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How to open bank account in Cyprus

How to open bank account in Cyprus

Cyprus is perhaps one of the most attractive and reliable financial centers in the Mediterranean. No matter what your purpose is to come to this island, be it to live, work or do business, opening a bank account in Cyprus is a key step. In this article we will look at the benefits, account opening procedures and required documents for individuals and companies.

Cyprus strives to create a reliable banking system, a developed economy and attractive conditions for foreign investors. This strategy has led to a constant increase in the number of relocants coming to the island from different parts of the world. Regardless of your goal, opening a bank account becomes an integral part of your plan.

It is important to note that Cyprus is not considered an offshore, but it provides a mild tax climate and favorable economic conditions for business development. This factor contributes to the growth of the banking system, which is obliged to provide its clients with reliability and security.

Currently, the procedure for opening a bank account in Cyprus has become more strict. The number of required documents has increased, and it is necessary to prove the legality of the origin of funds through the “due diligence” (detailed verification) and “KYC” (know your client) procedures. At the moment (September 2023) opening a bank account in a Cypriot bank is very difficult for Russian residents. This is due to restrictions imposed in accordance with the sanctions.

To speed up and simplify this procedure, it is important to know the nuances and correctly collect the necessary documents. The key is to thoroughly familiarize yourself with the rules and requirements of the chosen bank.

Development of the Cyprus financial system

Since 2008, when Cyprus joined the European Union, the financial system of this country began to actively develop. The financial sector has become one of the key components of the Cyprus economy. This growth has provided opportunities for successful development for many companies and investors.

The statistics for March 2019 are impressive:

  1. More than thirty foreign banks are officially registered in Cyprus.
  2. The total loan amount was 38,300,000,000 euros.
  3. All deposits in banks in Cyprus amounted to 47,500,000,000 euros.

The loyal financial policy of Cyprus contributes to the stable growth of the country’s economy and the welfare of both local and foreign companies that use the services of Cypriot banks.

Opening a bank account in Cyprus can give you access to a reliable banking system and a variety of financial opportunities. However, it is important to consider the current restrictions and requirements in order to successfully complete the account opening procedure and enjoy all the benefits of this unique financial center.

In recent years, not only the procedure for opening bank accounts has changed in Cyprus, but also the registration process itself. New changes in legislation, such as the law on combating money laundering and new rules of the Central Bank, have made their own adjustments. An important innovation is the ability to initiate the procedure for opening a bank account online.

What is important to know about the Cypriot banking system as a whole?

When it comes to the Cypriot banking system, it is important to know that the head of all financial institutions is the Central Bank of Cyprus, or CBK for short. It plays a key role in ensuring the stability of the island’s financial sector. Although service may vary from bank to bank, the main differences are transaction fees and annual account and card maintenance costs.

The Central Bank of Cyprus provides the opportunity to open bank accounts for both individuals and companies, regardless of their jurisdiction. However, it is worth considering that there are certain requirements.

To open a personal bank account, an important condition is the age of the applicant – he must be over 18 years old. In other aspects, the choice of bank is at the discretion of the client, and he may prefer the one that meets his needs and offers the most favorable conditions.

What bank account can be opened in Cyprus and for what purposes?

There are many types of bank accounts available in Cyprus, designed for different functions and purposes. Among this variety, the following common types of bank accounts can be distinguished:

Multicurrency account (Multi-Currency Account). This account can hold funds in various currencies, which is especially convenient for people who frequently travel abroad or do business with foreign companies.

Current account. This is the most popular and widely used type of bank account, intended for everyday financial transactions such as purchasing goods and services or paying bills. A personal account can be opened for both residents and non-residents. Often such an account functions as a salary or debit account. If your salary is paid by a Cypriot company, the bank may provide account servicing privileges. This account can also be opened in the form of a deposit if you wish to accumulate funds. To open a current account, you must provide documents confirming your identity and place of residence.

Credit account (Credit Card). This account allows the bank to issue an overdraft or loan to clients under certain conditions upon payment of interest for the use of credit funds. A credit card gives you the ability to make purchases on credit and pay off the debt later. It can be useful for daily expenses and travel.

Savings Account. This account is intended for savings purposes and is not typically used for day-to-day financial transactions. It may have withdrawal restrictions and is generally intended to hold funds that will not be needed in the near future.

Electronic payment account. This account is designed for electronic transfers and payments, which provides convenient and fast online transactions, such as paying for goods and services over the Internet.

Debit Card. A debit card is linked to your checking account and allows you to pay using the funds in your account. It is suitable for everyday operations.

