What You Need to Open a Bank Account in Cyprus
To open a bank account in Cyprus, you will need a valid passport or national ID card, proof of address (a utility bill or rental agreement dated within the last three months), and your tax identification number. Most banks also ask for proof of income — a recent payslip, employment contract, or business registration if you are self-employed. If you are not a Cyprus resident, you may need additional documents such as a reference letter from your previous bank or proof of your reason for opening the account.
The process differs slightly depending on whether you are a resident or non-resident. Residents can usually complete applications in person at a branch or online. Non-residents typically must visit a branch in person, though some banks now offer remote opening for specific account types. You will also need to choose which bank to use — Cyprus has several major banks (Bank of Cyprus, Hellenic Bank, Alpha Bank Cyprus, and Eurobank Cyprus) plus smaller regional and online-only options.
Bring originals and copies of all documents. Banks will photocopy them and keep the copies on file. If your documents are not in English or Greek, bring a certified translation. The bank will verify your identity against their records and may ask questions about the source of funds you plan to deposit.
Key Takeaways
- You must provide a valid passport or ID card, proof of address from the last three months, and your tax identification number to open any account.
- Non-residents usually must open accounts in person at a branch, while residents can often complete the process online or by post.
- Banks will ask for proof of income and may request a reference from your previous bank, especially if you are moving money from abroad.
- The account opening process typically takes one to two weeks from the date you submit all documents.
- Cyprus banks are regulated by the Central Bank of Cyprus and must comply with EU anti-money-laundering rules, which is why verification takes time.
Documents You Must Bring or Send
Start with identity. A valid passport works everywhere. A Cyprus national ID card (if you have one) is also accepted. Both must be current — expired documents will be rejected. If you are a non-resident, your passport is usually your only option.
Proof of address must be dated within three months of your application. A utility bill (electricity, water, or gas) is the most common choice. A rental agreement, council tax bill, or bank statement showing your address also works. If you have just moved and do not yet have a bill in your name, a letter from your landlord or a recent lease agreement can substitute, though the bank may ask for a utility bill as soon as it arrives.
Your tax identification number (AFM in Greek) is required. If you are a Cyprus resident, you can obtain this from the tax office (Υπουργείο Οικονομικών) or online through their portal. Non-residents may need to apply for a temporary tax number; the bank can sometimes guide you through this, or you can contact the tax office directly. Have this number ready before you visit the bank.
Proof of income depends on your situation. Employed people bring a recent payslip (usually the last one or two months) and an employment contract. Self-employed people bring business registration documents, recent tax returns, and bank statements showing business income. Retirees bring pension statements. Students may be asked for proof of funds from a sponsor. If you cannot provide recent income documents, some banks will accept a letter from your employer or a reference from your previous bank.
Where to Open an Account: Banks and Options
Cyprus has four major banks: Bank of Cyprus, Hellenic Bank, Alpha Bank Cyprus, and Eurobank Cyprus. These offer the widest branch networks and the most account types. Bank of Cyprus and Hellenic Bank are the largest and have branches in most towns. Alpha Bank and Eurobank have fewer branches but often lower fees for certain account types.
Smaller regional banks and credit unions exist but are less common for new account holders. Online-only banks operating in Cyprus include Wise (formerly TransferWise) for international transfers and some European neobanks, though these typically do not offer full current accounts under Cyprus law.
If you are a non-resident, check with your chosen bank before visiting. Some branches handle non-resident accounts; others refer you to a specific location. Call ahead or check the bank's website. If you are opening an account to receive salary or pension payments, ask whether the bank can set up direct deposit (salary transfer) at the time you open the account — this usually requires no extra paperwork if your employer is in Cyprus or the EU.
Compare fees before you choose. Monthly maintenance fees range from zero to around €10 depending on the bank and account type. Debit card fees, ATM withdrawal fees, and international transfer fees vary widely. Ask for a fee schedule in writing before you commit.
The Application Process: In Person and Online
If you are a Cyprus resident, visit a branch with your documents or complete an online application through the bank's website. Online applications usually take 10 to 15 minutes. You will enter your personal details, address, employment information, and the reason for opening the account. The bank will then ask you to upload scans of your documents. After submission, the bank reviews your application (usually within 2 to 5 business days) and contacts you by phone or email to confirm details or request additional information.
If you are a non-resident, you must visit a branch in person. Bring all original documents and copies. The bank will verify your identity against your passport, take photocopies, and ask you questions about the source of funds and the purpose of the account. This conversation is part of anti-money-laundering compliance — the bank is required by law to understand who you are and why you are opening the account. Answer honestly and directly. If you plan to receive large transfers or deposit cash regularly, mention this upfront.
