Cyprus

Opening a Bank Account in Cyprus

Opening a bank account in Cyprus, or in another country alongside it, is part of every Cyprus structure. This page explains the Cyprus banking system, deposit protection, fees, and the documents banks ask for. It covers both personal and business accounts, at home and abroad. It also looks at SEPA and IBAN payments, FinTech options, and how our Full Bank Account Opening Support fits into our company formation package.

Table of Contents

Bank account in Cyprus

International bank accounts

Using SEPA and IBAN in international payments

Opening an account with a FinTech provider

Account opening with Privacy Management Group

Bank Account in Cyprus

To open a bank account in Cyprus, you need to meet a few requirements. Our team guides you through each step. Our service is certified to ISO 9001:2015 and is checked by regular, independent audits.

TÜV NORD ISO 9001:2015 certification — Privacy Management Group

The banking system in Cyprus

The Cyprus banking system has three parts: the Central Bank, local banks, and branches of international banks. Many banks work to British standards. They give clients a wide international network for moving money.

Deposit protection and account fees

Bank clients in Cyprus are protected by the European Union deposit guarantee. This covers money in current accounts, instant access accounts, and fixed-term deposit accounts, up to EUR 100,000 per client and per bank.

The cost of an account depends on the type. Business accounts cost more to run. They usually range between EUR 35 and EUR 50 per month. Personal accounts are normally cheaper.

PayPal Business account

Opening a PayPal Business account in Cyprus follows standard EU steps. If you need support, we can help with:

advice on how to apply,
a check of the documents you send in,
a review of single documents where needed,
guidance through the approval steps.

The account opening process

We support our clients at every step of opening an account in Cyprus. Our goal is to keep the process simple and clear for you.

We are happy to assist!

International Bank Accounts

Personal and business accounts outside Cyprus

As well as your Cyprus account, or instead of it, you can open personal or business accounts abroad. If you ask PMG to form and run your Cyprus company, you also receive our full Banking Support. This includes help with opening international accounts.

Documents for opening an international personal account

The exact documents needed to open an account abroad depend on the bank and its own rules. So the list below is only a guide to the common minimum:

a certified copy of your valid passport,
a recent utility bill in your name, showing your current address Δ,
a recent bank reference Δ,
your up-to-date CV Δ.

Additional requirements for international business accounts

To open a business account abroad, banks usually also ask for:

the full company address (if we do not already have it),
a clear description of what your company does Δ,
the web address of your company website,
the full company documents (if not yet provided), in particular the “Certificate of Incorporation”, “Certificate of Directors and Secretaries”, “Certificate of Shareholders”, “Certificate of Registered Office”, and “Memorandum and Articles of Association” Δ,
a short note on where the company’s capital comes from Δ.

Banks usually need the documents marked with the Δ symbol in English. If you need them translated, we are glad to help.

International bank account opening with PMG support

Reviewing documents for an international business account

Using SEPA and IBAN in International Payments

SEPA

The Single Euro Payments Area (SEPA) is normally only available with banks inside the EU, the European Economic Area (EEA), Switzerland, and Monaco. With an account outside these regions, you usually cannot use SEPA.

IBAN

Whether a bank offers an IBAN also depends on where the bank is based. Not having an IBAN is usually not a problem, because international transfers can still be made smoothly using other systems.

A recommendation from our practice

Our years of work in international banking show that it is wise to spread your money across more than one place. We suggest you keep your assets and cash in more than one place. As a rule, it is wise not to put everything in one bank, one financial services provider, one financial centre, or one type of asset.

For clients enjoying Cyprus Non-Privileges, we suggest paying out dividends promptly. For your own safety, spread these amounts across secure personal accounts.

Why should I open a bank account in Cyprus

Build a credit history – it does not work with a foreign bank or fintech company.
Some authorities do not accept fintech utility bills as proof of residence.
Get a credit card not just a debit card. Credit cards are safer than debit cards.
Ease to deal with Cyprus authorities.
Get a mortgage to buy a home in Cyprus

Opening an Account with a FinTech Provider

FinTech companies are often young, technology-focused firms. They differ from traditional banks mainly through lower fees and easy online banking. They offer both personal and business accounts that you run fully online. Some FinTechs also offer extra services beyond normal banking.

With FinTech providers, deposit protection often works differently, unless they hold a banking licence or a securities licence. So money held with a FinTech firm often falls outside the usual deposit protection.

