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Cyprus Bank Account Opening

 

Overview

 

Cyprus Bank Account Opening, either for an individual or a legal person (Cyprus Company), is easily achievable and cheap. Cyprus Banking can offer all the facilities required by businessmen or individuals.

In other jurisdictions the opening of a bank account could be time consuming and complicated something that is not applicable for Cyprus. In Cyprus opening a fully functional, activated and operational account, taking in mind that the requested documents and information were submitted properly to the bank, it will take less than 3 or 4 working days.

Who can open a Cyprus bank account?

Any physical person over the age of 18 years and any legal person (Cyprus Company or corporation) can open a bank account.

Is your physical presence necessary?

Physical presence is not necessary when the client is introduced by an approved introducer (in this case PKF Cyprus can act as an introducer for the opening of bank account). This is important as it save precious time, unnecessary expenses, inconvenience and travelling in Cyprus.

Formalities needed to open a Cyprus bank account

If you are an individual and you wish to open a bank account, the following should be submitted directly to a Cyprus bank or a professional intermediary:

  • Valid passport or identity card bearing signature and photo for permanent residents of the EU;
  • Proof of residential address (i.e. recent utility bill);
  • Bank reference letter from your bankers;
  • Cyprus Bank’s account-opening documents fully signed;
  • PKF Cyprus preliminary questionnaire completed with information requested by the bank.
  • Other formalities or information that might be considered important by the Cyprus bank.

To download the full list of the requirements for Cyprus bank account opening please click here

For companies and partnerships in order to proceed with the opening of a Cyprus bank account the following,  should be submitted to directly to the bank or a professional intermediary:

Companies:

  • Memorandum and Articles of Association;
  • Official corporate certificates;
  • Trust deed(s) between the beneficial owner and the registered shareholder(s) acting as nominees (if applicable);
  • Cyprus Bank’s account-opening documents fully signed;
  • PKF Cyprus preliminary questionnaire completed with information requested by the Cyprus bank;
  • Other formalities or information that might be considered important by the Cyprus bank.

Partnerships:

  • Partnership agreement;
    • Official certificates;
    • Cyprus Bank’s account-opening documents fully signed;
    • PKF Cyprus preliminary questionnaire completed with information requested by the Cyprus bank;
    • Other formalities or information that might be considered important by the Cyprus bank.

Cyprus bank account opening important considerations that are taken into account by most Cyprus banks (for companies or partnerships)

Cyprus banks before proceeding with the opening of a company’s Cyprus bank account will also consider that the Cyprus company:

  1. has physical presence in its country of domicile (other than a mailing address) – employees, real offices etc.
  2. has established economic activity of independent economic value with documentary proof;
  3. is registered in a jurisdiction where companies are required to submit to the authorities independently audited financial statements;
  4. has a tax residence in a jurisdiction other than a jurisdiction recognised as “tax haven” or non tax residence;

Other factors that are taken into consideration by Cyprus banks before opening of bank account in Cyprus is whether the company is established:

  1. for the purpose of holding stock or shares of another business entity or entities with identifiable activities and ownership.
  2. solely for the purpose of holding intangible or other assets including real estate or ship vessels.
  3. to facilitate currency trades and asset transfers, corporate mergers, acts as group treasurer or in any other case where convincing proof can be provided that the company is engaged in legitimate business and substantiated information is provided about its ultimate beneficial owner/s.

The PKF Network comprises vast number of member firms and correspondents in more than 150 countries and provides unparalleled access to financial institutions world-wide.

Contact Us on [email protected] to discuss your Cyprus bank account opening requirements.

The authors expressly disclaim all and any liability and responsibility to any person, entity or corporation who acts or fails to act as a consequence of any reliance upon the whole or any part of the contents of this publication.

Accordingly no person, entity or corporation should act or rely upon any matter or information as contained or implied within this publication without first obtaining advice from an appropriately qualified professional person or firm of advisors, and ensuring that such advice specifically relates to their particular circumstances.

PKF Cyprus firms are member firms of the PKF International Limited network of legally independent firms and do not accept any responsibility or liability for the actions or inactions on the part of any other individual member firm or firms.

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