Banking
Cyprus — Banking: Opening a Bank Account
Cypriot law, transposing the EU Payment Accounts Directive, gives consumers a right to open and use a payment account with basic features, and providers must give a fee information document and a yearly statement of fees. Banks must verify a customer's identity using documents from a reliable, independent source and cannot carry out transactions or keep the relationship if they cannot complete due diligence. Under the Central Bank's 2025 anti-money-laundering directive, a bank may refuse or restrict a basic account only to meet AML rules, and accepted proof of address includes a recent utility bill (up to six months old), a home insurance document, a municipal tax bill or an income tax document. Each bank sets its own detailed requirements, so ask the bank for its checklist.
Why this matters
A bank account is essential for receiving salary, paying bills, and demonstrating financial stability for residence permit renewals. Requirements vary by bank and residency status.
Key facts
- Cyprus law gives consumers a right to open a payment account with basic features (EU Payment Accounts Directive).
- Providers must supply a fee information document and a statement of all fees at least once a year.
- Banks must verify identity using documents from a reliable, independent source; if they cannot complete due diligence they cannot carry out the transaction or keep the relationship.
- A bank may refuse or restrict a basic account only to comply with AML rules (2025 Central Bank directive).
- Accepted proof of address includes a utility bill up to six months old, a home insurance document, a municipal tax bill or an income tax document.
Common mistakes
- Presenting an old utility bill — proof of address must be recent (up to six months old).