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.

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:

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
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 Cyprus Limited

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
branch visit
Ways to Bank
branch
online banking
mobile app
SMS service

Astrobank Limited

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
branch visit
Required Documents
passport
utility bill
bank reference
Ways to Bank
branch
online banking
mobile app
phone

Eurobank Cyprus Ltd

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
branch
online banking

National Bank of Greece (Cyprus) Ltd

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
branch
online banking

Public Joint-Stock Company Commercial Bank "Privatbank"

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
branch visit
Required Documents
passport
utility bill
Ways to Bank
branch
online banking
mobile app

RCB Bank Ltd

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
branch visit
Required Documents
passport
ID card
utility bill
house insurance
bank statement
Ways to Bank
branch
online banking
mobile app

Societe Generale Bank - Cyprus Ltd

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
branch
online banking

The Cyprus Development Bank Public Company Ltd

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
branch visit
Required Documents
passport
ID card
utility bill
wage slip
Ways to Bank
branch
online banking
phone

See Also