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Information on opening and managing a bank account in Cyprus (what documents to provide), the main retail banks and the Co-Operative bank.
The Central Bank of Cyprus regulates all banking. It publishes a list of all regulated banks - including branch and representative offices of foreign banks - operating in the country.
The larger southern Cyprus banks include: The Co-operative Central Bank oversees all the operating Co-operative Societies (Co-Op bank), which work on the same licence as retail banks. Traditionally providing services for rural and agricultural communities, these now offer standard banking services and may have lower lending rates, interest rates and charges. Note: There is a charge for all banking transactions in Cyprus banks. There is a wide network of banks across the country - foreign, Greek and Cypriot - and many of those in the major towns have English-speaking staff. Small towns have Co-Op banks but may not have a branch of a more major bank.
Opening an AccountPermanent residents of Cyprus need a bank account in Cyprus when making a residency application; non-residents do not have to have a Cyprus bank account, but those who own property on the island may find an account convenient for making regular payments of utilities. No appointment is necessary to open an account; the following documents are needed:
ServicesAll major banks offer a full set of banking services for individuals and businesses.
Many also offer:
Internet bankingAlmost all banks offer full Internet banking services allowing all transactions to be made online. The account holder will be issued a password to access the account. Banking HoursMost banks are open 08:30-12:30 Monday to Friday and Monday afternoons from 15:15-16:45 in summer (1 July to 31 August). Banks in tourist resorts open longer hours in summer. ATM (automatic teller machines) are available in all larger towns. These generally provide 24 hour access to an account for withdrawals, deposits or balance checking. Many machines have instructions in English. Residents, Non-residents and TaxForeigners who are tax resident in Cyprus will have a percentage of interest on their account retained for tax (paid to the Ministry of Finance). This payment may be recorded on the tax return. Non-resident foreigners should be aware of the EU Savings Tax Directive which affects residents of one EU member state that earn interest income from investments or deposits held in another (or in one of the other jurisdictions that have agreed to apply the Directive).
CurrencyCyprus currency is the euro. Cyprus joined the Eurozone in January 2008.
Further Information
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