Business accounts: Cyprus

Updated 6 October 2026

An honest assessment before work starts, the quote is fixed in writing.

Cyprus is a eurozone EU country where banks are supervised by the Central Bank of Cyprus within European banking supervision. Cypriot accounts are opened for companies registered in Cyprus, foreign companies operating in Europe and individuals moving to the island or holding property there. Since 2013 Cypriot banks have tightened customer checks considerably, and preparation now decides the outcome.

Below: what banks require under Central Bank rules, which documents are needed, why applications are refused and what our help costs.

What the bank requires

Under the Central Bank of Cyprus directive on preventing money laundering, a bank must identify and verify the customer and its beneficial owners using documents from reliable, independent sources. No transactions are executed until checks are complete, and if a customer cannot pass them, the bank must refuse or end the relationship. In practice the bank asks:

• who the company's owners and directors are and where they live;
• what the company does, who its clients and suppliers are and which countries payments involve;
• where the money comes from and what turnover is expected;
• whether the company has real presence in Cyprus: an office, a director, staff.

A Cyprus company account and taxes

From 1 January 2026 corporate income tax in Cyprus is 15% instead of 12.5%. To use the Cypriot rate and double tax treaties, the company must be managed from Cyprus, and banks check this at account opening. More on taxes on our Cyprus taxes page, and on registration in company registration in Cyprus.

Personal account

Banks open accounts for individuals with a verified address, source of income and purpose. Consumers legally resident in the EU have the right to a payment account with basic features: the Central Bank of Cyprus and the Consumer Protection Service issued a dedicated leaflet on it. If you are moving to Cyprus, see Cyprus residence.

Documents

• constitutional documents, register extract and details of directors and shareholders;
• passports and proof of address of all owners and directors;
• an ownership chart down to the beneficial owners;
• a business description: contracts, invoices, website, key counterparties;
• proof of source of funds and, for operating companies, financial statements.

Deposit protection

Deposits in Cypriot banks are protected by the deposit guarantee scheme up to EUR 100,000, about $112,040, per depositor per bank, under the same rules as across the EU. For companies with large balances this is a reason to spread money across several banks and to choose a bank with its reliability and your usual currencies and payment countries in mind.

Why applications are refused

• the company has no management or presence in Cyprus;
• an opaque ownership structure or unexplained nominees;
• an unverified source of funds;
• owners or counterparties linked to sanctioned countries;
• activities the bank classes as high risk.

What we do

We assess the chances, choose the bank, prepare the business description and documents, and handle the application and the bank's questions until it decides. Assistance with opening a Cypriot bank account costs $5,000. The decision is the bank's, but we prepare the application so it has a real chance.

What the 2026 tax reform changed

Along with the corporate tax increase to 15% from 1 January 2026, the deemed dividend distribution rule was abolished, and the special defence contribution on dividends for Cyprus tax residents domiciled on the island was cut from 17% to 5% on profits earned from 2026. For owners living in Cyprus this changes the calculation of the company's benefits, so we recalculate the structure before opening the account.

Fees

See also

Company formation · Personal account · Investment property · Country taxes · All country programs

FAQ