Offshore Banking in Cyprus

2 December 2019, updated 10 April 2020

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, Luxembourg, 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

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.

Services
retail banking
corporate banking
international banking
Country of Origin
GR Greece
Rating
 (4.3)
Services
personal banking
corporate and commercial banking
international banking
wealth management
portfolio management
estate and tax planning
Country of Origin
CY Cyprus
Rating
 (3.7)
Services
retail banking
private banking
corporate banking
commercial banking
investment banking
fund management
Country of Origin
CY Cyprus
Rating
 (2.8)
Services
corporate and investment banking
private banking
international business banking
Country of Origin
GR Greece
Rating
 (3.8)
Services
retail banking
business banking
international banking
Country of Origin
CY Cyprus
Rating
 (5.0)
Services
retail banking
SME banking
corporate banking
international business banking
Country of Origin
GR Greece
Rating
 (5.0)
Services
retail banking
corporate banking
investment banking
brokerage
Country of Origin
RU Russian Federation
Rating
n/a
Services
private banking
corporate banking
Country of Origin
FR France
Rating
 (1.0)
Services
retail banking
corporate banking
wealth management
Country of Origin
CY 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. 9 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.

Documents
n/a
Procedure
1. submit online application
2. visit bank branch
Remote Access
online banking
mobile app
SMS service
Documents
passport
utility bill
bank reference
application form
Procedure
1. visit bank branch
Remote Access
online banking
mobile app
phone
Documents
passport
utility bill
bank reference
application form
Procedure
1. submit online application
2. visit bank branch
Remote Access
online banking
mobile app
Documents
n/a
Procedure
1. book an appointment
2. visit bank branch
Remote Access
online banking
mobile app
Documents
passport
utility bill
employment details
application form
Procedure
1. submit online application
2. visit bank branch
Remote Access
online banking
mobile app
Documents
passport
utility bill
bank reference
application form
Procedure
1. submit online application
2. get a callback from the bank
3. visit bank branch
Remote Access
online banking
mobile app
Documents
passport or ID card
utility bill, house insurance or bank statement
application form
Procedure
1. visit bank branch
Remote Access
online banking
mobile app
phone
Documents
n/a
Procedure
1. visit bank branch
Remote Access
online banking
Documents
passport or ID card
utility bill
wage slip
application form
Procedure
1. visit bank branch
Remote Access
online banking
phone

Alpha Bank Cyprus Limited

Customer Rating
 (4.3; 8 ratings)
Country of Origin
GR Greece

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.

Alpha Bank Cyprus Limited provides products and services in the areas of retail banking, corporate banking, international banking. The range of products offered by Alpha Bank Cyprus Limited includes current accounts, debit cards, credit cards, savings accounts, time deposit accounts, consumer loans, mortgage loans, business loans, trade finance, bancassurance. Alpha Bank Cyprus Limited makes its solutions available to natural persons, business entities.

Offshore Account in in Alpha Bank Cyprus Limited

Opening an account in Alpha Bank Cyprus Limited can be done in a few steps:
1.
Submit online application
2.
Visit bank branch

Required Documents

n/a

Identity Verification

branch visit

Alpha Bank Cyprus Limited performs client's identity verification via branch visit.

Remote Access

Remote access to the account is possible via online banking, mobile app, SMS service.

Account Currencies

EUEUR
USUSD

Card Providers

MasterCardMasterCard
VisaVisa

Astrobank Limited

Customer Rating
 (3.7; 3 ratings)
Country of Origin
CY Cyprus

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.

Astrobank Limited provides products and services in the areas of personal banking, corporate and commercial banking, international banking, wealth management, portfolio management, estate and tax planning. The range of products offered by Astrobank Limited includes payment cards, deposits, consumer loans, business loans. Astrobank Limited makes its solutions available to natural persons, business entities.

Offshore Account in in Astrobank Limited

Opening an account in Astrobank Limited can be done in a few steps:
1.
Visit bank branch

Required Documents

passport
utility bill
bank reference

Identity Verification

branch visit

While onboarding a private individual Astrobank Limited will ask him/her to provide the following documents: passport; utility bill; bank reference. For corporate clients Astrobank Limited will ask to provide corporate documentation as well as information about controlling persons. Astrobank Limited may request additional documentation or information depending on the case. Astrobank Limited performs client's identity verification via branch visit.

Remote Access

Remote access to the account is possible via online banking, mobile app, phone.

Account Currencies

EUEUR

Card Providers

VisaVisa

BANK OF CYPRUS PUBLIC COMPANY LTD

Customer Rating
 (2.8; 4 ratings)
Country of Origin
CY Cyprus

Founded in 1899, Bank of Cyprus is the leading banking and financial services provider in Cyprus, with significant market shares across all businesses. Bank of Cyprus offers a wide range of financial products and services including retail and commercial banking, factoring, investment banking, brokerage, fund management, private banking, and insurance.

