Offshore Banking in Cyprus
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 22 foreign-controlled banks, representing
Lebanon, Greece, Bulgaria, Jordan, France, Russian Federation, Ukraine, Switzerland.
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
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.
Bank Name
Services
Country of Origin
Rating
Services
retail banking
corporate banking
international banking
Country of Origin
Greece
Rating
(4.3)
Services
personal banking
corporate and commercial banking
international banking
wealth management
portfolio management
estate and tax planning
Country of Origin
Cyprus
Rating
(3.7)
Services
corporate and investment banking
private banking
international business banking
Country of Origin
Greece
Rating
(3.8)
Services
retail banking
SME banking
corporate banking
international business banking
Country of Origin
Greece
Rating
(5.0)
Services
retail banking
corporate banking
Country of Origin
Ukraine
Rating
n/a
Services
retail banking
corporate banking
investment banking
brokerage
Country of Origin
Russian Federation
Rating
n/a
Services
private banking
corporate banking
Country of Origin
France
Rating
(1.0)
Services
retail banking
corporate banking
wealth management
Country of Origin
Cyprus
Rating
(5.0)
Opening Bank Account in Cyprus
With all the variety of international banking services offered in Cyprus,
the starting point for using it is a current account.
8 banks (ouf of 30) 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:
- identification documents (passport or ID card)
- proof of residential address
- some banks also require proof of income source
To open a corporate account, a bank in Cyprus will normally need:
- certificate of registration/incorporation
- memorandum and articles of association or equivalent
- certificate of registered office
- certificate of directors
- certificate of shareholders
- certificate of good standing
- identification documents and proof of address for the company's beneficial
owner(s), director(s), signatories and secretary
- some banks will require audited financial statements, bank reference issued to the company from its bank
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.
Name
Documents
Procedure
Remote Access
Documents
n/a
Procedure
branch visit
Remote Access
online banking
mobile app
SMS service
Documents
passport
utility bill
bank reference
Procedure
branch visit
Remote Access
online banking
mobile app
phone
Documents
n/a
Procedure
n/a
Remote Access
online banking
Documents
passport
utility bill
bank reference
Procedure
1. submit online application
2. get a callback from the bank
3. branch visit
Remote Access
online banking
Documents
passport
utility bill
Procedure
branch visit
Remote Access
online banking
mobile app
Documents
passport
ID card
utility bill
house insurance
bank statement
Procedure
branch visit
Remote Access
online banking
mobile app
Documents
n/a
Procedure
n/a
Remote Access
online banking
Documents
passport
ID card
utility bill
wage slip
Procedure
branch visit
Remote Access
online banking
phone
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.
Services
•retail banking
•corporate banking
•international banking
Clients
•natural persons
•business entities
Area Served
Cyprus
internationally
Products
•current accounts
•debit cards
•credit cards
•savings accounts
•time deposit accounts
•consumer loans
•mortgage loans
•business loans
•trade finance
•bancassurance
Account Opening
Ways to Bank
branch
online banking
mobile app
SMS service
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.
Services
•personal banking
•corporate and commercial banking
•international banking
•wealth management
•portfolio management
•estate and tax planning
Clients
•natural persons
•business entities
Area Served
Cyprus
internationally
Products
•payment cards
•deposits
•consumer loans
•business loans
Account Opening
Required Documents
•passport
•utility bill
•bank reference
Ways to Bank
branch
online banking
mobile app
phone
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.
Services
•corporate and investment banking
•private banking
•international business banking
Clients
•natural persons
•high net worth individuals
•business entities
Area Served
Cyprus
internationally
Products
•current accounts
•debit cards
•credit cards
•savings accounts
•time deposit accounts
•consumer loans
•mortgage loans
•business loans
•investment loans
Ways to Bank
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).
Services
•retail banking
•SME banking
•corporate banking
•international business banking
Clients
•natural persons
•business entities
Area Served
Cyprus
internationally
Products
•current accounts
•payment cards
•deposit accounts
•consumer loans
•car loans
•student loans
•mortgage loans
•trade finance
•business loans
Account Opening
•submit online application
•get a callback from the bank
•branch visit
Required Documents
•passport
•utility bill
•bank reference
Ways to Bank
PrivatBank is a subsidiary of Ukranian banking company PrivatBank.
PrivatBank offers retail and corporate banking products and services to both domestic
and international customers. Public Joint-Stock Company Commercial Bank "Privatbank" operates as a branch of Commercial Bank PrivatBank ZAO (Ukraine).
Services
•retail banking
•corporate banking
Clients
•natural persons
•legal entities
Area Served
Cyprus
internationally
Products
•current accounts
•payment cards
•savings accounts
•time deposit accounts
•consumer loans
•business loans
Account Opening
Required Documents
Ways to Bank
branch
online banking
mobile app
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.
Services
•retail banking
•corporate banking
•investment banking
•brokerage
Clients
•local and international clients
Area Served
Cyprus
internationally
Germany
Products
•current accounts
•savings accounts
•investment products
•coprorate lending
•trade finance
Account Opening
Required Documents
•passport
•ID card
•utility bill
•house insurance
•bank statement
Ways to Bank
branch
online banking
mobile app
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.
Services
•private banking
•corporate banking
Clients
•natural persons
•business entities
Area Served
Cyprus
internationally
Products
•current accounts
•payment cards
Ways to Bank
Founded in 1963, the Cyprus Development Bank is focused on providing
corporate and investment banking products and services to both Cypriot
and international enterprises.
Services
•retail banking
•corporate banking
•wealth management
Clients
•natural persons
•business entities
Area Served
Cyprus
internationally
Products
•current accounts
•overdrafts
•payment cards
•savings accounts
•time deposit accounts
•trade finance
•business loans
Account Opening
Required Documents
•passport
•ID card
•utility bill
•wage slip
Ways to Bank
branch
online banking
phone
See Also
