Banking in Cyprus

Michał Gawlak

Michał Gawlak

Partner / Attorney-at-law

A successful recapitalised banking sector in Cyprus passed External Commercial Borrowing (ECB) stress tests and found a stable footing after the turmoil of the 2013 bail-in. Liquidity and solvency in the banking system have improved significantly, with exchange controls fully lifted in May 2015.

Foreign investors who want to open a company in Cyprus will have to open a bank account for the company to deposit the necessary minimum share capital. Individuals who work and live in Cyprus can also open a bank account for personal use. Cyprus joined the Eurozone in January 2008 and the official currency is the euro. This means that foreign company owners can benefit from transferring money from other euro accounts to Cyprus without being concerned about the foreign exchange rate.

Parparinos Milonas Corporate & Legal Consultants Ltd aims to provide a full package of services including the opening of bank accounts for companies and individuals. We aim to assist our clients in taking their decision on selecting the most suitable jurisdiction, bank and banking services.

Services

All major Banks offer a full set of banking services for individuals and businesses.

  • Current and savings accounts
  • Debit and credit cards
  • Foreign currency exchange
  • Long term savings and investment accounts
  • Phone and online banking

There is a wide network of Banks across the country – foreign, Greek and Cypriot – and many of those in the major towns have English and some Russian speaking staff.

No appointment is necessary to open an account; the following documents are needed:

For Individual Accounts

  • Passport or proof of identity, certified by an International Bank, Notary Public or Embassy, or Professional Firm
  • Proof of address in the English language, dated within the last three months, certified by an International Bank, Notary Public or Embassy, or Professional Firm;
  • Bank reference letter, in the English language, from current or previous banker (required by some banks)
  • Detailed Curriculum Vitae, in the English language

For Corporate Directors or Shareholders

Full set of corporate documents, in the English language, legalized by the relevant authorities in the country of incorporation. The Documents must include:

  • Certificate of Incorporation
  • Certificate of Registered Address
  • Certificate of Directors & Secretary
  • Certificate of Shareholders
  • Certificate of Good standing (if the company is more than 1 year old)
  • Certificate of Incumbency, or extract from the Registry, or other official document, with a current date, clearly stating the Directors and shareholders, or certified true copies of the registrar of members and directors
  • Appointment of First Directors
  • Copy of Trust Deed
  • Copy of the most recent financial statements
  • Business and operational profile

Opening of Bank Accounts

  • Detailed description of the main activities
  • Anticipated turnover of the company per annum
  • The expected origin of funds to be credited/debited
  • Group Structure with all companies/counterparties involved
  • Currencies

All of the above must comply with the rules and regulations of the Central Bank of Cyprus.

Adopted Currency

Cyprus currency is the Euro.

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    CGO Group

    CGO Group
    Michał Gawlak
    Partner / Attorney-at-law
    CGO Legal CGO Finance