Deposit Account. A deposit account is designed for large sums of money that you want to deposit for a specific period of time. For this, the bank usually charges a higher interest rate than on a savings account. However, please note that access to funds may be limited during the selected period.

Electronic wallet (E-wallet). Electronic wallets allow you to conduct fast online transactions, including paying for goods and services over the Internet.

Specialized bank accounts in Cyprus and their application

In Cyprus, specialized bank accounts are available for various types of activities. Here are some of the most common types of such accounts:

An investment account is an account that necessarily has a constant minimum balance, in the presence of which interest accrues. It is intended for long-term financial investments and provides the opportunity to invest funds in various financial instruments, including stocks, bonds, investment funds and others.

Account for financial markets. This type of account is designed for trading in financial markets such as Forex markets and stock exchanges. It provides the opportunity to conduct transactions on global financial markets.

Corporate account. Having a corporate account is mandatory for registering a company in Cyprus. This account is necessary for the authorized capital and for performing various financial transactions in the future. Opening a corporate account is no more difficult than opening a personal one, but you will need to provide additional documents.

Business account.

A business account is used by businesses and companies to conduct their business activities. This account may have specialized functions such as issuing checks and allowing for loans.

Many companies are interested in creating a merchant account for their e-commerce activities. This account is integral to the functioning of online organizations. It is important to follow the following steps when opening such an account:

  1. Apply for a trading account.
  2. Provide a Company Registration Certificate.
  3. Ensure the security of your website visitors’ personal information to ensure it remains safe when associated with a business account.
  4. Install the necessary payment equipment.

Opening a merchant account is becoming an increasingly popular service in Cyprus, especially with the increasing number of companies operating in the e-commerce sector. Having corporate and trade accounts is essential for online businesses in Cyprus. However, such accounts can also be opened for traditional organizations by following the necessary procedures and providing the necessary documentation.

Choosing a bank account depends on your needs, and each of the options listed above has its own unique benefits. When choosing, consider your financial goals and preferences to find the best option for you in Cyprus.

Which account to choose for a legal entity?

For any legal entity, having a corporate bank account is an important aspect of doing business. It not only provides basic financial transactions, but also helps in financial management and provides legal transparency. However, choosing the right account depends on various factors, including the type of company and its activities.

Here are a few key types of business bank accounts that your company may need:

  1. Current corporate account (Current Account). This account allows a company to carry out day-to-day financial transactions such as paying bills, receiving payments from customers and making transfers. This is the main bank account that is used for business.
  2. Deposit corporate account. A deposit account is designed to place large sums of money for a specified period. It typically provides higher interest rates than a checking account, but access to funds may be limited for the duration of the chosen term.
  3. Corporate Credit Card. This is a tool for managing company expenses. It allows company employees to make purchases on behalf of the company, and later pay off the debt.
  4. Corporate Debit Card. A debit card is linked to a business checking account and is used for day-to-day transactions.

In addition to those listed above, there are other types of corporate accounts that may be important for your company:

  1. Account for international transactions (International Account). Allows companies to conduct international financial transactions, including currency conversion and transfers.
  2. Special corporate account (Escrow Account). It is used for temporary storage of money when payment occurs after certain conditions are met. For example, when conducting business or real estate transactions.
  3. A foreign currency corporate account is applicable for storing and conducting transactions with foreign currency.
  4. A payment processing account (Merchant Account) is necessary for a company to accept client payments using bank cards.
  5. Safe corporate account (Safe Deposit Box). Allows you to store securities, documents and other materials in a safe place in the bank.

The choice of a specific type of corporate account will depend on the goals and needs of legal entities. It is important to carefully consider each option and consult with your bank to choose the optimal corporate account that meets your requirements and the specifics of your business.

Procedure for opening a bank account in Cyprus

Opening a bank account in Cyprus is an important step for individuals and companies wishing to manage their finances and conduct banking transactions on this beautiful island in the Mediterranean. However, due to changes in legislation and the fight against money laundering, the procedure for opening an account has become more strict and demanding.

The procedure for opening a bank account in Cyprus may vary depending on the bank, account type and currency chosen.

The main steps you must take to open an account in Cyprus:

  1. Selecting account type and bank. Cyprus offers many banks, and each of them provides a variety of services and types of accounts. First of all, you need to choose a bank that suits your requirements and needs.
  2. Submitting an application to open an account. This procedure can be performed both online, on the bank’s website, and in its office.
  3. Providing documentation depending on account type and bank to confirm your identity and financial reliability. The basic package of documents usually includes:
  4. documents confirming the origin of funds, such as contracts and tax returns;
  5. a certificate of good credit history from the previous bank;
  6. proof of residence, such as utility bills and rental agreements;
  7. justification of the purpose of creating an account indicating the amounts to be deposited;
  8. identification document (most often a passport).
  9. Signing an agreement to open an account containing data on tariffs, commissions and rules for using the account.
  10. Making an initial deposit, the amount of which may vary depending on the type of account and the chosen bank.
  11. Obtaining bank details that will allow you to conduct banking transactions.

