Banking & Opening a Bank Account in Cyprus

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Banking & Opening a Bank Account in Cyprus

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.

• For a list of banks and financial institutions in Cyprus: Click here 

The larger southern Cyprus banks include:

• Central Bank of Cyprus
• Alpha Bank Cyprus Ltd
• Co-operative Central Bank Ltd (CCB)

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.

• For local English-speaking banks see The AngloFILE Banks & Banking

Opening an Account

Permanent 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:

• Passport or proof of identity
• Proof of address (recent utility bill, title deeds)

Services

All major banks offer a full set of banking services for individuals and businesses.

• Current and savings accounts
• Debit and credit cards
• Direct debits and standing orders
• Foreign currency exchange
• Long terms savings and investment accounts

Many also offer:

• Insurance
• Loans and mortgages

Internet banking

Almost 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 Hours

Most 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 Tax

Foreigners 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).

• For more information see AngloINFO INFOrmation Page EU Savings Tax Directive

Currency

Cyprus currency is the Cypriot Pound. Cyprus joins the Eurozone in January 2008 and preparations for the transition are underway.

• See AngloINFO INFOrmation Page Cyprus Euro Conversion 2008
• For currency conversions see the AngloINFO INFOrmation Page on Exchange Rates

Further Information

• Central Bank of Cyprus
  At: 80 Kennedy Avenue, Lefkosia
  Tel: +357 22 71 41 00
  Fax: +357 22 37 81 53
  Website
• Co-Operative Central Bank
  Treasury Department
  At: 8 Gregoris Afxentiou Street, Nicosia
  Tel: +357 22 743 050
  Fax: +357 22 672 431
  e-mail
  Website