Anyone who has ever had plans to move to the Republic of Cyprus, start a business here, or buy real estate in Cyprus, thought about opening a private bank account.
Locals think that opening a bank account in Cyprus is a very simple thing that does not take much time. Indeed, opening a bank account in Cyprus is not difficult and relatively quick. For locals.
It's easy for locals, but not for foreigners.
If you are already a resident of Cyprus, then the maximum that the bank require is:
- Social Insurance
- A paper confirming that you really live in Cyprus (usually they ask for an electricity or water bill)
- Tax report
- Pay Slip (report of income)
- If you are a student, you may be asked for your Student Card
If you are a foreigner, here everything is much more complicated:
- Now the banks in Cyprus can ask you to provide almost anything, even the credit history over the past 10 years.
There are many variations and here we will analyze the most important ones:
If you are not a resident of Cyprus, then banks definitely ask you for a tax report for the last 2 years + income statement. If this is a corporate account, then they request the company's financial report for the last 2 years. Passports, proof of the residence address, as well as a pure criminal record.
If the account is opened for a family (joint account), then the requirements are the same, but from a couple. In case you plan to make transfers from your country, then get ready to provide Bank Reference + account statement.
If an account is opened for a student, the student is asked for a certificate from the university in Cyprus. If this student is planning to transfer large sums of money, then the parent is asked for the appropriate package of documents.
If an account is opened, say, for a pensioner or temporarily unemployed person, the applicants are asked to provide documents confirming the "purity of earned funds", such as tax records, income certificates, documents confirming the place of previous work and sources of income. They can request for a fairly long period of time, there are cases when the bank has requested for 10-15 years.
This situation has arisen in general due to the fact that European banks are very concerned about the clients' income cleanliness and the problem of money laundering. Banks in Cyprus are obliged to comply with the order of the Central Bank of Cyprus, and that, in turn, directly depends on the European "colleagues". Now everything is not easy, the banking sector in Cyprus is going through hard times.
It is also worth noting that the requirements of different Banks in Cyprus may differ and the best way to obtain competent information on each specific case is to contact the bank directly. Some banks require your personal presence when signing documents.
The procedure for opening a bank account for foreigners is in fact not as complicated as it seems. You just need to contact the bank in a timely manner and get advice from a competent employee who will analyze your specific case.
The list of available Cyprus Banks can be found at the following link.
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