If you have recently moved or permanently relocated to Cyprus, whether for personal or professional reasons, at some point you will require a personal bank account to be opened in your name.
In order of market share and size, there are several banks to choose from:
- Bank of Cyprus.
- Hellenic Bank (the largest bank in Greece).
- Alpha Bank.
- Cyprus Development Bank.
- Eurobank EFG.
All have differing advantages and disadvantages dependent on personal preference. However in my experience, the more popular the bank, the more branches and cash machines there are available for withdrawing cash.
For a personal bank account the following documentation is required:
- Copy of Passport – this must be verified by notary and apostille.
- Proof of Residence – in the form of a utility bill / mobile phone bill no more than 3 months old.
- Red or yellow slip if you are not a permanent resident in Cyprus.
- In some cases a contract of employment is required (if applicable).
Please note that the bank reserves the right to ask for additional information in order to meet the required compliance regulations in order to adequately establish the KYC “Know Your Client” principles.
The process of opening an account is as follows:
Firstly you must complete the application forms using the necessary documentation and submit them; you can request a paper copy at any bank or apply online to answer the preliminary questions. Typically you will need a Cyprus ID card, or if you are not a resident in Cyprus you will require a red or yellow slip respectively including proof of address, such as a utility bill, along with your passport. Some banks also ask for proof of income, such as a work contract or other means of how you are supporting yourself financially.
Upon approval of the documentation the bank sends a welcome letter with the account details plus all relevant bank forms to Eltoma Corporate Services and this is forwarded to the client.
Expect to pick up your card and PIN number approximately 3-4 working days later. At which point the account will become fully operational for use.
Eltoma Corporate Services can open personal bank accounts on your behalf. Contact us for more information.