Please note that if you open an account in Cyprus, the procedure may take some time. Therefore, it is better to apply in advance and provide all the necessary data.

Documents for opening a personal account for a private person

Opening a personal bank account in Cyprus is an important step for individuals, regardless of whether they are residents of the European Union or third countries. The account opening procedure requires the provision of a certain set of documents, and requirements may vary depending on the selected bank and client status. Let’s look at the basic documents required to open a personal bank account in Cyprus.

  • A certificate from the employer (salt slip) may be required if the client works as an employee.
  • Information about existing credit cards and/or bank accounts.
  • Identity documents. To begin with, an individual wishing to open an account must be over 18 years of age. For citizens of the European Union, a valid foreign passport is sufficient. For non-EU citizens, a valid passport and a Cyprus visa or residence permit are required. It is important that the document is valid at the time of opening the account and has an expiration date no earlier than six months later.
  • Purposes of using the account.
  • Bank application form and resume. The bank may require the client to fill out a questionnaire and provide a resume. The application form may vary slightly from bank to bank.
  • Application for opening an account in the selected bank.
  • Some banks may require the provision of account statements for the last six months from previous banks.
  • Documents confirming your place of residence, such as recent utility bills for the last 3 months, title deed (if you have real estate) or a lease agreement.
  • Documents confirming the origin of funds that will be transferred to the account. These may be certificates of inheritance, contracts, tax returns and others.
  • Translation of documents into English. If the client does not speak it, it may be necessary to provide a translation of all documentation into English.
  • Local recommendation. Some banks may require a reference, for example from a lawyer or another bank.

The list of required documents may vary depending on the requirements of the Cypriot authorities and the bank. Therefore, it is recommended to contact your chosen bank directly to obtain detailed information about the required documents and the account opening procedure.

Documents for opening a corporate company account

Opening a corporate bank account in Cyprus is an important step for companies, regardless of their type and area of activity. The type of business bank account a company needs may depend on its business model and specific needs. For example, companies involved in international trade may benefit from accounts for foreign exchange transactions, while service providers may benefit from accounts for processing payments.

Main types of Cypriot corporate bank accounts:

Accounts for receiving payments. These accounts are designed to accept payments from business partners and clients of the company. They are an integral part of the financial infrastructure of the enterprise.

Accounts for settlements ensure the smooth functioning of the business. These accounts are used to pay suppliers, pay employees, and carry out other urgent financial transactions.

Special accounts. These accounts are created to perform specific transactions. For example, a company may open a special account for trading on the stock market or for conducting international financial transactions.

In addition, Cyprus provides the opportunity to open a multifunctional corporate account, which allows a company to conduct a variety of financial transactions from one account. This includes payment processing, transfers and foreign exchange transactions.

What documents are usually required to open a corporate account in Cyprus?

1. Company documents:

  • Constituent. An important element is the provision of a charter or agreement on the establishment of a company, as well as a notice of the establishment of a company and other documents confirming the right to conduct business.
  • Confirmation of registered office. This could be utility bills or an office lease agreement.
  • Certificate of registration of a company in Cyprus.
  • Information about the directors and secretary of the company. Important information about the company’s management team.
  • Full company details. Including full company name, legal entity address and telephone numbers.

2. Documents for opening an account:

  • Certificate from the bank in your country of residence confirming the availability of a bank account.
  • Agreement to open an account in the form of a Bank of Cyprus.
  • Company tax number. This number is important for tax reporting.
  • Card of sample signatures of the company’s authorized representative. This document specifies who has the authority to sign financial documents on behalf of the company.
  • Detailed description of activities and sample contracts. This helps the bank understand how the company plans to use its account.

3. Documents proving the identity and place of residence of the authorized representative of the company. This may be a passport or other identification document, as well as utility bills or other documents confirming your place of residence.

4. Documents confirming the origin of funds: contracts, tax returns, financial statements, etc.

5. Documents certifying the authority of the person signing the agreement to open an account on behalf of the company. If the person signing the agreement is not a director or official authorized representative of the company, a power of attorney issued by an authorized person of the company will be required.

In addition to complying with the documentary requirements, you will also need to personally visit a bank representative office or conduct a video interview with a bank employee. This is necessary to establish identity and verify documents.

