2 December 2019
Cyprus is an island country in the Eastern Mediterranean, a member of the European Union since 2004 and the Eurozone since 2008. Despite the financial crisis of 2012-2013, Cyprus remains an important financial center and a vital business gateway connecting Europe, Middle East, Africa and Asia which is reflected in the Cypriot banking landscape. Cyprus' favorable taxation, sophisticated legal framework and strategic location makes it an attractive investment and living destination for international clients, both individual and corporate.
The role of Cyprus as a business gateway is reflected in its banking landscape: apart from 8 domestic banks, there are 21 foreign-controlled banks, representing Lebanon, Greece, Bulgaria, Jordan, France, Switzerland, Russian Federation. While there are banks focused on domestic market only, several banks offer their products and services to international customers, such services are called international banking or international business banking. Account opening for individual and corporate customers usually require a branch visit, but is rather simple and straight-forward procedure.
International banking services, provided to non-residents of Cyprus include not only traditional retail and corporate banking, but also private banking, wealth management, portfolio management, estate and tax planning, investment banking, and brokerage.
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France CyprusWith all the variety of international banking services offered in Cyprus, the starting point for using it is a current account. 7 banks (ouf of 29) offer non-resident accounts, usually to both natural persons and business entities.
In accordance with Cypriot law, the banks will need the following documents to open a non-resident account for a natural person:
To open a corporate account, a bank in Cyprus will normally need:
Banks operating in Cyprus do not allow online account opening, and it's necessary to visit a branch of the chosen bank; all of the banks provide online banking services to access the account.
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Alpha Bank started up in Cyprus in 1998, when it acquired Lombard NatWest Bank, which was subsequently renamed to Alpha Bank Limited and then Alpha Bank Cyprus Ltd. Alpha Bank Cyprus Ltd provides personal and business banking products and services.
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Piraeus Bank (Cyprus) was a member of Piraeus Bank Group (Greece) providing products and services in personal banking, corporate and commercial banking, international banking, and wealth management. In December 2016, Piraeus Bank Cyprus was acquired by a group of international investors led by Lebanese banker Maurice Sehnaoui and renamed to AstroBank. AstroBank provides banking products and services to both local and international clients.
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Established in 2007, Eurobank Cyprus is a universal commercial bank, offering products and services in the following areas: corporate banking, wealth management for local and international high net worth individuals, international business banking, global markets, affluent banking.
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Established in 1841, National Bank of Greece is one of the largest financial groups in Greece, with a strong presence in Southeast Europe and Eastern Mediterranean. National Bank of Greece is a universal bank providing a broad range of products and services in the areas of retail, private, corporate and investment banking. National Bank of Greece (Cyprus) Ltd operates as a subsidiary of National Bank of Greece (Greece).
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Founded in 1995, RCB Bank (formerly Russian Commercial Bank) has been operating in Cyprus for more than 20 years. The bank uses a universal banking model to serve local and international clients. RCB Bank offers corporate, investment and retail products and services.
RCB Bank Ltd is the 3rd largest bank in Cyprus in terms of total assets. In 2018 its total assets were 6 087,89 mln EUR. In 2018 the bank's net income was 98,73 mln EUR.
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Established in 1993, Societe Generale Bank - Cyprus Limited offers its products and services to both resident and non-resident clientele in all fields of financial services, mainly corporate banking, international business banking and private banking.
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Founded in 1963, the Cyprus Development Bank is focused on providing corporate and investment banking products and services to both Cypriot and international enterprises.
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