Cyprus: Cyprus Bank Account Opening

Last Updated: 15 September 2017
Article by PKF  

Overview

PKF in its efforts to provide decent and fast banking to its international clientele has established a number of introduction agreements with number of foreign banks and with almost all banks operating in Cyprus. This development is giving the power and authority to PKF to act as an introducer for the opening of bank accounts in Cyprus and abroad.

PKF supports our clients through a strategic and operational management of banking service, including:

  1. Bank account opening in Cyprus: introducing, recommendation and assessment of well-capitalised banks to provide banking services for Cyprus companies, trusts and individuals. We are official introducers for Bank of Cyprus, Hellenic Bank, Russian Commercial Bank (RCB), Societe General, Alpha Bank, Eurobank, Barclays Bank and a range of other national and international financial institutions in Cyprus.
  2. Bank account opening in secondary jurisdictions, including Malta, Jersey, Isle of Man, and other jurisdictions served by the PKF network. This is a good risk diversification method and is recommended to our clients.
  3. Compliance with bank, Know-your-Customer (KYC) and due diligence requirements.
  4. Set up of e-banking facilities as well as internal procedures and controls necessary to manage banking activities.
  5. Reconciliation of corporate bank account movement with financial income and expenditure.
  6. Currency management and exchange rate analysis.
  7. Support for managing documentation required for international banking transfers such as contracts, trade finance, etc.

Cyprus Bank Account Opening, either for an individual or a legal person (Cyprus Company), is easily achievable and cheap. Cyprus Banking can offer all the facilities required by businessmen or individuals.

In other jurisdictions the opening of a bank account could be time consuming and complicated something that is not applicable for Cyprus. In Cyprus opening a fully functional, activated and operational account, taking in mind that the requested documents and information were submitted properly to the bank, it will take less than 3 or 4 working days.

Who can open a Cyprus bank account?

Any physical person over the age of 18 years and any legal person (Cyprus Company or corporation) can open a bank account.

Is your physical presence necessary?

Physical presence is not necessary when the client is introduced by an approved introducer (in this case PKF can act as an introducer for the opening of bank account). This is important as it save precious time, unnecessary expenses, inconvenience and travelling in Cyprus.

Formalities needed to open a Cyprus bank account

If you are an individual and you wish to open a bank account, the following should be submitted directly to a Cyprus bank or a professional intermediary:

  • Valid passport or identity card bearing signature and photo for permanent residents of the EU;
  • Proof of residential address (i.e. utility bill not older than six months);
  • Bank reference letter from your bankers;
  • Cyprus Bank's account-opening documents fully signed;
  • PKF's preliminary questionnaire completed with information that requested by the bank.
  • Other formalities or information that might be considered important by the Cyprus bank.

To download the full list of the requirements for Cyprus bank account opening please click here

For companies and partnerships in order to proceed with the opening of a Cyprus bank account the following, should be submitted to directly to the bank or a professional intermediary:

Companies:

  • Memorandum and Articles of Association;
  • Official corporate certificates;
  • Trust deed(s) between the beneficial owner and the registered shareholder(s) acting as nominees (if applicable);
  • Cyprus Bank's account-opening documents fully signed;
  • PKF's preliminary questionnaire completed with information that requested by the Cyprus bank;
  • Other formalities or information that might be considered important by the Cyprus bank.

Partnerships:

  • Partnership agreement;

    • Official certificates;
    • Cyprus Bank's account-opening documents fully signed;
    • PKF's preliminary questionnaire completed with information that requested by the Cyprus bank;
    • Other formalities or information that might be considered important by the Cyprus bank.

Cyprus banking confidentiality

The confidentiality of clients is fully protected as the details of the Cyprus bank account are not revealed to the Cyprus tax authorities, or any other authorities, or the government or any third country. The only way the banks to disclose any information on the Cyprus bank accounts, is if are required to do so by Cyprus Authorities in the process of a crime

www.pkf.com.cy

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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