BANK OF CYPRUS PUBLIC COMPANY LTD provides products and services in the areas of retail banking, private banking, corporate banking, commercial banking, investment banking, fund management. The range of products offered by BANK OF CYPRUS PUBLIC COMPANY LTD includes current accounts, debit cards, credit cards, prepaid cards, savings accounts, time deposit accounts, consumer loans, mortgage loans.

Offshore Account in in BANK OF CYPRUS PUBLIC COMPANY LTD

Opening an account in BANK OF CYPRUS PUBLIC COMPANY LTD can be done in a few steps:
1.
Submit online application
2.
Visit bank branch

Required Documents

passport
utility bill
bank reference

Identity Verification

branch visit

While onboarding a private individual BANK OF CYPRUS PUBLIC COMPANY LTD will ask him/her to provide the following documents: passport; utility bill; bank reference. For corporate clients BANK OF CYPRUS PUBLIC COMPANY LTD will ask to provide corporate documentation as well as information about controlling persons. BANK OF CYPRUS PUBLIC COMPANY LTD may request additional documentation or information depending on the case. BANK OF CYPRUS PUBLIC COMPANY LTD performs client's identity verification via branch visit.

Remote Access

Remote access to the account is possible via online banking, mobile app.
Mobile App (Bank of Cyprus Τράπεζα Κύπρου) Supported Languages
GBEnglish
GRGreek
RURussian

Account Currencies

EUEUR

Card Providers

MasterCardMasterCard
VisaVisa

Eurobank Cyprus Ltd

Customer Rating
 (3.8; 4 ratings)
Country of Origin
GR Greece

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.

Eurobank Cyprus Ltd provides products and services in the areas of corporate and investment banking, private banking, international business banking. The range of products offered by Eurobank Cyprus Ltd includes current accounts, debit cards, credit cards, savings accounts, time deposit accounts, consumer loans, mortgage loans, business loans, investment loans. Eurobank Cyprus Ltd makes its solutions available to natural persons, high net worth individuals, business entities.

Offshore Account in in Eurobank Cyprus Ltd

Opening an account in Eurobank Cyprus Ltd can be done in a few steps:
1.
Book an appointment
2.
Visit bank branch

Required Documents

n/a

Identity Verification

branch visit

Eurobank Cyprus Ltd performs client's identity verification via branch visit.

Remote Access

Remote access to the account is possible via online banking, mobile app.

Account Currencies

EUEUR

Card Providers

VisaVisa

Hellenic Bank Public Company Ltd

Customer Rating
 (5.0; 1 ratings)
Country of Origin
CY Cyprus

Hellenic Bank started its operations in 1976. Hellenic Bank provides a wide range of products and services in personal and business banking. Alongside traditional banking products, Hellenic Bank also offers a broad range of financial services that include factoring, brokerage services, insurance, portfolio management, investment banking, mutual funds, private banking and custodian services.

Hellenic Bank Public Company Ltd provides products and services in the areas of retail banking, business banking, international banking. The range of products offered by Hellenic Bank Public Company Ltd includes current accounts, credit cards, savings accounts, time deposit accounts, consumer loans, mortgage loans, business loans.

Offshore Account in in Hellenic Bank Public Company Ltd

Opening an account in Hellenic Bank Public Company Ltd can be done in a few steps:
1.
Submit online application
2.
Visit bank branch

Required Documents

passport
utility bill
employment details

Identity Verification

branch visit

While onboarding a private individual Hellenic Bank Public Company Ltd will ask him/her to provide the following documents: passport; utility bill; employment details. For corporate clients Hellenic Bank Public Company Ltd will ask to provide corporate documentation as well as information about controlling persons. Hellenic Bank Public Company Ltd may request additional documentation or information depending on the case. Hellenic Bank Public Company Ltd performs client's identity verification via branch visit.

Remote Access

Remote access to the account is possible via online banking, mobile app.
Mobile App (Hellenic Bank) Supported Languages
GBEnglish
GRGreek
RURussian

Account Currencies

EUEUR

Card Providers

MasterCardMasterCard
VisaVisa

National Bank of Greece (Cyprus) Ltd

Customer Rating
 (5.0; 1 ratings)
Country of Origin
GR Greece

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).

National Bank of Greece (Cyprus) Ltd provides products and services in the areas of retail banking, SME banking, corporate banking, international business banking. The range of products offered by National Bank of Greece (Cyprus) Ltd includes current accounts, payment cards, deposit accounts, consumer loans, car loans, student loans, mortgage loans, trade finance, business loans. National Bank of Greece (Cyprus) Ltd makes its solutions available to natural persons, business entities.

