The Cyprus Banking Landscape
The main local banks in Cyprus are Bank of Cyprus, Hellenic Bank and AstroBank. There are also several international and private banks operating on the island. Following the 2013 financial crisis, Cypriot banks significantly tightened their KYC (Know Your Customer) procedures, making account opening more document-intensive than in most EU countries.
Personal Bank Accounts
For EU citizens residing in Cyprus, opening a personal account is relatively straightforward. Required documents typically include:
- Passport or national ID
- Proof of Cyprus address (utility bill or rental agreement)
- Tax Identification Number (TIC)
- Source of funds declaration
Processing time: 1–3 weeks. Most banks require an in-person visit to a branch.
Business Bank Accounts
This is where things get significantly more complex. For a Cyprus Ltd, banks typically require:
- Certificate of Incorporation
- Memorandum and Articles of Association
- Certificate of Registered Office
- Certificate of Directors and Secretary
- Certificate of Shareholders
- Passport and proof of address for all directors, shareholders and UBOs
- Detailed business plan and description of activities
- Source of funds documentation
- Expected transaction volumes and counterparties
Processing time: 4–12 weeks, with no guarantee of approval. Banks can and do refuse accounts without giving detailed reasons.
Bank of Cyprus vs Hellenic vs AstroBank
- Bank of Cyprus: Largest bank, widest branch network. Good for personal accounts, slower and more bureaucratic for business
- Hellenic Bank: More internationally focused, particularly for business accounts. Generally considered more flexible than BoC for international clients
- AstroBank: Smaller, more boutique. Good for private banking and HNW clients. Minimum deposits required for premium services