TCSP License №TC000030
The Cypriot authorities are interested in a stable and secure financial system, as banking has a great impact on the country's economy. Thanks to state support and compliance with EU directives, Cypriot banks have an impeccable reputation and a high rating among beneficiaries, corporate and private clients.
Banks suitable for non-residents
We rely on the best offers from foreign partners. Our specialists know which bank in Cyprus opens accounts for foreigners and are ready to fully support your company during the application process. The main banks that open accounts for non-residents are the Bank of Cyprus, Hellenic Bank and AstroBank.
Bank fees
| Transfer, EUR (for EUR 50,000) |
SWIFT transfers - 0.05% (minimum 20 EUR, maximum 200 EUR).
Transfers in EUR within Cyprus and SEPA (EC) up to 50,000 EUR - for individuals: from 6 to 12 EUR, for legal entities persons: from 10 to 25 EUR. Transfers in EUR within Cyprus and the EU over EUR 50,000 - 0.2% (minimum EUR 7, maximum EUR 500 + ext. commission 15 EUR) for individuals and 0.2% (minimum 10 EUR, maximum 500 EUR + additional commission 25 EUR) for legal entities. |
| Deposit (for the amount of EUR 50,000) |
Fee for incoming payments for legal entities in EUR — up to 10,000 EUR within the EU — free of charge;
outside the EU, up to 10,000 EUR — add. commission 12 EUR, over 10 000 EUR — 4 EUR, over 50 000 EUR – 30 EUR. |
| Account maintenance, EUR/year | The cost of annual account maintenance for individuals is 25 EUR (quarterly), corporate clients - 50 EUR (quarterly).
The cost of maintaining savings accounts is 12 EUR. Maintenance of the "dormant" account - 5 EUR quarterly, if the account balance is less than 200 EUR. Closing an account will cost 200 EUR. |
| Transfer, EUR (for EUR 50,000) |
Fee for outgoing payments in EUR (SWIFT / SEPA):
up to 1,000 EUR — no commission; from 1,000 to 10,000 EUR — 5 EUR (within the EU / SEPA) and 15 EUR (outside the EU); from 10,000 to 50,000 EUR — 15 EUR (within the EU / SEPA) and 20 EUR (outside the EU); over 50 000 EUR – 40 EUR. |
| Deposit (for the amount of EUR 50,000) |
Fee for incoming payments in EUR (SWIFT / SEPA):
within the EU and less than 50,000 EUR - 0.15% (minimum 2 EUR - maximum 5 EUR); within or outside the EU and more than 50,000 EUR - 17 EUR; any direction over 800,000 EUR - from 0 to 500 EUR. |
| Account maintenance | The quarterly personal account maintenance fee is 35 EUR;
Corporate account maintenance — 100 EUR. Closing an account — 100 EUR (personal account), 200 EUR (corporate account). |
| Transfer, EUR (for EUR 50,000) |
The transfer fee is 0.15-0.20% of the amount (minimum 10 EUR, maximum 500 EUR).
Transfers within the bank: in euros 2-30 EUR; in other currencies 3-35 EUR. |
| Deposit (for the amount of EUR 50,000) |
The transfer fee is 0.15-0.20% of the amount (minimum 10 EUR, maximum 500 EUR). |
| Account maintenance | Maintenance fee is 20 EUR per month (corporate accounts). |
For details and a detailed explanation of how to open an account in Cyprus for foreigners, please contact the West Union Group consultants.
Required Documents
The opening procedure is an individual process due to banks having their own rules. But there is a general list of documents that you can rely on when applying.
For legal entities:
- Passports, proof of residence.
- Documents of account holders: owners, directors or other persons acting by proxy.
- Constituent documents of the organization: articles of association, certificate of registration of the company, memorandum, order on the appointment of a director, certificate of issue of shares.
In order to open an account with a bank in Cyprus, you must be prepared to provide additional information (at the request of a financial institution). These can be recommendations of business partners, a list of counterparties, documents on the sources of funds and the origin of property.
For individuals:
- A copy of the passport certified by a notary.
- Proof of residence, such as an external bank statement showing the customer's address.
- Reference is a letter from the bank at the place of residence in free form, confirming the positive reputation of the client.
Cost of opening a bank account in Cyprus
The cost of the service starts from 1000 EUR, but the final price depends on your specific case. Contact our specialists and they will help you find the best solution and open a bank account in Cyprus for doing business. You will be able to enjoy all the advantages of the European financial system and manage your assets not only from your country, but also from any other country in the world.
Call the phone
- Berlin +49 30 24724252
- London +44 203 807 20 99
- Nicosia +357 22377311
- Hong Kong +852 28910030
- Kiev +380 96 1892877
- Shanghai +852 61483894
