News: Open an account in Cyprus

Opening account in bank of Cyprus

A lot of natural persons and legal entities are currently searching for foreign banks to open accounts. It is more cost-efficient to carry out non-cash transfers of funds and accumulate funds for intended use in financial institutions of Cyprus than in the national banks of the CIS countries. Conditions of foreign financial and credit organization are the following:

• High interest rates;
• Simplified rules for regulation of foreign exchange transactions;
• Minimum requirements for accounting and taxation system.

Concerning the risks, the national systems of the CIS countries are less stable than foreign ones.

Anyone can become the holder of a bank account in Cyprus. But the process is complex, and it involves collecting the necessary documents, filling out various banking forms. The procedure often takes a lot of time, but the specialists of Law&Trust will accomplish the whole process of opening bank account in Cyprus for non-resident client and provide positive result.

Employees of the law firm will help the person concerned to:

1. Select the bank, while explaining the advantages of one in front of the other.
2. Choose the type of account, namely: settlement account for legal entities or private account.
3. Collect the required package of documents.

Which bank to choose in Cyprus in order to open bank account for non-residents?

Law&Trust cooperates with seven banks of Cyprus, namely:

• Bank of Cyprus Plc;

• Hellenic Bank;

• RCB BANK LTD;

• Promsvyazbank – Cyprus;

• Piraeus Bank (Cyprus) Ltd;

• Eurobank Cyprus Ltd;

• Alpha Bank Cyprus Ltd.

The terms of opening the account to be credited often varies from one to 10 days. The cost of maintaining the account in the bank is 20-300 EUR per year, depending on its type.

The price for opening the account in Cyprus is 450-1500 USD.

Cyprus bank for natural person

Individuals should provide the following to the bank:

• Passport / identity card;

• Document confirming the place of residence (it is possible to submit a receipt for payment of utilities, the document should be issued within 3 months before the submission);

• Recommendations from the bank;

• Application for opening account in bank of Cyprus (it shall be compiled according to the form of particular bank in Cyprus);

• Confirmation of welfare/solvency.

Cyprus Bank for legal entity

• Passports / identity cards of all company participants;

• Constituent documents of the company.

• Document confirming the place of residence (it is possible to submit a receipt for payment of utilities, the document should be issued within 3 months before the submission);

• Recommendations from the bank;

• Application for opening account in bank of Cyprus (it shall be compiled according to the form of particular bank in Cyprus);

• Confirmation of welfare/solvency.

Experts of Law&Trust will prepare the documents, provide legal assistance up to the moment of opening the account in the bank of Cyprus. Their duties include prompt response to the bank's requests, processing of documents in accordance with the legislative framework.