To successfully open a corporate account in Cyprus, all documents must be in English or accompanied by an official translation certified by a notary.

Which bank to choose in Cyprus?

How to choose the right bank to open a corporate account in Cyprus? This choice depends on many factors, including the size of your business, your banking needs, and the reputation of the bank. It is important to note that Cyprus offers a wide range of banking institutions and you should evaluate them carefully to find the best option for your needs.

Here are some famous banks in Cyprus:

  • Eurobank Cyprus. Relying on numerous prestigious awards, the bank is recognized as the best in customer service and has an outstanding customer experience.
  • Bank of Cyprus. The largest bank on the island, providing a variety of banking services for both legal entities and individuals.
  • AstroBank. A medium-sized bank specializing in servicing legal entities. Recently, it took over assets and liabilities from the former RCB Bank.
  • Hellenic Bank. The second largest bank in Cyprus, which also provides a wide range of banking services.
  • Ancoria Bank. A small bank providing services to both legal entities and individuals.
  • Ecommpay and Unlimint. Popular payment platforms and FinTech companies, especially in demand in the IT sector.

Choosing a bank in Cyprus should be based on your specific needs. Some banks may be more suitable for large enterprises, others for start-ups. Consider interest rates, terms of service and availability of online banking when choosing a bank.

First of all, you need to carefully read the conditions offered by a particular bank. For example, when opening a personal bank account, you may be required to deposit a certain minimum amount. For business accounts, it is critical to examine the terms and conditions associated with international money transfers, especially if foreign shareholders are clients of the company.

When opening a bank account in Cyprus, you should also pay attention to the availability of online banking. This option greatly simplifies many procedures, such as moving funds between accounts and making changes to details that are extremely important when conducting financial transactions internationally.

It should be emphasized that each bank may have its own characteristics and requirements. Therefore, before opening a bank account in Cyprus, it is recommended that you study the terms and conditions provided by the particular financial institution in detail to ensure that they meet your needs and requirements.

Now let’s look at the features and specifications of each of the above banks in more detail.

Eurobank Cyprus

Formerly known as Marfin Popular Bank, it is one of the leading banks in Cyprus, providing a comprehensive range of financial services to customers. Founded in 2007 as a subsidiary of the Greek Eurobank EFG, the bank was renamed Eurobank Cyprus in 2012 after a merger with Marfin Popular Bank.

The main features and characteristics of Eurobank Cyprus include:

  • Stability and reliability in the financial services market. The Bank is actively working to strengthen its position and provide a high level of service to its clients.
  • Digital banking services. Eurobank Cyprus actively invests in modern digital technologies, providing clients with access to online banking and a mobile application. It allows customers to manage their accounts, make payments and get information about their finances online.
  • Corporate services. The bank provides comprehensive services for legal entities, including opening corporate accounts, lending, securing loans, and liquidity management services. This makes it a valuable partner for businesses.
  • Banking services for individuals. Eurobank Cyprus offers a variety of banking services for individuals, including various types of accounts, credit cards, mortgages and personal loans. Customers can easily manage their finances and accounts using modern digital platforms.
  • Network of branches and Internet platforms. The Bank provides customers with access to its services through a network of branches distributed throughout the country, as well as through its mobile and Internet platforms.

Eurobank Cyprus is a reliable and strong bank providing a variety of financial services to both individuals and legal entities. Modern digital solutions make its services more convenient and accessible to customers.

Bank of Cyprus

Bank of Cyprus is a stable and reliable bank with a long history and strong reputation in the market. The bank has high creditworthiness, confirmed by ratings from major international rating agencies such as Moody’s, Fitch and Standard & Poor’s. These ratings indicate its financial strength and reliability.

It is the largest and one of the most reputable banks not only in Cyprus, but also in the North Africa and Middle East region. This bank boasts a long history in the Cypriot banking sector and provides a wide range of banking services to both corporate clients and individuals.

Bank of Cyprus was founded in 1899, and since then it has held a leading position in the banking industry in Cyprus. The Bank actively developed and expanded its activities internationally, becoming a member of the European System of Central Banks. It is also a member of the European Banking Council and the European Banking Association, which underlines its important position in the European financial system.

Banking products and services

Bank of Cyprus provides a variety of banking products and services including:

  1. Investment and financial advice for clients looking for opportunities to invest their funds.
  2. Savings and checking accounts. Suitable for individuals and corporate clients.
  3. Mortgages and business loans for those looking to finance a home or expand their business.
  4. Credit cards with a wide range of options and conditions.
  5. Asset management, where professional investment managers help clients manage their assets and investments.