The in-person process usually takes 30 to 60 minutes. You will sign forms (usually in Greek and English) and may be asked to set a PIN for your debit card on the spot. Some banks issue a temporary card immediately; others mail it within 5 to 10 business days. Ask when you can expect your card and how to activate it.
After the bank approves your application, you will receive your account number, sort code, and IBAN (International Bank Account Number). Write these down or save them securely. You will need the IBAN to receive transfers from abroad.
Timeline: How Long It Takes
From the moment you submit a complete application to the moment your account is active and ready to use, expect one to two weeks. The breakdown is roughly: 2 to 5 business days for the bank to review your documents and verify your identity, 3 to 5 business days for internal approval, and 5 to 10 business days for your debit card to arrive by post.
If you visit in person and the bank approves you on the spot, your account can be active the same day, but your physical debit card will still take 5 to 10 business days. Some banks offer a temporary card number you can use online immediately while you wait for the physical card.
Delays happen if documents are missing, unclear, or if the bank needs clarification on the source of funds. If the bank contacts you asking for more information, respond within 3 to 5 business days — delays in your response will push back the timeline. If you do not respond within two weeks, the bank may close your application and you will have to start over.
What Happens After Your Account Opens
Once your account is active, you can receive transfers, set up standing orders, and use your debit card. Your first task should be to log into online banking (the bank will give you login details by email or SMS) and set a strong password. Enable two-factor authentication if the bank offers it — this protects your account from unauthorized access.
If you are expecting salary or pension payments, provide your employer or pension provider with your IBAN and sort code. Salary transfers usually take one business day to arrive. If you are transferring money from abroad, your IBAN is what the sender needs. International transfers typically take 1 to 3 business days, depending on the sender's bank and the country of origin.
Keep your account active by using it. Some banks charge fees if an account sits unused for more than 12 months, or they may close it. If you plan to leave Cyprus or stop using the account, contact the bank to close it formally rather than abandoning it — this prevents confusion later and ensures any remaining balance is returned to you.
Special Situations: Non-Residents and Expats
If you are a non-resident opening an account to receive rental income, business income, or pension payments, the bank will ask for documentation of that income source. Bring a lease agreement (for rental income), business registration and recent accounts (for business income), or pension statements (for pension income). The bank needs to understand the source of funds for compliance reasons.
If you are an expat moving to Cyprus, you can open an account before you arrive by contacting the bank's international desk or visiting their website. Some banks offer remote opening for expats with a valid job offer or proof of residence. You will still need to provide all standard documents, but you may be able to submit them by post or email and complete a video verification call instead of visiting in person.
If you are opening an account to transfer money regularly between Cyprus and another country, ask the bank about their international transfer fees and exchange rates. Some banks charge a flat fee per transfer (typically €5 to €15); others charge a percentage of the amount (usually 1 to 2%). Wise and other specialist transfer services sometimes offer better rates for regular international transfers, though they are not full banks and cannot hold deposits long-term.
Frequently Asked Questions
Can I open a bank account in Cyprus if I do not live there?
Yes, but you must visit a branch in person. Non-residents can open accounts for business, investment, or to receive income from Cyprus. You will need a valid passport, proof of address from your home country, and documentation of the income or funds you plan to deposit. Some banks may ask for a reference from your previous bank.
What is an IBAN and why do I need it?
An IBAN (International Bank Account Number) is a standardized code that identifies your specific bank account across Europe and beyond. It looks like: CY17 0020 0195 0000 0001 2345 6789. You need it to receive transfers from abroad, set up salary payments, or make international transfers. Your bank will provide it when your account opens.
How much money do I need to open an account?
Most Cyprus banks do not require a minimum opening deposit. You can open an account with zero balance. However, some banks charge a monthly fee if your balance falls below a certain amount (often €500 to €1,000). Check the fee schedule before you open the account.
What if the bank rejects my application?
Banks can reject applications if documents are incomplete, if there are concerns about the source of funds, or if you do not pass anti-money-laundering checks. If rejected, ask the bank in writing why. You can then address the issue and reapply to the same bank or try a different bank with the same documents.
Can I open an account online if I am a non-resident?
Most banks require non-residents to open accounts in person at a branch. A few banks now offer video verification for non-residents with a valid job offer or proof of residence, but this is not standard. Contact the bank directly to ask whether remote opening is available for your situation.