Bank account in Cyprus

Opening a Bank account in Cyprus

Why Cyprus:

1. The Cyprus financial system has developed quite a lot in the last few years which makes it relatively easy for individuals, and both foreign and national companies to open a personal and a corporate account in the island.
2. The financial system of Cyprus uses the latest and most updated technology to ensure that the customers of the Cypriot banks enjoy a variety of electronic facilities like online applications, safe and easy.
3. Most Cypriot banks provide a wide range of services with 24 hours support for their customers.
4. As Cyprus is in the European Union the money of the depositors is protected by the Deposit Guarantee Scheme (DGS)

What is the DGS?

1. Deposit guarantee schemes (DGS) reimburse a limited amount to compensate depositors whose bank has failed. A fundamental principle underlying DGS is that they are funded entirely by banks, and that no taxpayer funds are used.
2. Under EU rules, deposit guarantee schemes protect depositors’ savings by guaranteeing deposits of up to €100,000 and help prevent the mass withdrawal of deposits in the case of bank failure, which can create financial instability.

What are the advantages for opening the account?

1. Fast and hassle-free procedures (the opening of the account takes around 10 days, given the perfect cooperation for the client)
2. The electronic submission of the application and the supporting documents is permitted.
3. Banks fees and tariffs are relatively low, and they can be subject to further reductions depending on the size and movement of the bank account.
4. As Cyprus is a small Island people tend to have a personal relationship with their bankers which makes it easier to have a more flexible and personal approach.

What types of bank accounts are there?

1. Personal bank account – for individual people, both nationals and foreigners.
2. Corporate bank account – this account can be opened for Cypriot companies and foreign companies.
3. Partnership account – this account is opened specifically for partnerships.
4. Merchant bank account – this account is currently one of the most employed types of accounts in Cyprus, as the number of e-commerce companies has grown consistently.