address abroad (utility bill or bank statement, typically within the last three months)
• Source of wealth documentation: bank statements showing existing assets, investment account statements, property valuations, or business accounts demonstrating the origin of the funds
• Tax identification number from your country of tax residence
• CV or professional biography for private banking applicants

For corporate accounts, the requirements expand considerably:

• Certificate of incorporation and memorandum and articles of association
• Certificate of directors and shareholders
• Beneficial ownership register (for entities in EU-registered jurisdictions, this may be held in a public registry; for offshore entities, a certified register is required)
• Source of funds documentation for the corporate entity — audited accounts, contracts demonstrating trading income, or investor subscription agreements
• Business description and anticipated account usage (monthly volumes, counterparty jurisdictions)
• Proof of address for all beneficial owners and directors

Banks will conduct enhanced due diligence on beneficial owners from jurisdictions on the EU's high-risk third country list or the FATF grey list. If any beneficial owner has a politically exposed person (PEP) status, additional documentation is typically required. Some banks will decline applications from certain jurisdictions regardless of documentation quality.

Account types available

Current accounts are available in EUR and, at most banks, in USD, GBP, and CHF. SEPA transfers within the eurozone are processed cheaply and quickly. SWIFT transfers to non-EU jurisdictions are available but carry higher fees.

Savings accounts and fixed deposits are available in EUR and major currencies. Fixed deposit rates vary with the ECB rate cycle; in a higher-rate environment, fixed deposits can offer meaningful returns.

Multi-currency accounts are available at some institutions, particularly for corporate clients with trading income in multiple currencies.

Private banking accounts are available for clients with investable assets typically above €500,000. These come with a dedicated relationship manager and access to investment products including structured deposits and discretionary portfolio management.

The Limassol financial centre

Limassol has evolved into a significant international financial hub. It hosts:

• A substantial community of shipping companies and ship management firms (the Greek shipping industry has a strong Limassol presence)
• International fund management firms (Cyprus is an efficient EU fund domicile under the UCITS and AIFMD frameworks)
• Professional services firms (law firms, accounting firms, fiduciary service providers) that specialise in international structures
• Technology companies attracted by the tax environment

For business clients banking in Limassol, the ecosystem of professional advisers who understand international corporate structures makes the banking relationship smoother. Banks in Limassol are experienced at onboarding shipping companies, fund structures, and holding company groups that would be unfamiliar territory for a high street bank in London or Frankfurt.

The practical account opening process

Most Cypriot banks require or strongly prefer in-person attendance for account opening. For non-residents this creates a logistical challenge. In practice, there are two approaches:

In-person opening: you attend the bank in Cyprus with your documentation. This typically takes one to two appointments. Given the requirement to travel, it is worth combining the banking visit with meetings at a local legal or accounting firm, which leads to the second approach.

Introduced opening: a Cypriot accountant or legal firm who has an existing relationship with the bank submits your application on your behalf. This is significantly more effective. The bank knows the introducing firm, trusts its due diligence, and processes the application faster. Expect to pay the professional firm for this introduction service, but the efficiency gain is worthwhile for complex corporate structures.

Deposit protection and risk management

Cyprus is subject to EU deposit guarantee rules under the Deposit Guarantee Schemes Directive (DGSD). Deposits up to €100,000 per depositor per institution are protected. The bail-in experience of 2013 has made sophisticated depositors acutely aware that deposits above this threshold carry genuine risk in a bank failure scenario.

For amounts substantially above €100,000 that are genuinely needed in a Cypriot account (for example, a working capital account for a business), consider spreading across more than one institution. For private banking clients holding investment assets through a Cypriot bank, understanding whether those assets are held in segregated custody (outside the bank's balance sheet) or as a deposit (inside the bank's balance sheet) is important — segregated custody assets are not caught by the bail-in mechanism.

When Cyprus banking makes strategic sense

Cypriot banking is most useful for:

• International holding companies with Cypriot tax residency that need a EUR current account for dividend and royalty flows
• Shipping companies managing freight income and operational costs in EUR
• Property investors with Cypriot property requiring a local account for management fees and rental income
• Individuals with Cypriot tax residency (or those exploring Cypriot non-domiciliary status) who need a local banking relationship
• EU-based fund structures using Cyprus as a domicile

For straightforward offshore savings in EUR, there are simpler options within the EU. Cyprus banking adds most value when the client has a genuine operational or structural connection to Cyprus.

How Global Investments can help

Global Investments has longstanding relationships with legal and accounting professionals in Cyprus across both Nicosia and Limassol. We can connect you with the appropriate introduced banking contact for your structure — whether a personal non-resident account or a corporate account for a Cypriot holding company.

We advise on Cypriot tax residency (the 60-day non-domiciliary programme), non-dom status, and the broader structural questions that often sit alongside the banking decision. Speak to our team before you travel to Cyprus — a well-prepared introduction achieves in one visit what an unprepared applicant may spend months trying to resolve.

Banking regulations, documentation requirements, and institutional policies change. This guide reflects our understanding as of 2026; verify current requirements with your chosen bank or professional adviser before opening an account. Investments and deposits carry risk; rules change; seek professional advice.