Banking
Cyprus — Opening a Bank Account as a Foreign Resident
The Central Bank of Cyprus supervises banks in Cyprus and publishes the rules on payment accounts and anti-money-laundering checks. Consumers have a right under Cypriot law to a payment account with basic features, banks must give a fee information document and a yearly statement of fees, and they must complete identity and beneficial-owner due diligence before opening or operating an account. The Central Bank does not publish minimum deposits or turnover requirements for personal accounts; those are set by each bank, so ask the bank directly.
Key facts
- The Central Bank of Cyprus supervises banks and publishes the payment-account and AML rules.
- Consumers have a right to a payment account with basic features under Cypriot law.
- Banks must provide a fee information document and a statement of fees at least once a year.
- Banks must complete identity and beneficial-owner due diligence; minimum deposits and turnover requirements are set by each bank, not published by the Central Bank.
Common mistakes
- Assuming a standard minimum deposit — banks set their own conditions, so ask before applying.