One of the outstanding features of Bank of Cyprus is its wide network of branches distributed throughout Cyprus. This ensures ease and convenience of using banking services for both local residents and tourists. In addition, the bank can offer highly qualified staff who are ready to provide professional assistance in choosing the most suitable banking products and services.

Bank of Cyprus plays an active role in the development of the Cypriot economy. The bank finances local businesses and invests in a variety of sectors including tourism, agriculture, industry, real estate and others. This helps create jobs and stimulate economic growth on the island.

Bank of Cyprus remains one of the key players in the Cypriot financial system and provides a variety of banking products and services to both individual clients and companies. With a long history and an outstanding reputation, the bank continues to be a pillar of stability and reliability in Cyprus and beyond. Through its wide range of services and activities, Bank of Cyprus continues to support the development and growth of the Cyprus economy, providing financial support to both local businesses and foreign investors, making it a key player in the region’s banking scene.


This bank has established itself as a reliable financial institution focused on serving corporate clients. Founded in 2008, AstroBank has grown into an innovative organization offering a variety of banking products and services, with an emphasis on modern technology and quality of service.

Main features of AstroBank:

  1. The international cooperation. The Bank actively cooperates with international financial institutions and banks, which provides access to international financial resources and expands the geography of banking services.
  2. Services for enterprises. The bank offers a variety of services to corporate clients, including bank guarantees, export and import financing, liquidity management and other banking solutions designed to support businesses.
  3. Loans. The bank provides a wide range of loans, including mortgages, car loans, education loans and much more. Customers also have access to loan restructuring services, which allows them to adapt financial solutions to their needs.
  4. Internet banking. One of the key aspects that makes AstroBank competitive in the market is its developed Internet banking system. Customers can manage their accounts, make transfers and conduct financial transactions online for maximum convenience and accessibility.
  5. Funds. AstroBank provides asset management and investment services, including portfolio management, investment funds and securities markets trading.
  6. Bank cards. The bank provides credit and debit cards, including popular brands such as Mastercard and Visa. These cards can be used to withdraw cash from ATMs and make purchases, both in stores and online.
  7. Deposits. AstroBank offers various types of deposits, including irrevocable and term options with a variety of interest rates. This allows clients to choose the most favorable conditions for storing their funds.

Hellenic Bank

It is the largest private bank in Cyprus, providing a variety of financial services to both private and corporate clients. With a rich heritage and long experience in banking services, the Bank is committed to providing customers with the highest quality of service and innovative products.

Main characteristics of Hellenic Bank:

  1. Customer service. The Bank invests significant efforts in providing a high level of customer service. Having been operating in the financial services market for many years, the bank understands the importance of quality service and strives to satisfy the needs of each client.
  2. Services and products. The bank provides a variety of products and services tailored to all customer needs. For corporate clients, Hellenic Bank offers services in liquidity management, lending, trade finance, international payment services and many other financial solutions. Investment products, credit and debit cards, deposits, mortgages, loans and much more are available for private clients.
  3. Innovation. Hellenic Bank actively invests in its technology base and offers clients modern tools to manage their finances. The bank follows the latest market trends and offers innovative products and services to meet customer expectations.
  4. Loyalty program. For its clients, Hellenic Bank provides a loyalty program, which includes various privileges and discounts on products and services. This is one of the bank’s ways to show appreciation to its customers.
  5. Responsibility. Hellenic Bank is committed to high standards of corporate responsibility and sustainable development. The Bank integrates social and environmental principles into its activities and supports various charitable programs.

Hellenic Bank, as one of the largest private banks in Cyprus, with a focus on customer service and innovation in the world of financial services, continues to hold a leading position in the industry. With its specialized product line and strong reputation, the bank is a reliable and responsible financial partner for both individuals and businesses and continues to contribute to the economic growth and prosperity of Cyprus.

Ancoria Bank

Founded in 2016, it is a relatively new bank in Cyprus, but its rapid popularity and success is testament to the high degree of reliability and competitive services it provides.

Ancoria Bank Features:

  1. Competitive interest rates. The Bank offers competitive interest rates on deposits and other banking products, making its services attractive to customers.
  2. Protection of accounts and deposits. Ancoria Bank prioritizes the safety of its customers. The Bank strictly complies with regulatory requirements and uses modern encryption and fraud protection technologies, ensuring reliable protection of accounts and deposits.
  3. Focus on personal service. The bank stands out for its high level of customer service and individual approach. The Bank strives to meet the needs of each client and provides personalized financial solutions.

