Step by Step Instructions on Opening a Bank Account in Cyprus
Anyone who wishes for opening a bank account in Cyprus is free to go to the bank of his or her choice. There is no appointment necessary, but be sure to bring along the basic documents.
The documents include your passport or another acceptable proof of identity and proof of address, probably your utility bill or title deeds. Other documents may be required especially if it is to be registered as a corporate account.
Step by Step instructions on opening a Bank Account in Cyprus
The following basic requirements have to be met before any Cypriot Bank can accept your application:
- The applicant should be of legal age, which is over the age of 18 in Cyprus
- Proof of identity, which is commonly your passport
Additional Requirements for the Cyprus Corporate Bank Account
Additional documents have to be submitted for the pursuance of corporate bank accounts. It is important that you assign a legal entity tasked to supervise this because of the complexities. The problems involve in some of the documents, which may be required by the banking institution.
- Certificate of Good Standing for companies who were registered abroad for over two year
- Certificate of Incorporation or Registration
- Certificate of Directors and Secretary
- Certificate of Shareholders
- Certificate of Registered Office
- Minutes indicating the appointment of its initial Directors together with the establishment of the company
- Trust Deeds existing between the registered shareholder(s) who will act as the nominee and the beneficial owner(s)
- Proof of business address
- Ownership or Group Structure
- The Banks account-opening documents or forms
- Partnership Agreement
- Certificate of Good Standing for partnerships registered abroad for more than two years
- Certificate of Incorporation and its registered office
- Certificate of Members/ Partners
- Account opening documents from the chosen bank
Opening a Cyprus Bank Account by Mail from Abroad
Individuals outside of Cyprus that wish to set-up an account in its midst are given freedom to do so. The accounts set up by hiring the services of a finance institution or directly inquiring from your bank of choice.
You may then fill-out the necessary forms online or request that it be delivered through mail, especially if the documents requires authentication. Once this is done, you will receive your bank information and begin taking advantage of the benefits Cypriot banks can do for you.
Opening a Cyprus Bank Account in Person
Individuals and companies are given liberty to set-up their own bank account by personally submitting the above documents to their bank of choice.
It has its own advantages, since you will be directly supervising the approval of your bank registration. But for busy individuals it would be best to request legal or finance institutions to handle this for you.
In this manner, it saves time and Money used to the maintenance and supervision of your business growth. The only time you and the officers may need to appear may solely be for the signature verification. Otherwise, the physical appearance of the officers may not be necessary.
Given all of the documents are submitted without any error, the process takes no longer than a week to finish. However, it is better if you will ask around to see which among the banks in Cyprus offers the best rates and services.