Cyprus’s banks operate according to the European Union laws and regulations, making them reliable and attractive for individuals and businesses. There are 16 banks: 5 local and 11 international.
Foreigners can open business or personal bank accounts, take out loans or mortgages, use mobile banking, and benefit from other services.
Cypriot banks are also suitable for people who plan to transfer money not only within the EU only but around the world.
The financial sector is one of the leading sectors of Cyprus's economy. The country houses 16 banks: both local and international.
One of the main advantages of Cyprus's banking system is that foreigners can start opening an account in a Cypriot bank remotely from any part of the world.
Some foreigners choose to get a country's permanent residence to make becoming a bank's client easier. Terms of obtaining Cyprus permanent residence
Currencies. The main currency in Cyprus is the euro, so by default, all the transactions are made in euros. Operating with US and Canadian dollars, Swiss francs, and other currencies is also possible.
Regulations. The Cypriot banking system is controlled by the Central Bank of Cyprus, which takes care of both local and international banks.
Since 2014, the Central Bank of Cyprus has been a part of the European system of central banks. Therefore, it works following EU laws and standards.
Products and services. Cypriot banks offer services to both citizens and foreigners. You can:
Business hours. Most banks work from Monday to Friday, 8:00 am to 3:00 pm. On Fridays, some of them also have short days. On weekends and official holidays, bank offices are closed. However, ATMs work daily, so withdrawing money is always possible.
Public holidays when banks are closed are the following:
There are 16 banks in Cyprus. Five of them are local and considered the biggest banks in the country:
Other banks are international and come from both EU and non-EU countries:
You can open an account by visiting a branch of a specific bank or by using an app.
Personal account. The list of documents can vary from bank to bank, but the basic package includes the following:
Opening a personal bank account in a Cyprus bank from abroad is also possible. You need to download an app from a particular bank to do so. Then you need to scan your ID card or passport to authenticate your personal details and take a selfie to confirm them. Lastly, enter the code sent to your mobile phone and create a password.
With an app, you can transfer money, pay bills, check your balance, etc.
Corporate account. The complete list of documents depends on the bank, but in general, you would need to provide the following:
Opening an account in Cypriot banks is free of charge; however, you would need to pay a maintenance fee. For example, individuals pay €2 for a current account in AstroBank. In the Bank of Cyprus, the maintenance fee for a savings account is €5.
If you don’t use an account, it will be considered dormant, and there will be an additional fee, for example, €5 in AstroBank or €6 in the Bank of Cyprus.
The interest rate for a credit card is around 9—12%.
Fees for transferring money depend on where to, how much and in which currency you're transferring. For example, if you need to transfer up to €1,000 to a bank account within the EU, you would need to pay €8. If you transfer the same amount to a non-EU/EEA country, the fee will be €35.
Loan and mortgage rates in the majority of Cypriot banks depend on Euribor rates. It means that when the Eurinor interest rates rise, so does the interest rate in Cyprus banks, and vice versa.
As for the rates, you can take a mortgage at around 5% and a loan for a new car at 6—7% in Alpha Bank Cyprus. Interest rates for loans on the purchase of used cars are higher by 1—1.5%.
Non-residents of Cyprus can use the services of the country's banks. However, before they are eligible, for instance, to open an account, they need to undergo strict Due Diligence conducted by a bank.
It is easier to open a bank account if you're a country resident. Some people participate in the Cyprus Golden Visa program, which equals permanent residency.
Permanent residency can be obtained by investment. An applicant must invest at least €300,000 in the country’s economy. Investors can purchase residential and commercial real estate, shares of Cypriot companies, and securities. Cyprus permanent residency by investment
To be eligible, the investor must meet several requirements:
When applying, investors can add their close family members: spouses or partners and children.
The average time of obtaining permanent residents is 3+ months. To maintain the status, the investor and their family must visit Cyprus once every 2 years.
Most of the banks in Cyprus are international. For example, international banks that operate in the country are:
The Bank of Cyprus is the most popular in the country as it has 80+ branches. Its headquarters are located in Strovolos.
Yes, foreigners can open a bank account in a Cyprus bank. It can be done both online through an app or offline in one of the bank branches.
Yes, you can open an account in a Cypriot bank online. To do so, you need to download an app from a specific bank, scan your ID card or passport to authenticate your personal details, and confirm them by taking a selfie.