Ancoria Bank’s core services include:

  1. Payment processing and transfer services. The bank makes it easier for its clients to make payments and transfers by providing modern services and technological solutions.
  2. Providing credits and loans. The bank offers a wide range of credit products for individuals and businesses, including loans and borrowings for various purposes.
  3. Opening and servicing of bank accounts. The bank provides customers with the opportunity to easily open and maintain bank accounts, including both accounts for individuals and corporate accounts.
  4. Investment services. Ancoria Bank also provides asset management and investment advisory services. Clients can access a variety of investment opportunities.

Ancoria Bank is an innovative and reliable bank in Cyprus, providing customers with high quality banking services with an emphasis on personal service and security. The bank’s relatively short history is testament to its ability to adapt to the demands of modern customers and provide competitive financial solutions.


Incorporated in Cyprus in 2009, this leading global payments firm specializes in providing a variety of online payment solutions including e-wallets, card processing, international transfers and more. With a wealth of experience and many benefits, Unlimint, formerly known as CardPay, has become a trusted partner for businesses around the world.

Main advantages of Unlimint:

  1. Safety and reliability. Unlimint strictly complies with international data processing and security standards. This is important for both businesses and end users, as it provides protection against fraud and unauthorized access to financial information.
  2. Global presence. Unlimint has offices and representative offices in different countries, allowing it to serve clients around the world. The company has an international license for payment processing, which gives it the right to work with clients from different countries. This global presence contributes to effective customer support and empowerment.
  3. A wide range of tools and services for processing online payments. This includes e-wallets, international transfer capabilities, various payment processing options and foreign exchange services. This multifunctional approach makes the company an ideal choice for businesses of various sizes and directions.

Unlimint is a reliable partner for business projects that need to optimize and ensure the security of their online payments. The company provides technology-based solutions that are tailored to each client’s individual needs and remains at the forefront of innovation in the world of financial technology.


It is a Cyprus-registered fintech company specializing in providing a variety of e-commerce and online payment services. Founded in 2012, the company has been successfully developing its business, providing clients with access to innovative solutions in the world of digital finance.

The main features and services provided by Ecommpay include:

Partnerships with major banks and payment systems. The company has a wide network of partners, including large banks and payment systems, which provides clients with access to a variety of financial resources and instruments.

Own technology platform. One of the key features of the company is its own technology platform for processing online payments. This allows the company to provide clients with high-quality services, taking into account their individual needs.

Support for online stores. Ecommpay works with various online stores, providing secure and convenient payment for goods and services. This creates a secure environment for e-commerce.

Processing credit cards and electronic payments. Ecommpay provides customers with the ability to accept payments through a variety of channels, including credit cards and electronic payments. This greatly simplifies the process of online trading and makes it more accessible.

Personalized solutions. Ecommpay provides customers with personalized solutions, allowing them to select only those services that suit their specific needs and business model.

Services in the field of risk management and fraud prevention. The company provides clients with tools and solutions for effective risk management and fraud prevention, which is an important component of online payment security.

Issuance of bank cards. The company provides services for creating your own bank cards, which allows businesses to create personal financial solutions and easily manage them.

Ecommpay is committed to providing reliable and innovative solutions in the online payment and e-commerce industry. Thanks to its technological expertise and flexible approach to clients, the company remains one of the leaders in this dynamically developing area of financial services.

How to get a loan from a bank in Cyprus

Cyprus, with its picturesque beaches and warm Mediterranean climate, attracts not only tourists, but also foreign citizens looking to invest in housing on the island. Obtaining a loan for personal needs, including for the purchase of a car or real estate, is available to both local residents and foreigners with permanent residence in Cyprus.

Car loans

Terms for new and used car loans may vary. For example, the maximum loan amount for a used car in Alpha Bank Cyprus – 300,000 €, for a new one – 500,000 €. A loan agreement for the purchase of a new car is concluded for a period of up to 7 years, for a used car – up to 5 years. Alpha car loan rate Bank Cyprus is 3.84%. The client also pays a commission of 100 €.

In some banks, the interest on the loan is higher if the car is used. AstroBank issues loans for the purchase of a car without mileage at a rate of 2.95%, for used cars – 3.95% . Preferential conditions apply for the purchase of environmentally friendly cars.

Consumer loans

The average interest rate for personal loans in Cyprus is 2.9%. This rate depends on the loan amount, repayment period and the presence of collateral. For example, Hellenic Bank offers loans to customers who already have deposits with the bank at a rate of 3.25%, while for new customers the rate is 3.4%. Credit card rates are higher than consumer rates. For example, in Hellenic Bank it is 12% per annum. Consumer loans are provided to borrowers not older than 65 years.


