Cyprus is the gateway to EU banking for International Businesses incorporated outside the EU.
Corporate and personal accounts are available, including banking services such as debit and credit cards, a broad range of currencies available, online and mobile banking, trade finance, credit notes, among others.
Cyprus is part of the Single Euro Payments Area and provides International Bank Account Numbers (IBAN), meaning that businesses and individuals banking in Cyprus may enjoy low transaction fees on transactions within the European Union.
In Cyprus there are no withholding taxes on interests paid to non-residents and there are no minimum account deposits.
All in all, Cyprus is an ideal option for EU and offshore companies that wish to access EU banking services and do business within the EU. For wealth management structures, Cyprus banks are also familiar with foundations and trusts incorporated in offshore jurisdictions.
We work with 6 different banks in Cyprus, each bank has different eligibility requirements, types of accounts available and onboarding processes.
We invite you to carefully review each banks requirements and services to better understand if their banking services meet your needs.
Cyprus is a former UK colony and currently a Member State of the European Union. It is located in the island of the same name, in the Mediterranean Sea, 113 km south of Turkey, 120 km west of Syria, and 150 km east of the Greek island of Kastellorizo.
It has about 1.2 million people and its capital and financial hub is Nicosia. Its official languages are Greek and Turkish, although English is widely spoken. Since 2008, its official currency is the Euro (EUR).
It has a highly vulnerable economy strongly dependent on the services sector, which is equivalent to 4/5 of GDP. Tourism is its main sector with about 2 million visitors per year. Followed by financial and asset management.
Due to its favorable tax regime, Cyprus is the gateway to the European common market chosen by many non-EU companies and a portal for investment from the West into Russia, Middle-east, Asia and South America. It is also a shipping hub, the Cypriot-registered vessel fleet is the fourth largest in the world, and provides large revenues. Cyprus is also an exporter of citrus fruits, cement, potatoes, clothing, and pharmaceuticals.
Our banking support service is not just a mere introduction to the bank. We assist you in filling out the business questionnaires appropriately and help you understand and provide business details, commercial information and purpose/use of the bank account that a given bank wants to know in order to approve your account application. Banks want certainty and clarity on how the account will be used. Everything must be watertight. We will work with you to make sure there is minimal 'back and forth' and a smooth account opening process.
Bank Account opening requirements are subject to change at the discretion of the bank. There might be additional fees charged by the bank itself. Bank account opening is not guaranteed and is subject to the bank policies and compliance department. There might be restrictions on UBO nationalities, business activities and/or jurisdictions. A refund is available if the account is not successfully opened subject to our terms of service (20% to partly cover service and payment processing and administrative costs apply).