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 7 domestic banks, there are 22 foreign-controlled banks, representing Lebanon, Greece, Jordan, Bulgaria, France, Russian Federation, Luxembourg. 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. 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.
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GreeceAlpha 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 to domestic and international customers.
Alpha Bank Cyprus Limited provides products and services in the areas of retail banking, business banking, international banking. Alpha Bank Cyprus Limited offers a range of products including 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.
While onboarding a private individual Alpha Bank Cyprus Limited will ask him/her to provide the following documents: passport; proof of address. For corporate clients Alpha Bank Cyprus Limited will ask to provide corporate documentation as well as information about controlling persons. Alpha Bank Cyprus Limited may request additional documentation or information depending on the case. Alpha Bank Cyprus Limited performs client's identity verification via branch visit.
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CyprusPiraeus 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 retail banking, corporate and commercial banking, international banking, wealth management, portfolio management, estate and tax planning. Astrobank Limited offers a range of products including payment cards, deposits, consumer loans, business loans. Astrobank Limited makes its solutions available to natural persons, business entities.
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.
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CyprusFounded 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. BANK OF CYPRUS PUBLIC COMPANY LTD offers a range of products including current accounts, debit cards, credit cards, prepaid cards, savings accounts, time deposit accounts, consumer loans, mortgage loans.
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.
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GreeceEstablished in 2007, Eurobank Cyprus is a universal commercial bank, offering products and services in the areas of 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, retail banking. Eurobank Cyprus Ltd offers a range of products including 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.
While onboarding a private individual Eurobank Cyprus Ltd will ask him/her to provide the following documents: passport; proof of address. For corporate clients Eurobank Cyprus Ltd will ask to provide corporate documentation as well as information about controlling persons. Eurobank Cyprus Ltd may request additional documentation or information depending on the case. Eurobank Cyprus Ltd performs client's identity verification via branch visit.
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CyprusHellenic 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, private banking, business banking, investment banking, international banking. Hellenic Bank Public Company Ltd offers a range of products including current accounts, credit cards, savings accounts, time deposit accounts, consumer loans, mortgage loans, business loans.
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.
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GreeceEstablished 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, business, 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. National Bank of Greece (Cyprus) Ltd offers a range of products including 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.
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.
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Russian FederationFounded in 1995, RCB Bank (formerly Russian Commercial Bank) has been operating in Cyprus for more than 20 years. RCB 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. RCB Bank Ltd offers a range of products including 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.
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.
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FranceEstablished 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. Societe Generale Bank - Cyprus Ltd offers a range of products including current accounts, payment cards. Societe Generale Bank - Cyprus Ltd makes its solutions available to natural persons, business entities.
While onboarding a private individual Societe Generale Bank - Cyprus Ltd will ask him/her to provide the following documents: passport; proof of address. For corporate clients Societe Generale Bank - Cyprus Ltd will ask to provide corporate documentation as well as information about controlling persons. Societe Generale Bank - Cyprus Ltd may request additional documentation or information depending on the case. Societe Generale Bank - Cyprus Ltd performs client's identity verification via branch visit.
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CyprusFounded in 1963, The Cyprus Development Bank was the first financial institution in Cyprus to provide project financing and offer valuable advice to governmental bodies on significant infrastructure issues. 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 also offers wealth management, institutional and private banking, and international banking.
The Cyprus Development Bank Public Company Ltd provides products and services in the areas of retail banking, corporate banking, wealth management. The Cyprus Development Bank Public Company Ltd offers a range of products including 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.
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.
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