Mortgage loans are an important part of the property market in Cyprus. The down payment varies from 10% to 30%. For example, at Bank of Cyprus the down payment for the purchase of real estate is 20%. The average mortgage interest rate on the island is 2.3%, but some banks offer better terms. For example, at AstroBank the interest rate may be as low as 1.8%. The terms of mortgage loan agreements can range from 5 to 40 years.

Cyprus pays increased attention to the environment. Hellenic Bank provides a discount of 0.15% on the mortgage rate for the purchase of energy-efficient class A houses.

Why choose the Cyprus banking system: advantages

The banking system of Cyprus is recognized as one of the most reliable and stable in Europe and around the world. Many advantages make it attractive to foreign companies and individuals:

Wide selection of banks and account types

There are many banks in Cyprus, each offering different services and account types. This allows customers to choose the best option that suits their needs and goals.

Complete client confidentiality

Cypriot banks strictly adhere to the confidentiality policy and do not disclose information about their clients to third parties without their consent or a court order. This makes the Cyprus banking system attractive to those who value their security and privacy. Data security and banking secrecy are of the highest priority in the Cyprus banking system. In the event of an insured event, insurance compensation for bank accounts and deposits is paid to the depositor in the amount of 100% of the amount of deposits in the bank, but not more than 100,000 euros. This provides additional protection for clients.

Excellent banking service

Cyprus banks provide a wide range of services including international transfers, lending, investing, internet banking, mobile banking, debit and credit cards, deposits and safes. Services are available in English and other languages for ease of use by international clients.

Reliability and stability

The Cyprus banking system is regulated by the Central Bank of Cyprus and meets the high standards of the European Union. Cypriot banks are renowned for their reliability and stability, which gives confidence to clients and investors.

Liberal monetary policy

Cypriot banks do not limit clients in conducting foreign exchange transactions and converting currencies. You can open an account in any of the world’s currencies and freely transfer money between different accounts and countries. This is especially useful for those involved in investments or international business.

Low down payments

Opening an account in a Cypriot bank is available without significant costs. This is one of the advantages of the Cyprus banking system for foreign clients, making it accessible to a variety of budgets. Depending on the type of account and the chosen bank, the down payment can range from only 100 to 1000 euros.

Favorable tax climate

Cyprus is known as a tax haven for many foreign investors and companies. The country offers some of the lowest tax rates in Europe, making it a magnet for business. This includes low corporation tax and no income tax on the sale of shares.

Overall, the Cyprus banking system provides many benefits to customers, making it one of the most attractive and reliable systems in the world. Stability, favorable tax conditions, variety of services and guaranteed confidentiality make Cyprus an excellent choice for banking needs of both individuals and corporations, and allow you to conduct business transactions with ease and confidence.

However, the Cyprus banking system has experienced certain problems in the past. These include:

  • High level of problem loans and low profitability of banks. Many clients faced problems with loan repayment, which affected the profitability of banks.
  • Exchange of part of client funds for shares or freezing of interest for accounts holding amounts over 100 thousand euros. These measures were introduced to stabilize the financial situation in Cyprus.
  • The decline in the scale of the banking sector after the 2013 crisis. At this time, banks faced serious financial difficulties, which led to a reduction in the scale of their activities.

The 2013 crisis created serious challenges for the Cyprus banking system. Large banks were exposed to the risk of default due to their dependence on Greek debt. In order to receive financial support from the European Union and the International Monetary Fund, Cyprus had to agree to tough measures, such as restructuring the banking system, raising taxes and cutting budget expenditures.

Since then, the banking system of Cyprus has undergone significant changes and strengthened its stability and reliability. Banks have improved their capital ratios, increased liquidity and asset quality, and increased their efficiency and transparency. They also continue to support the country’s economic recovery and provide a wide range of services to their customers.

Innovations of Cyprus banks for opening an account in 2023

EY Cyprus has presented its report on the future of the Cyprus banking sector. The report highlighted four key aspects, including commitment, vitality, security and stability, and progressiveness of the banking sector. These factors highlight the importance and resilience of Cypriot banks in the region.

In 2023, the Cyprus banking system continues to develop and introduce innovations, making the process of opening an account even more convenient and accessible. Here are some of the key innovations:

Online applications for opening an account. You can now apply for a Cyprus bank account online, without having to visit a bank branch. The process is simplified and more convenient for customers. You just need to create an account on the website of the selected bank and attach copies of the necessary documents such as passport, residence permit and others.

Reduced minimum balance requirements. Many banks in Cyprus have simplified the customer verification process and revised the minimum account balance requirements. For example, Bank of Cyprus no longer requires a minimum balance to open a checking or deposit account. This makes banking services more accessible.

