Opening a Bank Account in Cyprus

Over the past few years, the process for opening a personal and/or business bank account in Cyprus has changed so as to fully comply with applicable domestic and European Union laws and regulations in relation to money laundering.

The Central Bank of Cyprus no longer allows Cyprus banks to open accounts for shell companies i.e., companies that do not have actual offices and do not have real business operations in their place of registration. Cyprus banks are also prohibited from opening accounts for residents of countries that are part of the “black lists” of the OECD, EU or FATF, or for companies that do not keep accounting records.

Who can open a Cyprus bank account?

Any natural/physical person over the age of 18 years and any legal person (company or other form of legal entity, whether in Cyprus or abroad) can open a bank account in Cyprus.

As for personal bank accounts, the process is easier if the natural/physical person has passport of Cyprus or passport from a European country.

Is your physical presence necessary for the opening of a bank account in Cyprus?

If a client is introduced to a bank by an approved introducer, the client’s physical presence will not be necessary for the opening of a bank account. In this scenario, Paris Mavronichis & Co LLC will act as introducer of the client and will liaise with both the bank and the client, and in doing so this will reduce the amount of time for the opening of the bank account and save uncessecary expenses, time and inconvenience for the client.

Please see below the list of documents required to open either a Personal Bank Account or a Business/Corporate Bank Account:

Personal Bank Account

• Passport Copy (not expired)
• Bank/Financial Institution reference letter (ideally from a EU or European Bank) not older than 3 months
• Recent utility bill (electricity bill, gas, water bill, phone – landline only) as proof of residential address not older than 3 months
• Detailed CV/Business Profile
• Personal contact details such as email, skype ID (if applicable), business card (if there is one)
• Tax Identification Number and/or Social Security Number
• Information & documents concerning annual income such as:
  • Tax Declaration of recent years (or Capital Statement if in place).
  • Payslips or Letter by Employers declaring the compensation granted
  • Dividend/Profit declarations and proof of the dividend/profit payments
• Information & documents concerning source/value of wealth and relevant supporting documents such as:
  •  Financial statements of owned companies together with proof of ownership of these companies duly signed
  • Bank statements of personal accounts or bank statements of owned companies
  • In case of Sale of Fixed and other Asset like Disposal of Shares, Inheritance proceeds, to provide relevant contracts/agreements
  • Title deeds

All documents must be in English or if in another language, to be officially translated and certified in accordance with the procedures of the bank in which application for opening of bank account will be made.

Business/Corporate bank account

• Recent Certificate of Incumbency and Letter of Good Standing from its official registrar
• The full address of the company/principal trading address and description of activities(website)
• Memorandum and Articles of Association of the Company
• Certificate of Good Standing / Incumbency for foreign companies over two years old
• Certificate of Incorporation-Registration
• Certificate of Directors and Secretary
• Certificate of Registered Office Address
• Certificate of Shareholders
• Ownership / group structure of the legal entity leading to the Ultimate Beneficial Owners (diagrammatical or otherwise) to be provided in case of complex structures
• Trust deed(s) between the beneficial owner(s) and the registered shareholder(s) acting as nominees (if applicable)
• Copies of identity cards/international passports of authorized signatories, registered shareholders, directors, beneficial owner(s) etc (not expired)
• Recent Annual Audited Financial Statements and/or Management Accounts
• Contracts / Agreements with other Counterparties if available
• All the above documents that are required for Personal Bank Account must be provided for all related individuals to the company (directors, authorized signatories, ultimate beneficial owners).

All documents must be in English or if in another language, to be officially translated and certified in accordance with the procedures of the bank in which application for opening of bank account will be made.

Our Legal Services

Paris Mavronichis & Co LLC can assist you in every step of the bank account opening process:

• Opening a bank account in Cyprus
• Advice on required documents
• Act as introducer between the client and the Cyprus bank
• Bank signatory services

Please feel free to contact us if you have any question and to discuss how we can be of assistance to you.

DISCLAIMER:

PARIS MAVRONICHIS & CO LLC accept no duty of care or liability for any loss occasioned to any person acting or refraining from action as a result of any material in this publication.

The material contained herein is provided for informational purposes only and does not constitute legal advice nor is it a substitute for obtaining legal advice from an advocate.  Each situation is unique, and you should not act or rely on any information contained herein without seeking the advice of an experienced advocate. PARIS MAVRONICHIS & CO LLC will be glad to assist you in this respect.