At PAPANTONIOU & PAPANTONIOU LLC, we recognize the importance of having a reliable banking partner to facilitate our clients’ business activities. Cyprus has long been a hub for international banking and finance.
Key Benefits of Opening a Bank Account in Cyprus, either personal or corporate:
Financial Stability: Cyprus's banking sector is regulated by the Central Bank of Cyprus, ensuring a stable and secure environment for your finances.
Tax Efficiency: Cyprus has one of the lowest corporate tax rates in Europe, which can benefit businesses looking for tax optimization strategies.
Access to EU Markets: Establishing a bank account in Cyprus facilitates easier transactions and access to EU financial markets.
Multicurrency Accounts: Many banks in Cyprus offer multicurrency accounts, allowing clients to hold and transact in various currencies with ease.
Compliance: Cyprus has a reputation as a jurisdiction with high standards of banking regulation and anti-money laundering (AML) measures.
Steps to Open a Bank Account in Cyprus:
Choose the Right Bank: Our Team can assist you in choosing a bank that suits your financial needs, taking into consideration factors such as fees, services offered, and accessibility.
Required Documentation for Corporate bank account: Any bank will require the completion of its forms and questionnaires and the following documents (amongst others) for both the company and its related persons, to initiate the bank account opening procedure:
- Passport/ID of the Ultimate Beneficial Owner of the Company, its Directors’, Secretary, Shareholder, Web Banking Users, Bank Signatory and Card holders (if different)
- Recent utility bill of the Ultimate Beneficial Owner of the Company, its Directors’, Secretary, Shareholder, Web Banking Users, Bank Signatory and Card holders (if different)
- Curriculum Vitae of the Ultimate Beneficial Owner of the Company, its Directors’, Secretary and Shareholder (if different)
- Bank reference letter of the Ultimate Beneficial Owner of the Company
- Tax Declaration/ Source of funds of the of the Company and its Ultimate Beneficial Owner.
- Any additional documents that may be requested by the Bank (such as proof of submission of the Ultimate Beneficial Owner of the Company in the UBO Registry of Cyprus).
Required Documentation for Personal bank account:
- Passport/ID
- Recent utility bill
- Curriculum Vitae
- Bank reference letter
- Tax Declaration/ Source of funds
- Any additional documents that may be requested by the Bank.
A personal visit or an online web call will be requested by the Bank so that there is acquaintance between the customer and the Bank.
Most Bank’s will request for an assessment fee to be paid to facilitate the bank account opening procedure.
Once the account is approved and you receive your account details, you may need to make an initial deposit as per the bank's requirements.
At PAPANTONIOU & PAPANTONIOU LLC we are dedicated to guiding you through the entire bank account opening process in Cyprus. Our experienced legal team is available to assist you with the required documentation and provide insights tailored to your specific situation. Should you have any questions or wish to initiate the process, please do not hesitate to contact us.
Contact our Corporate Department for further information.