Favorable conditions for investors and borrowers. Banks continue to provide attractive conditions for depositors and borrowers. For example, Eurobank Cyprus Ltd offers deposits with a yield of up to 1% per annum in euros and up to 2% per annum in US dollars. CDB (Cyprus Development Bank) provides loans secured by real estate on the island or abroad with an interest rate of 2.5% per annum.

Stability of the banking system. The Cypriot banking system has demonstrated its resilience during the coronavirus pandemic and beyond. Banks supported borrowers and savers, and their actions effectively complemented government measures. Due to their reliability and stability, Cyprus banks remain an important element of the country’s economy. However, developments in the global economy may affect the Cyprus economy. It is important to note that Cyprus is heavily reliant on imported energy and current events highlight the need for a transition to cleaner energy. Cypriot banks, with high liquidity ratios, are ready to meet the challenges and continue to support customers.

Could there be problems opening an account?

Opening a bank account in Cyprus is a procedure that is subject to strict rules and regulations established in accordance with the requirements of the European Union. Cypriot banks are required to comply with these regulations and one of the main principles when opening an account is “Know Your Client”. This principle implies a thorough check of the information provided by the client and the legality of the source of funds.

Each case of opening an account in Cyprus is considered individually, and in some situations certain problems may arise. It is important to remember that Cypriot banks operate in accordance with international regulations and European standards, which ensures their reliability and transparency in banking transactions.

Important points that may cause difficulties when opening an account are:

Fake information. Providing inaccurate information may result in refusal to open an account and create problems in the future.

High risk business. Owners of companies involved in politics or high-risk businesses may face additional checks and complications when opening an account.

Use of cryptocurrency in business. Cryptocurrency remains a subject of increased scrutiny in many countries, and some banks may be cautious when dealing with clients who use cryptocurrency in their business.

Lack of information about the origin of funds. Cypriot banks require clients to provide information about the legal source of their property and capital. Lack of detailed information may result in refusal to open an account.

Complex business structure. For companies with a complex structure in offshore zones or “black” offshores, banks may require additional evidence of the legality of their activities.

Lack of physical presence in Cyprus. The presence of an office and employees in Cyprus is considered an important factor when considering an application for opening an account. Lack of physical presence may raise doubts among banks.

Negative reputation in the media. If a client has a negative reputation, especially due to economic or political scandals, banks may refuse to provide banking services.

Operating hours of banks in Cyprus

The Cyprus banking system, known for its reliability and stability, offers a wide range of financial services to local residents and foreign clients. However, when planning a visit to a bank in Cyprus, it is important to take into account their opening hours.

Typically, banks in Cyprus are open from Monday to Thursday from 08:00 am to 15:00 pm. Friday is a day with reduced working hours, and banks serve customers from 08:00 to 14:30. Features of the work schedule may vary depending on the specific bank. For example, National Bank of Greece closes its doors on Friday at 14:00.

When Cyprus banks are closed

On weekends, that is, Saturday and Sunday, bank branches in Cyprus are closed. Banks are also closed on Catholic and public holidays. Among them:

December 25–26 — Christmas

October 28 – Okha Day

October 1 – Cyprus Independence Day

August 15 – Assumption of the Virgin Mary

June 13 — Kataklysmos: festival of water or Aphrodite

May 1 – Labor Day

April 25–26 — Easter weekend

April 22 – Friday before Easter

April 1 – Day of the beginning of the national liberation struggle against the British colonialists

March 25 – Greek Independence Day

March 7 — Clean, or Green, Monday

January 6 – Epiphany

January 1 – New Year

On these days, bank branches are closed for customer service. However, for the convenience of customers, ATMs remain available on weekends and holidays, allowing you to withdraw money and check your balance.

To carry out banking transactions on weekends and holidays, as well as outside bank opening hours, clients can use Internet banking and mobile applications. Many Cypriot banks provide customers with the opportunity to manage their accounts and carry out various financial transactions online. For example, on the Hellenic Bank website, customers can pay bills and make international money transfers, including transfers to other banks in the European Union.

Moreover, many banks in Cyprus offer mobile applications, such as Bank of Cyprus, Hellenic Bank, Alpha Bank Cyprus, and Ancoria Bank. Registration in such applications usually takes no more than 10 minutes, which makes banking services as convenient and accessible as possible for customers outside of standard bank opening hours.

The Cyprus banking system continues to develop and adapt to changing conditions, making banking services more accessible and convenient for its customers. In case of problems with opening an account in Cyprus, clients are advised to contact specialists and lawyers. Experienced professionals will help you resolve any difficulties and provide you with the opportunity to become a client of a Cyprus bank in the future.


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