Benefits of a FinTech account at a glance

Compared with a traditional bank account, our clients often point to these benefits of FinTech accounts:

faster account opening with less paperwork,
lower fees than traditional banks,
fast, efficient handling of client instructions.

Account Opening with Privacy Management Group

There is no single perfect bank or ideal FinTech provider. The right choice depends on your situation and your own needs. What we can assure you is that PMG:

always acts only in the interests of its clients,
takes no commission or other payment from banks or FinTech providers,
follows all legal and regulatory rules with care.

As part of our full-service package for company formation in Cyprus, we include our Full Banking Support for a business account free of charge. If you would like to open more accounts, we charge a flat fee of EUR 225 plus VAT for each one.

Account opening with Privacy Management Group at our Cyprus office

We are happy to assist!

Call our team
for a free consultation
with one of our experts

Contact

Aspect	Dubai Freezone Company*
Jurisdiction	The free trade zones are independent economic zones with their own administration. Each zone has its own procedures for formation, licensing and supervision.
Ownership	100% foreign ownership is possible. A local sponsor is not required.
Scope of activities	The freezone is ideal for internationally active companies that operate outside the United Arab Emirates or maintain business relationships with other freezones. Direct trade on the local market is generally not provided for, but can be enabled through supplementary models (e.g. distribution partners or additional license).
License / Business purpose	Each freezone offers industry-specific licenses, e.g. for trade, services, technology or production. The granting is done directly by the respective freezone authority.
Office / Establishment	Each freezone company requires an establishment – e.g. Flex-Office, Shared Desk or an own office. We offer Full-Service packages that already contain a complete solution and enable immediate operational readiness.
Visa / Employees	Entrepreneurs and employees can obtain Residency visas. The number depends on license and office size.
Corporate tax (Corporate Tax)	Profits up to AED 375,000 per year remain tax-free. Only the profit exceeding this is taxed at 9%. Companies in a freezone that meet the legal requirements can continue to apply the tax rate of 0% on qualifying income. Small businesses with an annual turnover of up to AED 3,000,000 are completely exempt from corporate tax until the end of 2026.
Profit transfer / Withholding tax	Profits and capital can be transferred abroad without restriction. No withholding tax is levied.
Costs	Formation and ongoing costs are usually cheaper and clearly calculable. After individual consultation, we determine the optimal location and, upon request, submit a tailor-made offer that includes all services.
Conclusion	A Freezone company in Dubai is the ideal structure for entrepreneurs who are internationally active or want to conduct business with partners worldwide from Dubai. It offers full ownership rights, tax advantages and a modern, business-friendly environment.

Aspect	Dubai Mainland Company*
Jurisdiction	The mainland is subject to the state authority Department of Economy & Tourism (formerly DET) and other onshore authorities. These control all economic activities within the UAE.
Ownership	In many cases, 100% foreign ownership is also possible. In individual, regulated areas, special approvals may be required.
Scope of activities	Mainland companies may conduct business without restriction within the entire UAE. They are therefore the right choice for companies that want to be locally present and offer their products or services directly on site.
License / Business purpose	Licenses are granted centrally by the state onshore authorities. The procedures are more extensive and often subject to additional requirements.
Office / Establishment	On the mainland, a fixed business location is mandatory. As a rule, stricter area requirements and rental obligations apply here.
Visa / Employees	Mainland companies can also apply for visas for owners and employees.
Corporate tax (Corporate Tax)	For mainland companies, the same principle applies: profits up to AED 375,000 remain tax-free, above that the rate of 9% applies. This regulation ensures moderate tax burden and high planning security.
Profit transfer / Withholding tax	Mainland companies can also transfer profits freely. No withholding tax is levied either.
Costs	Formation is more complex and generally more cost-intensive. State fees, rental costs and administrative requirements are higher.
Conclusion	A Mainland company is suitable for entrepreneurs who want to be locally business active in the UAE – for example in trade, gastronomy or services for customers within the emirates.

Month	Average high (°C)	Average low (°C)	Average rainfall (mm)
January	17	7	80
February	17	7	60
March	19	9	40
April	22	12	20
May	26	16	10
June	30	20	2
July	33	23	0
August	33	23	0
September	31	21	5
October	27	17	20
November	22	12	40
December	18	8	80

Month	Average high (°C)	Average low (°C)	Average rainfall (mm)
January	17	7	80
February	17	7	60
March	19	9	40
April	22	12	20
May	26	16	10
June	30	20	2
July	33	23	0
August	33	23	0
September	31	21	5
October	27	17	20
November	22	12	40
December	18	8	80