Offshore Account in in National Bank of Greece (Cyprus) Ltd

Opening an account in National Bank of Greece (Cyprus) Ltd can be done in a few steps:
1.
Submit online application
2.
Get a callback from the bank
3.
Visit bank branch

Required Documents

passport
utility bill
bank reference

Identity Verification

branch visit

While onboarding a private individual National Bank of Greece (Cyprus) Ltd will ask him/her to provide the following documents: passport; utility bill; bank reference. For corporate clients National Bank of Greece (Cyprus) Ltd will ask to provide corporate documentation as well as information about controlling persons. National Bank of Greece (Cyprus) Ltd may request additional documentation or information depending on the case. National Bank of Greece (Cyprus) Ltd performs client's identity verification via branch visit.

Remote Access

Remote access to the account is possible via online banking, mobile app.
Mobile App (NBG CY OTP) Supported Languages
GBEnglish

Account Currencies

EUEUR

Card Providers

MasterCardMasterCard

RCB Bank Ltd

Customer Rating
n/a
Country of Origin
RU Russian Federation

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 provides products and services in the areas of retail banking, corporate banking, investment banking, brokerage. The range of products offered by RCB Bank Ltd includes current accounts, savings accounts, time deposit accounts (0.50 - 0.60 %), investment products, coprorate lending, trade finance. RCB Bank Ltd makes its solutions available to local and international clients.

Offshore Account in in RCB Bank Ltd

Opening an account in RCB Bank Ltd can be done in a few steps:
1.
Visit bank branch

Required Documents

passport or ID card
utility bill, house insurance or bank statement

Identity Verification

branch visit

While onboarding a private individual RCB Bank Ltd will ask him/her to provide the following documents: passport or ID card; utility bill, house insurance or bank statement. For corporate clients RCB Bank Ltd will ask to provide corporate documentation as well as information about controlling persons. RCB Bank Ltd may request additional documentation or information depending on the case. RCB Bank Ltd performs client's identity verification via branch visit.

Remote Access

Remote access to the account is possible via online banking, mobile app, phone.
Mobile App (RCB Mobile Banking) Supported Languages
GBEnglish

Account Currencies

EUEUR
USUSD
GBGBP
RURUB

Card Providers

MasterCardMasterCard
VisaVisa

Societe Generale Bank - Cyprus Ltd

Customer Rating
 (1.0; 1 ratings)
Country of Origin
FR France

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.

Societe Generale Bank - Cyprus Ltd provides products and services in the areas of private banking, corporate banking. The range of products offered by Societe Generale Bank - Cyprus Ltd includes current accounts, payment cards. Societe Generale Bank - Cyprus Ltd makes its solutions available to natural persons, business entities.

Offshore Account in in Societe Generale Bank - Cyprus Ltd

Opening an account in Societe Generale Bank - Cyprus Ltd can be done in a few steps:
1.
Visit bank branch

Required Documents

n/a

Identity Verification

branch visit

Societe Generale Bank - Cyprus Ltd performs client's identity verification via branch visit.

Remote Access

Remote access to the account is possible via online banking.

Account Currencies

EUEUR
USUSD

Card Providers

VisaVisa

The Cyprus Development Bank Public Company Ltd

Customer Rating
 (5.0; 1 ratings)
Country of Origin
CY Cyprus

Founded in 1963, the Cyprus Development Bank is focused on providing corporate and investment banking products and services to both Cypriot and international enterprises.

The Cyprus Development Bank Public Company Ltd provides products and services in the areas of retail banking, corporate banking, wealth management. The range of products offered by The Cyprus Development Bank Public Company Ltd includes current accounts, overdrafts, payment cards, savings accounts, time deposit accounts, trade finance, business loans. The Cyprus Development Bank Public Company Ltd makes its solutions available to natural persons, business entities.

Offshore Account in in The Cyprus Development Bank Public Company Ltd

Opening an account in The Cyprus Development Bank Public Company Ltd can be done in a few steps:
1.
Visit bank branch

Required Documents

passport or ID card
utility bill
wage slip

Identity Verification

branch visit

While onboarding a private individual The Cyprus Development Bank Public Company Ltd will ask him/her to provide the following documents: passport or ID card; utility bill; wage slip. For corporate clients The Cyprus Development Bank Public Company Ltd will ask to provide corporate documentation as well as information about controlling persons. The Cyprus Development Bank Public Company Ltd may request additional documentation or information depending on the case. The Cyprus Development Bank Public Company Ltd performs client's identity verification via branch visit.

Remote Access

Remote access to the account is possible via online banking, phone.

Account Currencies

EUEUR
foreign currencies

Card Providers

MasterCardMasterCard

See Also